Vigorously expand the robotics business and be deeply empowered by AIC intelligent computing solutions. In 2023, Guanghetong established an intelligent computing (AIC) product line. The company is using lawnmower robots as a breakthrough point to accumulate and reuse technology to lay the foundation for the robot's mobile technical capabilities. At the same time, the company is actively exploring the field of embodied intelligent robots to lay out the evolution of robot operation capabilities in the future. The company's AIC Intelligent Computing Solution integrates highly automated driving, machine vision, artificial intelligence, neural networks, and high-precision differential GPS positioning technology to provide a full-stack solution for the robot industry, continuously promoting the commercial implementation of intelligent robots. It is suitable for various scenarios such as service robots, cleaning robots, transportation robots, inspection robots, etc., greatly reduces the customer's development cycle and investment costs, and has a broad application space. It has now cooperated with robot industry chain companies such as Youbi Choice and Sweet Potato Robot (a wholly-owned holding subsidiary of Horizon).

Fibot, an intelligent development platform, performed brilliantly. The company is actively developing a layout around physical intelligence technology, and in March 2024, it released Fibot, a physical intelligent robot development platform based on Qualcomm's high computing power chips, to meet the customer's requirements for verifying mobile ALOHA collaborative learning and simple teaching operation data, thereby learning advanced mobile operation function algorithms for robotic arms, helping robot manufacturers carry out secondary development of software and algorithms, and empowering scenarios such as industrial manufacturing, household services, and smart logistics. In September 2024, Fibot was selected as the “Artificial Intelligence+Telecom Industry” Empowering Pioneer Case published by the China Academy of Information and Communications Technology and “Communications Industry Network”, and in November 2024, it was selected as the “2024 Outstanding Supply Chain Enterprise” at the 2024 Golden Globe Award. According to the company's announcement, Guanghe Tong has sent samples of intelligent robots and is expected to be delivered in batches next year.

Lawnmower robots are the first to deliver to leading customers. The AI solutions of Guanghetong SC126, SC138, SC171 and other products can help robots achieve various intelligent core functions, and can be used in mowing robots, service robots, cleaning robots, transportation robots, inspection robots, etc. The company has now achieved breakthroughs in the vertical industry of wire-free mowing robots. In addition, Guanghetong collaborated deeply with Sweet Potato Robot to create a flagship cordless lawn mower solution based on the Sweet Potato Rising Sun 5 chip. The solution has algorithms such as binocular VIO&RTK integrated positioning, AI perception, map building and navigation, intelligent recharging, and breakpoint renewal, providing solutions for large-scale lawn mowing, and has become the first choice of several lawn mower manufacturers. According to the company's announcement, Guanghetong's lawnmower robot will be the first to achieve delivery to leading customers in 2024Q4, and is expected to be shipped in batches in 2025.

Investment advice: The company is committed to developing an overall edge intelligent computing solution with integrated communication capabilities, and continues to expand in new fields such as robots and AI terminals. The company's excellent strategic choices and refined management capabilities support the company's long-term development, and future development prospects are promising. We expect the company's net profit to be 0.749 billion yuan/0.622 billion/ 0.787 billion yuan respectively in 2024-2026, with corresponding growth rates of 33%/-17%/26%, and corresponding PE 21.9X/26.4X/20.8X respectively, maintaining a “highly recommended” investment rating.

Risk warning: Market competition increases risk, downstream demand fluctuation risk, global economic and trade friction risk.