Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown impressive growth in its 2025 semi-annual report, with a revenue of 435 million yuan, representing a year-on-year increase of 104.14%, and a net profit attributable to shareholders of 60 million yuan, up 212.77% year-on-year [1] - The company is focusing on the robotics sector, launching various series of depth cameras that are reliable, high-performance, and cost-effective, suitable for humanoid robots in complex environments [2] - The company is expected to experience significant growth, with projected revenues of 936 million yuan, 1.476 billion yuan, and 1.898 billion yuan for 2025E, 2026E, and 2027E respectively, reflecting year-on-year growth rates of 65.9%, 57.6%, and 28.6% [3] Financial Performance - In the first half of 2025, the company achieved a sales expense ratio of 7.56%, a management expense ratio of 10.31%, and a research and development expense ratio of 20.94%, all showing a decline compared to the previous year [2] - The company’s net profit margin improved to 13.7%, indicating a turnaround from previous losses [2] - The projected earnings per share (EPS) for 2025E is 0.27 yuan, with a significant increase in net profit expected in the following years [4]