Event: The company released its 2024 three-quarter report.

3D scanning and health insurance verification led to revenue growth in the third quarter.

In Q3 2024, the company achieved revenue of 0.138 billion yuan, a year-on-year increase of 46.27%. Net profit attributable to shareholders of listed companies - $-6.93 million, and net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss - $-20.63 million. The first three quarters of this year achieved revenue of 0.35 billion yuan, an increase of 35.27% over the previous year. Net profit attributable to shareholders of listed companies - -60.31 million yuan, and net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss - -0.102 billion yuan. According to the company's three-quarter report announcement, revenue growth in the third quarter and revenue growth in the first three quarters was driven by businesses such as 3D scanning and medical insurance verification.

Lidar chips have been sent to customers in small quantities.

According to the company's response in the investor Q&A, the company's latest dToF lidar sensor chip LS635 can be widely used in scenarios such as robots, drones, and autonomous driving. At present, the chip has been delivered to customers in small batches, and specifications and parameters are being adapted to specific downstream customers. After meeting customer requirements and mass production conditions, it can enter the large-scale mass production stage.

Gemini 335Lg, the latest product to release a new full-scene binocular 3D camera, has released the Gemini 335Lg, the latest product of the Gemini 330 series full-scene binocular 3D camera. On October 21, the Danish collaborative robot company UR (UniversalRobots) launched a ready-to-use software and hardware integrated development kit — UR AI Accelerator (UR AIAccelerator). The kit includes the Gemini 335Lg. The camera is seamlessly integrated with UR PolyScope X functions to provide 3D visual data support for the UR AI accelerator.

I am optimistic that the main business of the “Robotics and AI Vision Industry Center” company built by the company in the era of artificial intelligence is the design, R&D, and production platform for 3D visual perception products. 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 sensors, dToF sensors, 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.

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.