Event: The company publishes its 2024 mid-year report.

In the first half of 2024, the company achieved a total revenue of 0.213 billion yuan, an increase of 29.02% over the previous year. Net profit attributable to mother was $53.3731 million, a decrease of 61.94% compared to the same period of the previous year; net profit not attributable to mother was 80.906 million yuan, a decrease of 52.14% compared to the same period last year.

Build a “robot and AI vision industry center” in the era of artificial intelligence based on self-developed chips. The company's main business is the design, R&D, production and sales of 3D visual perception products. The main products include 3D vision sensors, consumer application equipment and industrial application equipment. To create a “robot and AI vision industry center” in the age of artificial intelligence.

Since its establishment, the company has formed a professional chip team with digital and analog chip research and development capabilities. The chip types designed by the company mainly include deep engine computing chips, iTOF photosensitive chips, dToF photosensitive chips, and special structured light sensors. At present, the development of five generations of deep engine chips, two iToF sensors, and two dtOF sensors has been successfully completed.

Optimize the product range and focus on robot and AI vision application scenarios.

3D visual perception has gradually entered an important stage of development before large-scale industrialization. It has many potential application segments and demand growth flashpoints, and the industry is facing good market opportunities. Relying on the integrated research and production capacity and innovation platform of 3D visual perception, the company continuously optimizes the 3D visual perception product line, focusing on meeting the market needs of AI vision, 3D printing, and domestic and foreign developer platforms, laying a solid foundation for meeting the explosion of medium- to long-term market demand. During the reporting period, the company launched four new products for robot and AI vision application scenarios, namely Gemini 335, Gemini 335 L, Gemini 336, and Gemini 336 L.

Overseas business is progressing smoothly, and overseas sales teams are being strengthened.

In the first half of 2024, the company introduced senior overseas sales teams, including former Intel RealSense sales leaders, former Intel RealSense core team members, and robotics and computing platform experts. The company continues to optimize and improve mainstream product lines to cover more application scenarios, actively expand overseas customers, connect to the international core ecosystem, and seize overseas markets.

Investment advice: We expect the company's revenue for 2024-2026 to be 0.551/0.885/1.221 billion yuan, an increase of 53.1%/60.5%/38.0% year-on-year, and net profit of -0.088/ -0.018/0.117 billion yuan respectively, maintaining the “buy” rating.

Risk warning: The penetration of the company's products in the robot industry is slow.