The company announced on July 6 that it plans to raise no more than 1.505 billion yuan, of which 661.5527 million yuan will be used for the middle platform construction project of robot vision industry technology, and 843.0944 million yuan will be used for the intelligent manufacturing base construction project of 3D visual perception industry.

The main contents of the middle platform construction project of robot vision industry technology include robot vision sensor, AI visual perception and multi-modal interaction model, robot OS and cloud digital twin software platform, mass production testing and digital factory. At present, the development of large model technology has promoted the evolution and transformation of robots to embodied intelligent robots, which is expected to become the ultimate form of artificial intelligence, and robot vision is the key for embodied intelligent robots to break through the bottleneck of technology development. The Ministry of Industry and Information Technology has listed 3D sensors as the first new sensor to break through in the action of improving the basic ability of robots. Building the robot vision industry technology center platform is the key strategy for the company to seize the development opportunity of the embodied intelligent robot industry, which will help to enrich the product matrix, open up new application scenarios, and consolidate the company's leading position in the 3D visual perception industry. enhance the company's core competitiveness.

The construction project of intelligent manufacturing base for 3D visual perception industry will purchase advanced intelligent and automated production equipment, recruit and train relevant production and management personnel, and further expand the production capacity of 3D vision sensors, lidars and other products. At present, 3D visual perception technology has become a key common technology of artificial intelligence, and it is a powerful driving force for the development of global science and technology from the era of Internet and mobile Internet to the era of intelligent networking. In the future, the industrial application of 3D visual perception technology in biometrics, spatial scanning, consumer electronics, robot, industrial vision, automobile and other fields will develop rapidly. The construction of the company's own intelligent production base for 3D visual perception products will enhance the supply capacity of the company's 3D visual perception products, meet the diversified needs of downstream customers, and is expected to further increase market share.

The company is a leading provider of 3D visual perception technology solutions in the industry. In terms of 3D vision, the company is one of the few companies in the world with a comprehensive layout of six major 3D sensors (structured light, iToF, binocular, dToF, Lidar and industrial 3D measurement), with full stack self-research capability and full technology route layout. In terms of robot vision, the company has laid out a full range of robot vision technology and product solutions, with technical routes covering monocular structured light, binocular vision, ToF, LiDAR, and technical capabilities covering robot vision chips, intelligent vision algorithms, modules and solutions, as well as large-scale production capabilities, taking the lead in completing the core technology layout of embodied intelligent robot vision in the world.

The company pays close attention to the historical development opportunity of embodied intelligence, with 3D visual perception technology as the core, and is committed to making all terminals understand the world. The company has the advantage of clamping position in the field of robot vision, and has reached business cooperation with more than 100 robot customers such as Yunxiang, Qinglang, Purdue, Gaoxian and other AI giants such as Microsoft Corp, NVIDIA Corp and Horizon to build 3D ecology. We think the company is expected to realize the industrial closed loop of [robot 3D camera hardware-robot development platform-robot customer] in the field of robot vision. We estimate that the company's revenue for 23-25 years will be RMB 526,360.1254 million, respectively, and the corresponding PUBG S will be 30-19-12, considering that the company has taken the lead in completing the layout of the core vision technology of the embodied intelligent robot, mastering the first-mover advantage in the embodied intelligent era, and maintaining the "buy" rating.

Risk hints: technology iteration risk, high customer concentration risk, less than expected commercialization of application scenarios, supply chain risk, fund-raising project approval risk, fund-raising investment project implementation risk.