Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 148.35 CNY based on a 70x PE for 2025 [6][9]. Core Insights - The company is a global provider of 3D visual digitalization solutions, focusing on both industrial and professional-grade markets. It has shown rapid revenue growth, with a CAGR of 37.9% from 2020 to 2024 [6][32]. - The global market for 3D visual products is expected to grow significantly, reaching 400 billion CNY by 2027, with a CAGR of 26.6% [8][12]. - The company has a strong R&D foundation, with a focus on self-developed core technologies, which positions it well for future growth [6][9]. Financial Summary - Total revenue is projected to grow from 333 million CNY in 2024 to 677 million CNY in 2027, with year-on-year growth rates of 22.4%, 26.5%, 26.9%, and 26.8% respectively [2][9]. - Net profit attributable to shareholders is expected to increase from 121 million CNY in 2024 to 209 million CNY in 2027, with growth rates of 5.5%, 19.6%, 19.8%, and 20.8% [2][9]. - The company maintains a gross margin above 75.5% since 2020, indicating strong profitability [32][34]. Market Position and Growth Drivers - The company operates in a rapidly expanding 3D digitalization market, with a significant focus on industrial applications, which accounted for 96% of its revenue in 2024 [6][8]. - The penetration of 3D visual products is increasing, with expectations for manual products to capture a larger market share by 2027 [8][12]. - The company has established a stable shareholding structure, with major shareholders holding 44.64% of the equity, ensuring consistent management [6][30]. Product Development and Innovation - The company has a robust product development cycle, introducing new products every 1-2 years, including innovations in handheld and automated 3D scanning technologies [14][15]. - R&D expenses have been maintained at around 18% of revenue, reflecting a commitment to innovation and technology advancement [34][41]. Industry Overview - The global 3D digitalization market was valued at 500.6 billion CNY in 2022, with expectations to grow significantly, driven by advancements in automation and machine vision technologies [8][12]. - The domestic market for machine vision is also expanding, with a projected CAGR of 17.5% from 2024 to 2028 [38][43].
思看科技（688583）深度研究报告：从平面到立体，商业级蓝海启航，工业级技术筑基