Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][10]. Core Views - The company is transitioning to an IDM model, integrating chip design and wafer manufacturing, which will enhance its product offerings in high-demand sectors such as AI, automotive electronics, and IoT [3][4]. - The acquisition of a majority stake in Zhongxin Ningbo will enable the company to expand its capabilities in high-end filter and MEMS manufacturing, addressing the growing demand for RF front-end components in 5G devices [4]. Summary by Sections Performance Review - On June 5, 2025, the company announced a plan to acquire 94.366% of Zhongxin Ningbo's shares through a combination of stock issuance and cash payment, along with raising supporting funds from up to 35 qualified investors [2]. Operational Analysis - The company previously operated under a Fabless model, focusing on providing chip solutions for various applications. The acquisition will allow it to produce specialized components, thereby broadening its market reach [3]. Acquisition Strategy - Zhongxin Ningbo is recognized as a leading domestic semiconductor foundry with unique capabilities in filter manufacturing and MEMS technology, which will significantly enhance the company's product portfolio and market position [4]. Financial Forecast and Valuation - The projected net profits for 2025-2027 are 129 million, 221 million, and 309 million RMB, respectively, with corresponding EPS of 0.60, 1.02, and 1.42 RMB [5][7].