Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a robust revenue growth of 36.83% year-on-year in 1H2025, achieving a revenue of 265 million yuan and turning a profit with a net profit of 5 million yuan [7] - The growth was driven by increased customer demand and the expansion of new products and markets, particularly in high-margin signal chain and wireless charging products, which accounted for 69.17% of total revenue [7] - The company is focusing on three strategic platforms: consumer electronics, AI and robotics, and automotive electronics, with significant progress in each area [7] - Continuous high R&D investment is noted, with R&D expenses reaching 74 million yuan in 1H2025, indicating a commitment to long-term growth [7] Financial Performance Summary - The company expects revenues of 651 million yuan, 996 million yuan, and 1.39 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 49 million yuan, 119 million yuan, and 223 million yuan [6][7] - The projected PE ratios for 2025, 2026, and 2027 are 108.9, 44.6, and 23.7 respectively, indicating a potential for improved valuation as earnings grow [6][7] - The company achieved a gross margin increase of 11.90 percentage points in 1H2025, reflecting improved profitability [7]