Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is a leading player in the 3D vision industry, focusing on embodied intelligence to drive growth. It has a comprehensive technology system for 3D visual perception, which includes various technologies such as structured light, iToF, dToF, binocular, Lidar, and industrial 3D measurement. The company aims to build a platform for robotics and AI vision, capturing over 70% of the market share in China's service robotics sector [6][11]. - The company has successfully turned a profit in Q1 2025, achieving a net profit of 0.24 billion yuan, and this profitability continued into Q2 2025. The report anticipates sustained performance improvements driven by the growth of embodied intelligence and the expansion of application scenarios for 3D vision technology [6][20]. Summary by Sections Section 1: Company Overview - The company, established in 2013 and listed on the STAR Market in July 2022, specializes in the design, research, development, production, and sales of 3D visual perception products. It has a strong R&D investment and a complete technical system, allowing it to compete with international giants [6][11]. - The ownership structure is clear, with Huang Yuanhao as the actual controller holding 27.15% of the shares. The management team has a strong technical background, which supports the company's technological leadership [14][17]. Section 2: Market Potential - The global 3D vision market is projected to grow from approximately 8.2 billion USD in 2022 to 17.2 billion USD by 2028, with a CAGR of about 13.1%. In China, the market is expected to expand from around 1.8 billion yuan to 8 billion yuan during the same period, with a CAGR of approximately 27.7% [30][31]. - The report highlights the importance of embodied intelligence and 3D scanning as key growth drivers for the company, with significant applications in robotics, digital twins, and AI modeling [32][42]. Section 3: Financial Performance - The company's revenue is expected to grow significantly, with projections of 360 million yuan in 2023, 564 million yuan in 2024, and reaching 1.037 billion yuan by 2025. The net profit is forecasted to turn positive in 2025, with estimates of 129.9 million yuan [5][20]. - The gross margin has remained above 40%, and the company has effectively controlled expenses, leading to a gradual improvement in profitability [23][20]. Section 4: Technological Advancements - The company has developed a full-stack technology system for 3D visual perception, which includes various technologies tailored for different applications. This positions the company well to meet the growing demand for 3D vision solutions across multiple sectors [27][28]. - The report emphasizes the role of 3D vision in enhancing the capabilities of robots, particularly in service and mobile robotics, where accurate environmental perception is crucial [32][33].

Core Viewpoint - The 2025 RoBoLeague China Robot Football League marks a significant advancement in AI-driven robotics, showcasing humanoid robots that operate autonomously without remote control, relying on advanced visual sensors for environmental perception and decision-making [1]. Group 1: Overview of the Robot Football League - The league is the first 3V3 AI robot football competition in China and serves as a test event for the 2025 World Humanoid Robot Games [1]. - Humanoid robots utilize visual sensors to perceive their environment, enabling autonomous decision-making and interaction [1]. Group 2: Key Companies in Humanoid Robot Vision Technology Aobi Zhongguang - Founded in 2013, Aobi Zhongguang specializes in 3D visual perception products, including sensors and application devices, and has established strong customer loyalty in various industries [2][4]. - The company has developed a comprehensive 3D visual sensor system for robotics, integrating multiple technologies such as laser radar and structured light [4][5]. - Aobi Zhongguang aims to leverage advancements in AI and embodied intelligence to enhance its 3D visual perception technology across various applications [8]. Sutenju Chuang - Established in 2014, Sutenju Chuang focuses on AI-driven robotics technology, providing laser radar and perception solutions, and has partnered with over 2,800 global robot clients [9][11]. - The company launched the Active Camera product line, integrating depth, image, and motion information for enhanced robotic vision capabilities [9]. - Sutenju Chuang is committed to innovation in AI algorithms and hardware, aiming to solidify its position as a leading robotics technology platform [11]. Opto - Founded in 2006, Opto is a national high-tech enterprise specializing in machine vision core hardware and software products, with a focus on the robotics vision sector [12][13]. - The company is developing visual modules and solutions tailored for humanoid robots, leveraging its extensive experience in industrial robotics [13]. - Opto plans to enhance its product offerings through technological upgrades and innovations in AI and 3D processing [13]. Tianzhun Technology - Established in 2005, Tianzhun Technology is a global supplier of visual equipment, focusing on industrial applications and emphasizing AI-driven advancements [14][15]. - The company has developed a high-performance intelligent controller for humanoid robots, enhancing their perception and interaction capabilities [17]. - Tianzhun Technology aims to expand its presence in the humanoid robotics sector while advancing its machine vision technologies [18]. Crystal Optoelectronics - Founded in 2002, Crystal Optoelectronics specializes in precision optical components and has a strong presence in the optical industry [19][20]. - The company is adapting to the growing demand for optical hardware in robotics and drones, positioning itself for future growth [20]. - Crystal Optoelectronics is focused on developing high-end, intelligent, and customized optical solutions for emerging applications in humanoid robotics [22].

Group 1 - The company reported a revenue of 363 million yuan for January to May 2025, representing a year-on-year increase of 117.18%, with a net profit attributable to shareholders of 55 million yuan, an increase of 86.44 million yuan year-on-year [1] - In Q1 2025, the company achieved a revenue of 191 million yuan, up 105.63% year-on-year, and a net profit of 24.32 million yuan, an increase of 53.10 million yuan year-on-year, with a net profit margin of 12.7% [1] - The company is a key global supplier of 3D vision sensors, focusing on 3D vision technology research and development, with applications in biometric recognition, 3D scanning, and robotics [1] Group 2 - The company has established partnerships with several domestic and international service robot clients, including Yunji Technology and LionsBot, and has integrated its 3D cameras with NVIDIA's robotics platform [2] - The company has completed the development of five generations of depth engine chips and multiple iToF and dToF light-sensitive chips as of mid-2024 [2] Group 3 - The company has raised its revenue forecast for 2025/26 from 960 million/1.16 billion yuan to 1.02 billion/1.28 billion yuan, and net profit forecast from 60 million/100 million yuan to 110 million/190 million yuan, with a new forecast for 2027 of 1.53 billion yuan in revenue and 290 million yuan in net profit [3] - The average price-to-sales (PS) ratio of comparable companies is 29X, which is 22% higher than the company's PS of 24X, leading to an upgraded rating to "Buy" [3]