Core Viewpoint - The company held an earnings briefing on September 19, focusing on advancements in AI visual algorithms, semiconductor packaging and testing, technology iteration, humanoid robot layout, and export business growth [1][2]. Group 1: AI Visual Algorithms - The company has fully integrated AI algorithms into its machine vision products, such as AOI, SPI, AXI, and dispensing equipment, leading to significant improvements in product performance and market competitiveness [1]. - In semiconductor packaging, the accuracy of defect detection and false alarm control has notably improved, enhancing the precision of motion control for different PCB substrate states [2]. Group 2: Semiconductor Packaging Business - The company’s semiconductor packaging products focus on appearance defect detection for bonding and post-dicing processes, with small batch shipments already achieved [2]. - The 3D online X-ray inspection equipment (AXI) is currently undergoing validation testing with clients for internal defect detection in power devices, and the company has relevant technological reserves for advanced packaging [2]. Group 3: Technology Iteration - The company has fully adopted its self-developed AI algorithm models, which, combined with traditional algorithms, have enhanced the competitiveness of its machine vision products, leading to a continuous increase in product sales [2]. Group 4: Humanoid Robot Layout - The company possesses 3D structured light technology but has not yet industrialized its humanoid robot layout [2]. Group 5: Export Business Growth - In the first half of the year, the company’s export revenue reached 129 million, a significant increase from 77 million in the same period last year, driven by demand in consumer electronics and semiconductors [2]. - The growth in exports is attributed to market demand changes, global client expansion, and new overseas clients, as well as some domestic clients venturing abroad [2]. Group 6: Other Business Developments - The company’s cable assembly products are utilized in photolithography equipment, and its investment in the Suzhou Chip Dynamics Fund focuses on the semiconductor supply chain, yielding good project returns [2]. - The company’s detection equipment is applicable in the PCB industry, with major clients including well-known companies like Apple and Huawei, and the expansion of downstream client capacity is expected to boost demand for machine vision equipment [2].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has shown continuous profit growth, with a significant increase in revenue and net profit driven by its smart automotive business [1][2] - The company is positioned as a leading player in edge AI visual algorithms, benefiting from the growth in smart automotive and new business ventures [1][6] Revenue and Profitability - For the first half of 2025, the company reported revenue of 410 million RMB, a year-on-year increase of 7.73%, and a net profit of 88.54 million RMB, up 44.06% year-on-year [1] - The smart automotive segment saw a revenue increase of 49.09% year-on-year, indicating strong growth potential [2][3] Business Segments - The smart terminal business experienced seasonal fluctuations, with a revenue of 339 million RMB in the first half of 2025, reflecting a year-on-year increase of 2.23% [2] - The smart automotive business is expected to continue its high growth trajectory, with multiple models entering mass production [3] Future Growth Drivers - The AI glasses market is identified as a significant growth opportunity, with global shipments expected to reach 14.5 million units in 2025, a year-on-year increase of 42.5% [4] - The company is actively expanding into AIGC commercial photography and robotics vision sectors, with established partnerships and product offerings [5] Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is 0.71 RMB, with a target price of 61.71 RMB based on a price-to-earnings (PE) ratio of 63 times for 2026 [6][9] - The company is expected to maintain strong revenue growth, with projected revenues of 1.02 billion RMB in 2025, reflecting a year-on-year growth of 25.22% [12]

Investment Rating - Industry rating: Recommended [5] Core Insights - Recently, the company has established the "Smart Display Division" to integrate resources in AI algorithms and precision design, marking its entry into the television, projector, display, and audio markets, with new products set to debut at the IFA in Berlin in September [1][9] - The expansion into the display sector is seen as essential for creating a complete smart home ecosystem, as display terminals are necessary for interaction within the existing smart home product line [1][9] - The company aims to capture market share in the television sector, leveraging national subsidy policies that stimulate demand in the market [1][9] Summary by Sections 1. Weekly Topic: Establishment of "Smart Display Division" - The company is entering the display market, integrating AI and design resources [1][9] - The move is strategic for enhancing its smart home ecosystem [1][9] - The company is positioned to benefit from the competitive landscape against Japanese and Korean brands [1][9] 2. Company Dynamics - Stone Technology reported a revenue of 7.903 billion, up 78.96% year-on-year, with a net profit of 678 million, down 39.55% [11] - Ecovacs reported a revenue of 8.676 billion, up 24.37% year-on-year, with a net profit of 979 million, up 60.84% [11] - Spring Power reported a revenue of 9.855 billion, up 30.90% year-on-year, with a net profit of 1.002 billion, up 41.35% [11] 3. Data Tracking 3.1 Raw Material Data - LME copper price as of August 15, 2025, was down 0.1% from the previous week [12] - LME aluminum price was down 0.3% [12] - DCE plastic price increased by 0.7% [12] - Steel price index increased by 0.1% [12] 3.2 Shipping Prices and Exchange Rates - CCFI composite index decreased by 0.62% as of August 15, 2025 [20] - The exchange rate of USD to RMB remained stable [20] 3.3 Real Estate Data - From January to July 2025, the sales area of commercial housing decreased by 4.0% year-on-year [24] - Housing completion area decreased by 16.5% year-on-year [24] - New housing starts decreased by 19.4% year-on-year [24]

Core Viewpoint - Guanghe Tong's self-developed binocular vision algorithm significantly enhances positioning accuracy in outdoor scenarios, paving new paths for the intelligent application of domestic quadruped robots [1][2]. Group 1: Technological Innovations - The collaboration between Guanghe Tong and Yundenshu Technology integrates Guanghe Tong's self-developed binocular vision module RV-BOT into Yundenshu's quadruped robot, improving outdoor operational capabilities [2]. - The binocular vision algorithm utilizes multi-modal data fusion, combining visual feature point matching with real-time calibration of satellite positioning data, ensuring centimeter-level continuous positioning even in satellite signal-limited areas [2]. - A deep learning-optimized stereo matching model identifies typical multipath interference patterns, dynamically correcting RTK positioning deviations to enhance robustness in complex environments [3]. Group 2: Edge Computing and Real-time Processing - The algorithm leverages Guanghe Tong's edge AI deployment capabilities, enabling real-time image processing locally, which significantly reduces latency and ensures the efficiency and safety of the robot's responses [5]. Group 3: Application Areas - The quadruped robot equipped with Guanghe Tong's binocular vision algorithm is expected to demonstrate adaptive advantages in various fields, including: - Industrial Inspection: The robot autonomously navigates unstructured terrains, accurately identifying equipment status and enhancing the reliability and coverage of inspection tasks [8]. - Disaster Rescue: The depth perception capabilities of the binocular vision will assist rescue personnel in conducting reconnaissance in post-disaster ruins and hazardous environments [8]. - Urban Services: The algorithm predicts the trajectories of moving obstacles in high-dynamic pedestrian environments, enabling safe autonomous transportation of goods and other operations [8]. Group 4: Future Prospects - The application of Guanghe Tong's binocular vision algorithm provides new insights for outdoor positioning of quadruped robots, with an edge-cloud collaborative architecture supporting computational optimization for running complex visual algorithms under limited power consumption [9]. - The deep coupling of binocular vision and motion control transforms the robot from a single execution tool into an intelligent agent for environmental interaction, with further exploration of visual algorithm integration expected to promote broader applications in various scenarios [9].