证券日报网讯天海防务（300008）11月17日发布公告，在公司回答调研者提问时表示，关于机器人方 面，公司目前主要聚焦于设备的应用与系统集成。"水下机器人"本身是一个涵盖范围很广的概念，具体 定义因作业水深、功能用途等因素而异。公司围绕现有船舶与海洋工程及特种无人船艇业务，在具体应 用场景中发挥水下机器人集成与配套应用。如公司设计的船舶平台、饱和潜水船、特种无人船艇等产品 中，会根据需要搭载或推荐使用ROV设备，协助船东完成各类水下作业。因此，公司具备ROV相关的 应用场景和实践基础，但业务模式以系统集成和设备应用为主，目前暂不涉及ROV产品的直接研发与 生产。 ...

Core Insights - Shenzhen Guangfeng Technology Co., Ltd. reported a revenue of 392 million yuan for Q3 2025, with a cumulative revenue of 1.353 billion yuan for the first three quarters [1] - The company achieved a year-on-year increase of 109.19% in net cash flow from operating activities, reaching 150 million yuan [1] - Guangfeng Technology is in a critical business transformation phase, focusing on independent research and development of core components and technology reserves [1] Business Development - The company has made significant breakthroughs in upstream core components, integrating fundamental design with terminal applications, particularly in the fields of AR glasses and robotics [1] - Guangfeng Technology is enhancing its design, customization, and mass production capabilities for upstream core components, actively engaging with domestic and international AR glasses brands [1] - The launch of the D1 underwater laser radar product marks the industry's entry into the "10-meter underwater measurement era," attracting attention from pool robot manufacturers [2] Market Positioning - The company is strategically advancing the product rollout of AR optics and underwater laser radar, leveraging breakthroughs in upstream core components [2] - With the gradual realization of forward-looking layouts and continuous market demand, Guangfeng Technology is expected to enter a new phase of high-quality growth [2]

Core Insights - The "Extreme Frog" Autonomous Underwater Vehicle (AUV) developed by Chinese researchers successfully completed sub-ice tasks in the Arctic Ocean, providing critical technical support for studying the ice-bottom environment [1] Group 1: Technology and Capabilities - The "Extreme Frog" AUV features two modes of movement: underwater cruising and crawling, allowing it to switch flexibly in complex environments [1] - It is equipped with various sensors and imaging devices, including underwater stereo cameras and multi-beam sonar [1] - The AUV demonstrated stable performance during two dives in both low and high-density ice areas, validating its control capabilities and enabling comprehensive surveys of the underwater hydrological environment and ice morphology [1] Group 2: Research and Application - The leader of the Arctic scientific expedition team, Professor Chen Zhuoqi, highlighted the stable performance of the "Extreme Frog" AUV in polar environments, showcasing the application potential and scientific value of domestically developed submersibles in extreme conditions [1] - During the expedition, four team members conducted underwater operations in the Arctic's high-latitude ice areas, utilizing the AUV for joint detection of ice-bottom topography and underwater environments [1] - Compared to traditional unmanned submersibles, the "Extreme Frog" AUV offers significant advantages such as lightweight design, high maneuverability, and multi-modal movement, making it suitable for diverse observational needs [1]

Group 1 - The company, Zhongmi Holdings (300470.SZ), stated that its products are not currently applied in underwater robotics [1] - The company's products have established applications in the marine oil and gas extraction and transportation sectors [1]

Core Viewpoint - The rapid development of the robotics business is driving new growth opportunities for lidar technology, particularly in underwater scenarios, with significant innovations expected from Guangfeng Technology's upcoming underwater lidar product launch at the 26th China International Optoelectronic Exposition [1][4]. Industry Summary - The application of lidar in the robotics sector has seen explosive growth, with major manufacturers reporting substantial increases in product sales. For instance, SUTENG's latest financial report indicates that its robot product sales reached 34,400 units in Q2 2025, a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1%. Similarly, Hesai Technology reported a delivery volume of 48,500 units in the robotics field, marking a year-on-year growth of 743.6% and projecting over 200,000 lidar shipments in 2025 [1][3]. Market Potential - The primary orders for lidar in the robotics field currently stem from lawn mowing robots, benefiting from the adaptation of automotive lidar technology. However, there is a notable growth in pool cleaning robots, with the global number of pools expected to rise from 28.88 million in 2021 to 36.92 million by 2026, reflecting a compound annual growth rate of approximately 5%. The demand for pool cleaning robots is projected to reach around 10.34 million units by 2026, with a penetration rate of 28% [3]. Technical Challenges - The underwater application of lidar faces several technical challenges, including significant attenuation of infrared lasers in water, with 905nm infrared light losing over 60% of its energy after traveling just 1 meter in clear water. Additionally, the effective measurement range is limited to under 5 meters due to the absorption and scattering of light in water, compounded by environmental light interference and water turbidity issues that complicate signal processing [3]. Company Innovation - Guangfeng Technology's upcoming underwater lidar product is highly anticipated to address these underwater perception challenges, providing more accurate and reliable sensing solutions for underwater robots like pool cleaning devices. This innovation is expected to unlock a billion-level incremental market space [4].

Core Viewpoint - Guangfeng Technology is set to launch its underwater LiDAR product at the 26th China International Optoelectronic Exposition (CIOE) from September 10 to 12, marking its first radar product release [1] Company Developments - The underwater LiDAR product will primarily be applied in the underwater robotics sector [1] - The company will also unveil its latest micro AR optical machine, which is highly compatible with the newly launched PVG waveguide product from Gudong Intelligent [1] - The combination of these two products is expected to achieve significant breakthroughs in enhancing the overall performance and cost control of AR glasses [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company achieved a record high revenue of approximately 3.95 billion yuan in Q2 2025, marking a year-on-year increase of about 7.68% and a quarter-on-quarter increase of approximately 11.04% [1]. - The company is actively advancing its humanoid robot core components, with significant growth in revenue from its refrigeration motors and fans, which reached approximately 6.60 billion yuan in H1 2025, a year-on-year increase of about 10.30% [2][4]. - The company is expanding its product applications in various sectors, including energy storage, data centers, modern agriculture, industrial automation, and humanoid robots [4]. Revenue and Profitability - In H1 2025, the company reported a total revenue of approximately 7.50 billion yuan, a year-on-year increase of about 10.00%, and a net profit attributable to the parent company of approximately 1.72 billion yuan, up by about 11.32% [1]. - The gross margin for Q2 2025 was approximately 32.10%, showing a slight year-on-year decrease of 0.04 percentage points but an increase of 1.49 percentage points quarter-on-quarter [3]. Future Projections - The company is expected to benefit from downstream demand recovery and the expansion of new products and applications, with projected revenues of approximately 16.45 billion yuan, 19.12 billion yuan, and 22.25 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of about 16.8%, 16.2%, and 16.4% [5][7]. - The net profit attributable to the parent company is projected to be approximately 3.52 billion yuan, 4.20 billion yuan, and 4.94 billion yuan for the same years, with year-on-year growth rates of about 59.4%, 19.4%, and 17.5% [5][7].