Core Viewpoint - The company is expected to achieve significant revenue growth in the first half of 2025, driven by advanced etching and LPCVD products, with a notable acceleration in Q2 performance [2][3]. Revenue Performance - The company anticipates a total revenue of 4.961 billion yuan in H1 2025, representing a year-on-year increase of 43.88%, with Q2 revenue projected at 2.787 billion yuan, up 51.26% year-on-year [2]. - Revenue from etching equipment in H1 2025 is expected to reach 3.781 billion yuan, a 40.12% increase year-on-year, attributed to the rise in shipments and sales of advanced process high-end products [2]. - LPCVD revenue is projected at 199 million yuan in H1 2025, reflecting a remarkable 608% year-on-year growth, indicating successful new product launches [2]. Profitability Analysis - The company forecasts a net profit attributable to shareholders of 680-730 million yuan in H1 2025, with a median estimate of 705 million yuan, marking a 36.44% increase year-on-year [3]. - Q2 net profit is expected to be between 367-417 million yuan, with a median of 392 million yuan, showing a year-on-year growth of 46.48% [3]. - The company’s net profit margin is projected at 14.21% for H1 2025, down 0.78 percentage points year-on-year, influenced by product validation and customer structure [3]. R&D Investment and Product Development - The company is increasing its R&D investment, with R&D expenses expected to reach 1.116 billion yuan in H1 2025, a 96.65% increase year-on-year, which has impacted profit margins [3][4]. - The company is accelerating the development of new products, with a focus on etching, thin film deposition, and measurement equipment, aiming to bring competitive new devices to market within 1-2 years [4]. - The company is expanding its product lines, including six types of thin film deposition equipment for advanced memory and logic devices, and is also developing more compound semiconductor epitaxy equipment [4]. Investment Outlook - Revenue forecasts for 2025-2027 are set at 12.028 billion, 15.977 billion, and 20.559 billion yuan, with year-on-year growth rates of 32.7%, 32.8%, and 28.7% respectively [5]. - Net profit forecasts for the same period are 2.345 billion, 3.279 billion, and 4.447 billion yuan, with growth rates of 45.2%, 39.8%, and 35.6% respectively [5]. - The company maintains a "buy" rating with a projected EPS of 3.75, 5.24, and 7.10 yuan for 2025-2027 [5].