Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 330 million yuan in H1 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to the parent company of 50 million yuan, up 7.81% year-on-year [4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 104 million, 128 million, and 142 million yuan respectively, and corresponding EPS of 0.74, 0.91, and 1.00 yuan [4] - The current stock price corresponds to P/E ratios of 42.8, 34.7, and 31.4 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook due to the expected volume increase of new products [4] Financial Summary - In H1 2025, the company reported a gross margin of 35.42% [4] - The projected revenue for 2025 is 744 million yuan, with a year-on-year growth of 20.6% [7] - The projected net profit for 2025 is 104 million yuan, with a year-on-year growth of 18.5% [7] - The company’s gross margin is expected to decline slightly from 38.0% in 2023 to 33.1% in 2027 [10] - The return on equity (ROE) is projected to increase from 8.3% in 2023 to 11.1% in 2027 [10] Product Development and Market Position - The company has made significant breakthroughs in multiple technologies, including a new ultrasonic distance measurement obstacle avoidance solution for lawnmowers and a piezoelectric touch switch product [5] - The company is positioned in high-growth sectors such as liquid-cooled servers, robotics, and smart vehicles, with a focus on intelligent sensor and actuator innovations [6] - The new generation AKII ultrasonic sensor for vehicles is expected to enhance smart driving systems and is already being applied in domestic automotive brands [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 330 million yuan for the first half of 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to shareholders of 50.47 million yuan, up 7.81% year-on-year [1] - The sensor business continues to grow, while the actuator business has seen a decline due to reduced sales in electroacoustic components [7] - The company is developing new sensor products for liquid cooling applications, which are expected to enhance its market position [7] - The global sensor market is projected to reach 208.59 billion USD in 2024, with a growth rate of 8.1%, and the Chinese sensor market is expected to grow to 406.12 billion yuan, with a growth rate of 11.4% [7] - The company has adjusted its net profit forecasts for 2025-2027 to 1.02 billion, 1.24 billion, and 1.50 billion yuan respectively, reflecting a positive outlook on its growth trajectory [7] Financial Summary - For 2023, the total revenue is projected at 467.08 million yuan, with a year-on-year growth of 23.58% [1] - The net profit attributable to shareholders for 2023 is expected to be 76.98 million yuan, showing a significant increase of 45.32% year-on-year [1] - The earnings per share (EPS) for 2023 is estimated at 0.55 yuan, with a price-to-earnings (P/E) ratio of 57.74 [1] - The company anticipates a steady increase in revenue and net profit over the next few years, with revenue expected to reach 1.15 billion yuan by 2027 [1][8]