埃科光电：机器视觉迎来需求成长及国产替代浪潮，上游高端核心部件领航者充分受益

Group 1 - The investment rating for the company is "Buy" (首次) [7] - The core viewpoint of the report highlights the growing demand for machine vision products in China, particularly in the 2D industrial camera and image acquisition card markets, which are expected to see significant growth due to domestic substitution opportunities [7][34] - The company has established a strong position in the high-end machine vision components market, benefiting from its early start, diverse product offerings, and superior performance [7][72] Group 2 - The report indicates that the Chinese 2D industrial camera market is projected to grow significantly, with an expected market size of approximately 90 billion yuan by 2027, driven by a recovery in demand [62] - The company has a competitive edge due to its extensive product range, including over 80 models of line scan cameras and nearly 60 models of area scan cameras, which cater to various customer needs [18][72] - The report emphasizes the importance of partnerships with leading clients in the PCB and display sectors, which are expected to provide stable growth for the company [7][77] Group 3 - The financial forecast predicts that the company's revenue will grow from 236 million yuan in 2023 to 642 million yuan by 2026, with a corresponding increase in net profit from 16 million yuan to 102 million yuan during the same period [9] - The report outlines that the company's sales of industrial cameras and image acquisition cards are expected to continue growing, supported by ongoing investments in new production capacity and R&D [7][9] - The company aims to enhance its product offerings by investing in a new R&D center, which is expected to facilitate the development of new product categories such as 3D cameras and non-visible light detection [7][9]