Core Insights - The company has achieved significant progress in domestic substitution with its core products 3DSPI and 3DAOI, utilizing self-developed hardware and software [2] - The company's overseas revenue is minimal, accounting for 0.69% in 2023 and projected to rise to 2.66% in 2024, with no exports to the U.S., thus unaffected by U.S. tariff policies [2] - The company reported a year-on-year revenue growth of 22.51% and a net profit growth of 25.98% in Q1 2025, with a non-recurring net profit increase of 40.08% [2] Market Competition and Product Strategy - The company has established a significant advantage in the 3D machine vision inspection field, maintaining a leading market share due to over a decade of technological accumulation [2] - To enhance brand influence, the company combines online and offline strategies, participating in domestic and international exhibitions and utilizing social media platforms like Douyin and WeChat [2] - The company’s R&D expenses are projected to account for 10.3% of revenue in 2024, with a total of 86 intellectual property rights obtained, including 9 invention patents [3] Product Development and Profitability - The company launched a new optical inspection device addressing semiconductor packaging challenges and is accelerating the development of online X-Ray inspection equipment (AXI) to fill the gap in high-end domestic equipment [3] - The gross margins for core products 3DSPI and 3DAOI are stable at 51.4% and 56.15%, respectively, with overall gross margins exceeding 50% over the past three years [3] - Future profitability will be driven by technological upgrades and supply chain optimization [3] Market Expansion and Share Buyback - The company has established subsidiaries in Hong Kong and Singapore, planning to gradually expand overseas while solidifying its domestic market presence [3] - Although overseas revenue is currently below 3%, the company aims to enhance its international brand influence [3] - As of April 2025, the company has repurchased 677,000 shares for a total amount of approximately 21.9 million yuan, with plans to continue based on market conditions [3]