Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 30.7% year-on-year, reaching 680 million yuan in the first half of 2025, with a net profit of 150 million yuan, up 28.8% year-on-year [5] - The second quarter of 2025 saw an even higher revenue growth of 40.3% year-on-year, totaling 420 million yuan, with a net profit increase of 57.2% year-on-year [5] - The growth in revenue is attributed to the positive market conditions in various downstream sectors, particularly in the 3C and lithium battery industries, driven by the recovery in demand and enhanced collaborations with leading battery clients [5][6] - The company's AI-enabled machine vision technology has expanded its applications beyond traditional defect detection to include classification, precise measurement, and guidance, significantly enhancing its market position [6] - The establishment of a robotics division marks the company's dual-track development strategy, aiming to enhance its capabilities in industrial automation and intelligent robotics [7] Financial Summary and Valuation Indicators - The company forecasts a net profit of 214 million yuan for 2025, with projected earnings per share (EPS) of 1.75 yuan, corresponding to a price-to-earnings (P/E) ratio of 85.4 times [5][8] - Revenue is expected to grow to 1.157 billion yuan in 2025, with a year-on-year growth rate of 26.9% [8] - The gross margin is projected to remain stable at around 64.2% to 65.0% over the next few years, indicating strong profitability [11]