Guohai Securities research report points out that SWEC is expected to achieve a net profit attributable to the parent company of 30 to 40 million yuan in the first half of 2025, with a year-on-year turnaround from loss to profit; the bismuth materials business will enhance profits, and the sale of Zhejiang Poxin equity will realize investment income. The company's ion implantation equipment is domestically leading, and the platform layout in the semiconductor industry is accelerating. In November 2024, XianDao Technology Group became the company's new actual controlling shareholder. XianDao Technology Group is a global leader in rare metals, covering the entire industry chain of high-end materials, devices, modules, systems, and equipment in the semiconductor field, and has built a complete ecological closed loop from basic materials to end applications. After the collaboration, the company's platform layout in the semiconductor industry chain is expected to gradually deepen. According to SWEC's official WeChat account, in the semiconductor equipment business, in the first half of 2025, Kaishitong has delivered 8 integrated circuit ion implantation devices to customers, with 3 devices confirmed for acceptance in the first quarter, marking the accelerated planned application of domestically produced ion implantation machines in advanced processes and diversified application scenarios; in the bismuth materials business, Anhui Wandao's bismuth materials deep processing base established in Jingzhou, Hubei is smoothly implementing capacity construction in the first half of 2025, and is expected to expand the overall capacity of the bismuth materials business after trial operation production. The company is a leader in domestic ion implantation equipment, and under the empowerment of XianDao Technology Group, the company's platform layout is expected to accelerate. This is the first coverage, giving a "Buy" rating