Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - In the first half of 2025, the company achieved operating revenue of 90.07 million yuan, a year-on-year decrease of 3.38%, while the net profit attributable to the parent company was 20.30 million yuan, a year-on-year increase of 12.13% [5] - The company has successfully integrated its smart home products into Apple's smart home system, enhancing its product compatibility and application scenarios [5] - The company has developed "Star Technology" to address challenges in implementing smart home solutions, achieving synergy across its three major product segments: smart home, smart power, and LED control systems [5] Financial Summary and Valuation Indicators - The total market capitalization of the company is 1.597 billion yuan, with a circulating market capitalization of 666 million yuan [3] - The company's earnings per share (EPS) projections for 2025-2027 are 1.26, 1.45, and 1.69 yuan per share, respectively, with corresponding price-to-earnings (P/E) ratios of 32.6, 28.3, and 24.2 times [5][9] - The company is expected to achieve operating revenues of 218 million yuan in 2025, 243 million yuan in 2026, and 271 million yuan in 2027, with year-on-year growth rates of 8.9%, 11.6%, and 11.3% respectively [7][9] - The gross profit margin is projected to improve from 44.8% in 2023 to 49.4% in 2027, while the net profit margin is expected to increase from 19.8% to 24.4% over the same period [10]