Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve revenue of 370 to 400 million yuan in the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22%. The net profit attributable to shareholders is projected to be between 29 to 34 million yuan, a decline of 66.42% to 71.36% year-on-year [1] - The materials business is anticipated to grow steadily, with expected revenue of 310 to 330 million yuan, reflecting a year-on-year increase of 2.68% to 9.31%. The equipment business, however, is expected to see a revenue drop of 56.66% to 62.85% [2] - A strategic cooperation framework agreement has been signed with BOE Technology Group, focusing on comprehensive collaboration in equipment and materials, which is expected to enhance the company's performance and growth potential [3] Summary by Sections Revenue and Profit Forecast - For 2025, the company forecasts a net profit of 127 million yuan, with a growth rate of 40.85% in 2026 and 91.30% in 2027 [4][5] - The revenue growth rate is projected to be 31.30% in 2025, 56.49% in 2026, and 35.88% in 2027 [5] Financial Metrics - The company’s earnings per share (EPS) is expected to be 0.51 yuan in 2025, increasing to 0.98 yuan in 2026 and 1.42 yuan in 2027 [5] - The return on equity (ROE) is projected to rise from 7.03% in 2025 to 15.78% in 2027 [12] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 47 in 2025 to 17 in 2027, indicating a potential increase in valuation attractiveness [5][13] - The price-to-book (P/B) ratio is projected to be 3.3 in 2025, decreasing to 2.7 by 2027 [5][13]