Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 100.35 CNY, compared to the current stock price of 79.98 CNY [4]. Core Views - The company has demonstrated continuous high growth in performance, with total revenue of 435 million CNY in H1 2025, representing a year-on-year increase of 104.14%, and a net profit of 60.19 million CNY, up 212.77% from the previous year [1]. - The company is a leader in the robotics sector, particularly in 3D vision technology, with a market share exceeding 70% in the service robot segment as of 2022 [4]. - The company is actively expanding its overseas customer base, including partnerships with leading robotics manufacturers in South Korea and Belgium [2]. Financial Performance - In H1 2025, the company's gross margin was 41.27%, and the net margin was 13.70%. The gross margins for consumer-grade application devices, 3D vision sensors, and industrial-grade application devices were 34.38%, 54.39%, and 65.26%, respectively [3]. - The company has shown a significant improvement in profitability, with a net cash flow from operating activities of 84.36 million CNY, an increase of 113.51 million CNY compared to the previous year [1]. Revenue Growth Projections - The company is expected to achieve revenues of 1.005 billion CNY, 1.636 billion CNY, and 2.042 billion CNY for the years 2025, 2026, and 2027, respectively [10]. - The projected net profits for the same years are 138.1 million CNY, 316.9 million CNY, and 518.5 million CNY, indicating a strong growth trajectory [11]. Market Position and Product Innovation - The company has launched innovative products such as the "multi-mode" 3D laser radar and high-reliability stereo depth cameras, enhancing its competitive edge in the market [4]. - The company is focusing on various application scenarios for 3D vision technology, including offline payments and industrial robotics, which are driving revenue growth [2].