Investment Rating - The investment rating for the company is "Buy-A" with a target price of 60.48 CNY, maintaining the rating [5]. Core Insights - The company reported a total revenue of 1.947 billion CNY for the first half of 2025, representing a year-on-year growth of 15.29%, and a net profit attributable to shareholders of 102 million CNY, which is an increase of 80.08% compared to the previous year [1]. - The rapid growth in the company's intelligent computing and industrial IoT businesses is attributed to the development of the AI industry, with significant increases in server and intelligent computing business revenues [2][4]. - The company has established deep partnerships with leading enterprises in various sectors, including automotive and industrial automation, enhancing its market position [3]. Financial Performance - For the first half of 2025, the intelligent computing business generated 298 million CNY in revenue, a remarkable increase of 146.37%, while the industrial IoT business achieved 145 million CNY, growing by 126.38% [2]. - The company expects revenues of 4.735 billion CNY, 5.565 billion CNY, and 6.454 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 254 million CNY, 483 million CNY, and 716 million CNY for the same years [9][11]. Market Position and Strategy - The company aims to become a comprehensive service provider for the entire lifecycle of AIGC infrastructure, offering end-to-end services in AI computing [2][4]. - The industrial IoT segment includes core products such as industrial control motherboards and machine vision systems, which are being integrated into the Harmony ecosystem to enhance compatibility and adaptability [3]. Future Outlook - The company is positioned to benefit from the trends in AI computing, AIPC, industrial IoT, and robotics, with multiple product lines expected to grow rapidly [9]. - The projected earnings per share (EPS) for 2025 is 1.01 CNY, with a price-to-earnings (P/E) ratio of 52.61 [11].