Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The 3D vision industry is expected to experience explosive growth starting in 2024, driven by increasing applications in various sectors such as robotics, 3D printing, and automation [7][37]. - The company is positioned as a leader in the global 3D vision market, benefiting from a surge in demand for high-precision perception and autonomous operation technologies [7][84]. - The report forecasts significant revenue growth for the company, with projected revenues of 10.62 billion, 15.1 billion, and 22.34 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 88%, 42%, and 48% [1][90]. Summary by Sections 1. 3D Vision Technology - 3D vision technology surpasses traditional 2D vision by directly acquiring three-dimensional data, which is essential for spatial operations and understanding [7][26]. - The technology is crucial for applications in humanoid robots, automated mobile robots (AMR), and other advanced automation scenarios [7][20]. 2. Market Dynamics - The 3D vision market was valued at 18.4 billion yuan in 2022, representing only 10.8% of the overall machine vision market, indicating significant growth potential as applications expand [7][31]. - The report highlights that the hardware components for 3D vision systems are mature and cost-effective, while the software algorithms create high technical barriers for new entrants [7][63]. 3. Revenue Projections - The company is expected to achieve rapid revenue growth due to increasing orders in the robotics sector, with projected revenues of 1.062 billion, 1.510 billion, and 2.234 billion yuan for 2025, 2026, and 2027 respectively [1][90]. - The report estimates that the company will maintain a price-to-sales (P/S) ratio of 30, 21, and 14 times for the years 2025, 2026, and 2027, respectively, reflecting a premium valuation due to its market leadership [7][89].