Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has a strong reserve in edge computing capabilities, with significant acceleration in product shipments, having shipped over 9 million edge computing chips in the first half of 2025, surpassing the total sales for 2024 [7] - The introduction of 6nm new products is leading to increased contributions from Wi-Fi, with over 4 million units sold in the first half of 2025 and expectations to exceed 10 million units for the entire year [7] - Continuous investment in R&D is evident, with R&D expenses reaching 735 million yuan in the first half of 2025, indicating a commitment to exploring future potential markets [7] - Revenue projections for 2025-2027 are 74.89 billion yuan, 89.27 billion yuan, and 103.74 billion yuan respectively, with corresponding net profits of 10.58 billion yuan, 14.25 billion yuan, and 18.01 billion yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 5,371 million yuan, with a growth rate of -3.1%, and is expected to reach 7,489 million yuan in 2025, reflecting a growth rate of 26.4% [6][8] - Net profit for 2023 is estimated at 498 million yuan, with a significant increase to 1,058 million yuan by 2025, indicating a net profit growth rate of 28.7% [6][8] - Earnings per share (EPS) is expected to rise from 1.20 yuan in 2023 to 2.51 yuan in 2025, with a price-to-earnings (PE) ratio of 39.3 in 2025 [6][8] Market Performance - The company's stock has shown a performance of -12% over the last 12 months, compared to the Shanghai Composite Index and the semiconductor sector [4]