Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company has a robust order backlog, with significant expected growth in ultra-high voltage project deliveries. The performance in the first half of 2025 showed steady revenue growth of 12.96% year-on-year, reaching 5.696 billion yuan, and a net profit increase of 24.59%, amounting to 666 million yuan [1][8]. - The second quarter of 2025 saw a slight year-on-year revenue increase of 6.23%, totaling 3.185 billion yuan, but a decline in net profit by 14.51% quarter-on-quarter due to delivery rhythm disruptions affecting profitability [1][18]. - The high-voltage segment continues to show improved profitability, with a revenue increase of 7.55% year-on-year, while international business has accelerated its transformation, achieving a remarkable 284.54% revenue growth [2][19]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 5.696 billion yuan, with a gross margin of 24.72% and a net margin of 12.60% [1][8]. - The second quarter's revenue was 3.185 billion yuan, with a gross margin of 21.56% [1][18]. - The company has adjusted its profit forecast for 2025-2027, now expecting net profits of 1.293 billion, 1.592 billion, and 1.825 billion yuan respectively, reflecting a year-on-year growth of 26%, 23%, and 15% [21]. Market Position and Strategy - The company has secured significant contracts in both domestic and international markets, including a notable project in Saudi Arabia and entry into the Mexican market [2][19]. - The company is actively developing advanced products and has successfully launched several innovative technologies, enhancing its competitive edge [3][20]. Valuation Metrics - The company’s projected PE ratios for 2025, 2026, and 2027 are 16.9, 13.8, and 12.0 respectively, indicating a favorable valuation compared to industry peers [4][21]. - The expected return on equity (ROE) is projected to increase from 11.8% in 2025 to 13.8% in 2027 [4][23].