Core Viewpoint - The company is in a transformation phase, with both traditional security and new robotics businesses expected to drive future growth. The main business, traditional security video surveillance, is projected to account for 98% of revenue in 2024, with approximately 90% from overseas markets, primarily through an ODM model [1]. Traditional Business - The company has a dual-channel coverage for both B2B and B2C scenarios, with deep technical accumulation and increased investment in AI R&D, driving product intelligence upgrades. It is one of the few suppliers in the industry with both B2B and B2C capabilities, alongside industry leaders Hikvision and Dahua [1]. - The company has experience in complex procurement and project implementation processes for large clients in government and enterprise sectors, as well as resources in retail and e-commerce channels. It has also gained supplier qualifications from international brands like Huawei and Samsung [1]. - Continuous R&D investment has led to product iterations, with the R&D expense ratio increasing from 5.8% in 2020 to 16.4% in Q1-Q3 2025, resulting in an increase in gross margin from 24.1% to 37.7% during the same period [1]. Robotics Business - The company is strategically transforming towards the special robotics sector, capitalizing on the explosive growth of the robotics industry and policy benefits. It focuses on special robots for confined spaces, collaborating with a team led by Professor Sun Bingyu from the University of Science and Technology of China [2]. - Products include guide robots, intelligent inspection dogs, and drones, targeting artificial replacement needs in harsh environments such as underground pipelines and high-pressure conditions, thereby avoiding fierce competition in consumer-grade and general industrial robots [2]. Investment Recommendations - The company is at a critical stage of stable development in its traditional security business and strategic breakthroughs in its robotics business. If sanctions are lifted by early 2026, significant growth in performance is expected, driven by the recovery of foreign trade business and the release of profits from previously written-off receivables [3]. - Revenue projections for 2025-2027 are 415 million, 668 million, and 922 million yuan, with year-on-year changes of -40%, +61%, and +38% respectively. Net profit attributable to the parent company is projected to be 34 million, 87 million, and 138 million yuan, with year-on-year changes of -53%, +158%, and +58% respectively. EPS is expected to be 0.49, 1.25, and 1.98 yuan, corresponding to PE ratios of 136, 53, and 33 times based on the closing price of 66.1 yuan on November 15 [3].