Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved total revenue of 716 million yuan in the first half of 2025, representing a year-on-year growth of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [7] - The gross margin for the automotive business increased to 33.62%, up 0.92 percentage points year-on-year, while both the selling expense ratio and management expense ratio decreased [7] - The company is accelerating the construction of its subsidiary in Thailand, aiming to enhance its international competitiveness [7] - The forecasted net profits for 2025-2027 are 355 million yuan, 458 million yuan, and 550 million yuan respectively, with corresponding PE ratios of 38.3, 29.6, and 24.7 [7] Financial Performance - Revenue projections for the company are as follows: 1,343 million yuan in 2023, 1,357 million yuan in 2024, 1,825 million yuan in 2025, 2,372 million yuan in 2026, and 2,983 million yuan in 2027, with a revenue growth rate of 22.4% in 2023 and 34.5% in 2025 [6][8] - The net profit attributable to shareholders is projected to grow from 264 million yuan in 2023 to 550 million yuan in 2027, with a net profit growth rate of 15.1% in 2023 and 22.9% in 2025 [6][8] - The company's EPS is expected to increase from 0.55 yuan in 2023 to 1.10 yuan in 2027 [6][8] Cost and Efficiency - The company's R&D expense ratio is 4.41%, which has increased by 0.43 percentage points year-on-year, indicating a commitment to enhancing research and development [7] - The selling expense ratio is 0.49%, down 0.05 percentage points year-on-year, and the management expense ratio is 8.43%, down 0.41 percentage points year-on-year [7] Market Performance - The company's stock has shown a performance of -16% over the last 12 months compared to the Shanghai Composite Index, which has increased by 17% [4]