SIASUN(SZ:300024)2025-05-26 09:12Group 1: Semiconductor Equipment Business - The company's semiconductor equipment business includes products such as atmospheric manipulators, vacuum manipulators, EFEM, and vacuum transfer platforms, primarily used in etching, thin film deposition, and ion implantation processes [2][3] - In 2024, the semiconductor equipment business generated revenue of approximately CNY 574 million, a year-on-year increase of 99.41%, accounting for 13.88% of the company's total revenue, up by 5.62% [4] - The gross margin for the semiconductor sector is around 26.93%, reflecting a year-on-year growth of 8.32%, with expectations for continued growth in revenue and gross margin due to external demand [4] Group 2: Market Position and Competition - The company is one of the earliest domestic enterprises to achieve industrialization of semiconductor manipulators, competing with foreign firms like Brooks (USA) and Rorze (Japan) [3] - The company focuses on domestic substitution while also emphasizing product technology iteration, enhancing the precision and efficiency of its products [5] Group 3: Industry Trends and Growth Potential - The Chinese industrial robot market is the largest globally, with long-term growth expected despite uncertainties in the external environment [6] - The company has implemented a "3+3+N" strategy to focus on core business, achieve standardized mass production, and reduce costs, leading to a gradual increase in overall gross margin [7] Group 4: Artificial Intelligence Developments - In 2024, the company is focusing on AI technologies such as large models, intelligent visual perception, and digital twins, with advancements in 3D vision and smart logistics systems [8][9] - The establishment of a research institute for embodied intelligence aims to accelerate the development and application of AI technologies and products [9] Group 5: International Expansion - The company is expanding its global footprint by establishing new entities in countries like Japan, Mexico, and the USA, with a focus on Southeast Asia [9] - In 2024, export revenue is expected to account for approximately 12.25% of total revenue, with limited impact from international policies [9]