Shenwan Hongyuan Securities·2025-09-02 05:29Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Views - The company is positioned as a core supplier of global visual equipment, focusing on machine vision technology and artificial intelligence to drive industrial transformation. It has established itself in various sectors including consumer electronics, new energy vehicles, photovoltaics, PCB, and semiconductors. The Chinese machine vision market is projected to reach 39.54 billion yuan by 2025, with a compound annual growth rate (CAGR) of 21.2% from 2025 to 2027 [14][22]. Financial Data and Profit Forecast - Total revenue is forecasted to be 1.609 billion yuan in 2024, with a growth rate of -2.4%. For 2025, revenue is expected to increase to 1.788 billion yuan, reflecting a growth rate of 11.1%. By 2027, revenue is projected to reach 2.499 billion yuan, with a growth rate of 14.1% [2]. - The net profit attributable to the parent company is expected to be 125 million yuan in 2024, with a significant decline of 42.1%. However, it is projected to recover to 153 million yuan in 2025, growing by 22.3%, and further increase to 254 million yuan by 2027, with a growth rate of 23.1% [2]. - Earnings per share (EPS) are forecasted to be 0.65 yuan in 2024, -0.07 yuan in 2025, and expected to rise to 1.31 yuan by 2027 [2]. Business Segments Overview - The company has diversified its business into several segments: 1. Visual Measurement Equipment: Expected revenue growth of 10%, 20%, and 15% from 2025 to 2027, driven by stable contributions from consumer electronics and battery sectors [8]. 2. Visual Inspection Equipment: Anticipated revenue decline of 10% in 2025, followed by recovery with growth rates of 20% and 15% in subsequent years, as new products are launched [8]. 3. Visual Process Equipment: Revenue growth is expected to be robust at 30%, 20%, and 10% from 2025 to 2027, particularly in the PCB sector [8]. 4. Intelligent Driving Solutions: This segment is projected to see significant growth, with revenue increases of 50% for both 2025 and 2026, and 20% in 2027, fueled by high demand in autonomous vehicles and logistics [8]. Market Position and Strategic Partnerships - The company has become a partner of NVIDIA's Jetson Thor platform, which is expected to enhance the value of its humanoid robot controllers significantly. The partnership is anticipated to lead to increased orders in humanoid robotics and improvements in product performance [7][54]. - The company has established a strong foothold in the intelligent driving sector, collaborating with major players in the industry and developing a comprehensive product line that includes domain controllers and AI edge computing platforms [31][34]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 75, 56, and 45 for the years 2025 to 2027, respectively. This is below the average PE ratios of comparable companies, which are 96, 68, and 51 for the same periods [7].