Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company plans to invest 250 million yuan to acquire a 10% stake in Yizhi Electronics, which has a pre-investment valuation of 2.25 billion yuan [1] - Yizhi Electronics focuses on high-end computing chips, specializing in the research, design, and sales of processors for servers and workstations, and has developed two series of products [1][2] - The company has a strong customer base and has established solid partnerships with several well-known GPU developers, enhancing its capabilities in AI, cloud computing, and edge computing [2] - The subsidiary, Haixi Technology, aims to integrate AI infrastructure and services, supporting Yizhi Electronics in reaching downstream customers more effectively [3] Financial Projections - The company is expected to achieve revenues of 3 billion yuan in 2025, 3.33 billion yuan in 2026, and 3.61 billion yuan in 2027, with corresponding net profits of 208 million yuan, 284 million yuan, and 328 million yuan [4][5] - The projected P/E ratios for 2025, 2026, and 2027 are 41x, 30x, and 26x respectively, indicating a positive outlook for the company's earnings growth [4][5]