The company released its 2023 annual report and performance forecast for the first quarter of '24:

In 2023, we achieved revenue of 360 million yuan (yoy +2.84%) and net profit of 276 million yuan; in a single quarter, 23Q4 achieved revenue of 101 million yuan (yoy -4.13%) and net profit to mother of -84 million yuan.

2024Q1 is expected to achieve revenue of 93.0 million yuan, a year-on-year increase of about 51.81%; it is expected to achieve net profit to mother of 28 million yuan in 2024Q1, a year-on-year reduction of loss of 40.120,800 yuan, and a year-on-year reduction of 58.90%;

Our opinion: continue to be optimistic that 3D sensors will benefit from medical insurance face brush+3D printing volume in the short term, and AI robots will benefit from 1 to 100 in the medium term!

Health insurance face wash: In 23 years, along with the launch of national health insurance networks in various provinces and cities, many medical insurance terminals using corporate modules have been launched one after another, and 24Q1's medical insurance verification business has grown rapidly.

3D printing: The company has reached a strategic partnership with the leading company Creative 3D. AI lidar products help it achieve high-speed, high-precision 3D printing, and have solved the pain points of the FDM 3D printer industry, such as leveling time, difficult to control nozzle flow, poor leveling effect, and difficult to control first-layer quality.

In addition, the company and Creative 3D have jointly launched two 3D scanners to fully meet the needs of high-precision, low-cost 3D scanning in the fields of 3D printing, reverse engineering, mold making, game design, medical protective equipment, art creation, and AR/VR. The 24Q1 3D scanning business grew rapidly.

Robotics: In March '24, the former head of Intel RealSense sales, robotics and computing platform expert, and head of Microsoft's Azure Kinect DK business and ecosystem officially joined the company. We believe it may help the company develop robotics business and overseas markets; in addition, the company's 3D visual perception industry intelligent manufacturing base has officially started in Shunde, Foshan, which will greatly increase production capacity and become a robot and AI vision demonstration park after completion. The company has served more than 100 robot companies around the world, accounting for more than 70% of the market share in the field of 3D vision sensors for service robots in China. In 24 years, the company teamed up with LionsBot in Singapore to launch intelligent cleaning robots in more than 30 countries. At the same time, the company's full matrix of 3D sensors has entered the NVIDIA robot development platform, which is expected to meet the immediate needs of NVIDIA's millions of robot developers, and is expected to fully benefit from the wave of robot embodied intelligence.

Investment advice: The company is one of the few companies that can target Intel Realsense in the field of robot vision sensors in China, and is deeply bound to Nvidia's two intelligent golden tracks of the humanoid robot “eye+brain”. The company's 24Q1 revenue is expected to resume rapid growth. We are optimistic that the company will benefit from medical insurance face-brushing+3D printing volume in the short term, and benefit from the booming robotics industry in the medium term. Considering that the development of the company's robot sensor business is more dependent on the volume of downstream robot customers, we adjusted the company's 24-26 revenue forecast to 5.96/8.79/1,322 million yuan, respectively (the previous 24-25 revenue forecast was 770.1.06 billion yuan), and the corresponding P/S was 17/11/8 times, respectively. Maintain a “buy” rating!

Risk warning: The risk of technological iteration and innovation, the risk of high customer concentration, the risk of commercialization of application scenarios falling short of expectations, supply chain risk, and the performance forecast data presented in the article are only preliminary accounting results. The specific data is subject to the officially published quarterly report.