（编辑 何成浩） 证券日报网讯 中科信息9月5日在互动平台回答投资者提问时表示，公司核心技术是高速机器视觉与智 能分析，是应用于高速连续制造业生产质量实时检测的一种机器视觉技术，公司采用了人工智能机器学 习技术，根据不同的应用场景运用不同的算法，具有更高的识别检测精度与速度。机器视觉主要包括成 像系统、视觉控制系统（视觉处理分析软件及视觉控制器硬件）。成像系统由光源及光源控制器、镜 头、相机等硬件构成；视觉控制系统负责对形成的图像进行分析处理、输出分析结果至智能设备的其他 执行机构。为实现机器视觉系统的自主可控，公司完成了"光源、工业相机－数字中台－行业大模型－ 机器人"的机器视觉全产业链布局，以更加稳定可靠的国产化AI产品与解决方案帮助传统制造行业在产 品的高速生产过程中进行质量在线精准检测，有效实现工业自动化和智能化。 ...

格隆汇9月5日丨弘景光电(301479.SZ)于近期投资者关系活动表示，公司N业务主要包括工业检测与医 疗、人工智能硬件、机器视觉等新业务领域。2025年上半年，该部分业务收入约5000万元，占总营收比 例约7.55%。公司积极寻求合作机会，在机器视觉业务领域取得初步成效，实现了割草机器人、体感游 戏机等项目的批量出货。 ...

Core Viewpoint - The company aims to enhance investor returns and maintain shareholder interests through a comprehensive evaluation of its operational performance and governance, focusing on sustainable development and technological innovation in the machine vision industry [1][2]. Group 1: Business Performance - The company achieved a main revenue of 1.368 billion yuan, representing a 25.73% increase compared to the same period in 2024, with an operating profit of 91 million yuan, up 28.12% year-on-year [2]. - The ongoing application of AI algorithms across various sectors, including consumer electronics and renewable energy, highlights the company's competitive edge in "Vision + AI" solutions [2][3]. Group 2: Technological Advancements - The company has invested 218 million yuan in R&D in the first half of 2025, maintaining a leading R&D intensity, and has developed a comprehensive product line including various types of cameras [3][4]. - The integration of AI algorithms has led to significant improvements in machine vision accuracy, speed, and usability, with single devices capable of performing over 120 micro-level defect inspections in 1-3 minutes [3]. Group 3: Operational Management - The company has implemented five strategic initiatives to optimize management and enhance operational efficiency, including organizational restructuring and performance management [5]. - A fourth share repurchase plan has been initiated to incentivize core employees and align interests between employees, the company, and shareholders [5][6]. Group 4: Governance and Compliance - The company emphasizes risk prevention in internal operations and has established a dedicated ESG committee to integrate sustainability into its strategic planning [6]. - Enhanced information disclosure practices aim to improve transparency and investor understanding of the company's operations and R&D capabilities [6]. Group 5: Investment Strategy - The strategic acquisition of JAI has strengthened the company's product matrix in the machine vision sector, facilitating faster product development cycles [7]. - The company is actively exploring investment opportunities in core technology areas, including chips and lenses, to enhance its upstream industry ecosystem [7]. Group 6: Shareholder Returns - The company has consistently implemented cash dividends since its listing in 2022, with a payout ratio exceeding 30%, and is currently in the process of a fourth share repurchase [8]. - Future plans include balancing performance growth with shareholder returns to ensure long-term investment value [8].

单位：人民币元 开户银行 银行账号 募集资金余额 备 注 上海银行北京中关村支行 3004950517 1,079,148.24 上海银行北京中关村支行 23003054896 25,026,673.66 通知存款 上海银行北京中关村支行 定期存款账户 109,485,967.06 定期存款 中信银行北京清华科技园支行 8110701013502310273 377,943.50 中信银行北京清华科技园支行 8110701033102347203 4,500,000.00 通知存款 中信银行北京自贸试验区国际商务 服务片区支行 中国民生银行北京成府路支行 687066002 19,221.45 中国民生银行北京成府路支行 定期存款账户 239,993,750.00 定期存款 华夏银行苏州工业园区支行 12463000000128745 10,475.42 开户银行 银行账号 募集资金余额 备 注 中信银行吴中高新区支行 8112001012900725783 5,117.04 华夏银行苏州工业园区支行 12463000000112383 2,942,787.16 华夏银行苏州工业园区支行 定期存款账户 54, ...

Summary of Cognex Conference Call Company Overview - **Company Name**: Cognex - **Industry**: Industrial Automation and Machine Vision - **CFO**: Dennis Fear, in the role for about a year [1][2] Core Business and Market Position - Cognex specializes in converting real-world images into actionable data through machine vision technology, primarily for factory automation [3] - The company is recognized as a technology leader in both pre-AI and AI-enhanced machine vision [4] - The market is attractive due to factors such as cost optimization, reshoring of manufacturing, and labor shortages [4] Financial Performance - Cognex has historically maintained an adjusted EBITDA margin of around 28%, which has recently compressed [4] - The company is refocusing on profitability under new leadership, with optimism for future performance [5] Market Trends and Visibility - The largest end market for Cognex is logistics and warehouse automation, accounting for 24% of business [9] - Other significant markets include automotive, packaging, consumer electronics, and semiconductors [10] - Logistics has shown strong growth potential due to low penetration of machine vision technology [11] - Positive trends noted in packaging and early signs of recovery in consumer electronics due to reshoring [12] Margin Improvement Initiatives - Cognex has seen a year-over-year EPS increase and is trending towards a 20% adjusted EBITDA margin [14] - The company is focusing on operational efficiency and cost control, with a 3% reduction in operating expenses year-over-year [15][16] Growth Strategy - Cognex's growth strategy includes a focus on organic growth through market penetration and M&A [17][22] - The company aims for a 4% underlying market growth and 6-7% penetration growth through AI applications and reaching new customers [20][21] - M&A is considered a smaller component of the growth strategy, focusing on synergistic businesses with a clear path to 20-30% adjusted EBITDA [22] Product Development - The introduction of OneVision, a cloud-based training tool for machine vision systems, aims to enhance customer access to deep learning applications [24][25] - OneVision allows customers to improve their machine vision models using cloud computing while maintaining device-level performance and cybersecurity [26][27] Customer Base and Sales Strategy - Cognex is shifting its sales strategy to target a broader customer base, moving beyond high-concentration customers [43][44] - The company is hiring new sales personnel to penetrate the market more effectively, focusing on both new and existing customers [44][46] - The initiative aims to tap into different buyers within existing accounts, enhancing overall sales efficiency [46] Competitive Landscape - Concerns about smaller players and large tech companies entering the machine vision space are acknowledged, but Cognex believes its established accuracy and device-level optimization provide a competitive edge [32][33][34] - The company emphasizes its ability to maintain high accuracy and efficiency in industrial machine vision tasks, which are critical for success [35][36] Leadership and Execution - A new leadership team has been established to drive sales, growth, and innovation, with a focus on aligning strategic objectives [38][39] - The emphasis is on focused execution and disciplined cost management to achieve growth targets [42] Conclusion - Cognex is positioned for growth in the industrial automation sector, leveraging AI and machine vision technology while addressing profitability and market expansion through strategic initiatives and leadership alignment [5][22][42]

Group 1 - The stock of Cognex is considered a buy due to a combination of underlying secular growth and the potential for improving cyclical growth [1] - The increasing adoption of automation and machine vision technologies is crucial for modern manufacturing, especially in reshoring from lower labor cost countries [2] - Cognex's machine vision technology enhances efficiency in assembly lines and logistics by performing tasks more effectively than human capabilities [2] Group 2 - The potential of deep learning through AI is significant for Cognex, as its software can learn from examples to identify production anomalies, positioning the company as a player in the AI evolution [3] - Cognex's growth is influenced by cyclical factors, particularly its exposure to capital spending in interest-rate-sensitive sectors like automotive and consumer electronics [4] - High interest rates have negatively impacted Cognex's growth prospects, but a potential decrease in rates could lead to increased capital spending from automakers and electronics companies, benefiting Cognex [7]

Summary of Luster LightTech Co. (688400.SS) Conference Call Company Overview - **Company**: Luster LightTech Co. (688400.SS) - **Industry**: Optical Motion Capture (MoCap) and Machine Vision Technology Key Points and Arguments Industry Dynamics - The optical MoCap business is experiencing a surge driven by increasing demand for humanoid training from universities, scientific institutions, and AI companies, with a projected 4-5x year-over-year growth in 2025 [17][30] - The global market share for optical MoCap is expected to decline from 64% in 2025 to 56% in 2030, while hybrid solutions will increase from 18% to 23% in the same period [18][23] - The total addressable market (TAM) for humanoid-related MoCap is forecasted to expand from Rmb3 billion in 2025 to Rmb26 billion by 2030, representing a CAGR of +54% [18][22] Financial Performance and Projections - Luster's revenue is expected to grow at a CAGR of 16% from 2025 to 2030, driven by a 28% CAGR in machine vision systems and a 15% CAGR in machine vision equipment [30] - The company's optical motion capture system is projected to contribute 18% to revenue and 17% to net income by 2030, up from just 3% in 2025 [22][28] - The earnings outlook for 2025 has been adjusted down by 6% due to lower-than-expected consumer electronics demand, while EPS for 2026-2030 has been revised up by 6% to 27% [30][33] Market Position and Valuation - Luster's 12-month target price (TP) has been increased by 44% to Rmb22.1, based on a 2030E P/E of 30x [30][31] - The current valuation implies a 30% downside from current levels, compared to 4% for the broader China Industrials coverage [30][33] - The company has seen a significant increase in revenue from its FZMotion motion capture systems, particularly in humanoid robot applications, with a 180% year-over-year revenue increase in Q1 2025 [19] Risks and Challenges - Key risks include the pace of recovery in the new energy sector, development of vision software, and competition in the machine vision industry [15][34][36] - The company has lost 2 percentage points in net profit margin over the past two years due to pricing competition, which could continue to impact margins if the industry remains competitive [37] Conclusion - Luster LightTech is positioned to benefit from the growing demand for humanoid-driven MoCap technology, with significant revenue growth expected in the coming years. However, the company faces challenges related to market competition and external economic factors that could impact its performance.

Core Insights - Teledyne DALSA has launched the Z-Trak™ Express 1K5 3D laser profiler series, designed for cost-effective in-line 3D measurement and inspection, achieving a maximum profile rate of 5,000 profiles per second [1][3] Group 1: Product Features - The Z-Trak Express 1K5 features a 1,700mm horizontal field-of-view, allowing precise measurement of wide-body objects using a single sensor, and supports multiple sensor integration for advanced inspection tasks [2][3] - It provides micrometer level measurements without the need for in-field calibration and includes real-time, user programmable profile enhancement functions [3] Group 2: Industry Applications - The Z-Trak Express 1K5 is suitable for various industries, including secondary battery production, automotive, lumber inspection, factory automation, and logistics, making it a versatile tool for different measurement needs [1] Group 3: Company Overview - Teledyne Vision Solutions offers a comprehensive portfolio of industrial and scientific imaging technology, combining expertise from various brands to provide a wide range of sensing and related technology solutions [5]

About Cognex Corporation NATICK, Mass., Aug. 4, 2025 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, today announced that Dennis Fehr, Chief Financial Officer, will participate in a fireside chat at the KeyBanc Capital Markets Technology Leadership Forum on Monday, August 11, at 1:30 p.m. Mountain Time. The live webcast and subsequent replay can be accessed from Cognex's Investor Relations website at www.cognex.com/investor. For over 40 years, Co ...

Group 1 - The core viewpoint of the article is that Matrix Technology (300802) has clarified that its machine vision products do not currently involve the CPO (Chip-on-Board) field [1]