Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company achieved revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64% [2][5] - The net profit attributable to shareholders reached 384 million yuan, with a year-on-year increase of 26.89% [2][5] - The gross margin and net margin were 22.72% and 14.38%, showing a slight decrease of 0.04 percentage points and an increase of 2.37 percentage points year-on-year, respectively [2][5] - In Q2 2025, the company reported revenue of 1.361 billion yuan, a year-on-year growth of 4.55% and a quarter-on-quarter growth of 11.83% [2][5] - The net profit attributable to shareholders for Q2 was 204 million yuan, reflecting a year-on-year increase of 5.23% and a quarter-on-quarter increase of 13.59% [2][5] Summary by Relevant Sections Business Development - The company has embraced AI applications and is developing a second growth curve by focusing on emerging technology sectors [11] - It has received certification from Denso's electrification division, a major TIER 1 customer, and has made progress in the automotive sector, particularly in new energy vehicle components [11] - The company is also expanding into AI server boards, achieving mass production of high-layer PCBs for AI applications [11] Financial Forecast - The company is expected to achieve net profits of 912 million yuan, 1.106 billion yuan, and 1.401 billion yuan for the years 2024, 2025, and 2026, respectively [11] - Corresponding price-to-earnings ratios are projected to be 28.70, 23.67, and 18.68 times [11]