The company released its three-quarter report on October 28, 2023, with revenue of 259 million yuan (yoy+5.83%) and net profit of-192 million yuan in the first three quarters of 2023; in a single quarter, 23Q3 achieved revenue of 94 million yuan (yoy+51.52%) and net profit of-52 million yuan.

Revenue side: the company achieved 259 million yuan in revenue in the first three quarters of 23 years, + 5.83% year-on-year; of which, 23Q3 achieved revenue of 94 million yuan, + 51.52% in the same period last year, and revenue returned to a high growth rate in a single quarter. Profit side: the company achieved a net profit of-192 million yuan in the first three quarters of 23 years, with a gross profit margin of 44.06%, an increase of 0.45pct over the same period last year. Among them, 2023Q3 realized a net profit of-52 million yuan and a gross profit margin of 47.15%, an increase in 6.13pct over the same period last year. We believe that the increase in capacity utilization may lead to a rapid rebound in the company's overall gross profit margin, and the convergence of R & D investment has gradually narrowed the loss in a single quarter. Our point of view: continue to be optimistic about the short-term benefits of 3D sensors health insurance facial scanning + 3D printing volume, medium-term benefits from the vigorous development of robot + space computing!

Medical insurance facial scanning: with the landing of national health insurance networks in various provinces and cities for commercial use in the past 23 years, many health insurance terminals using company modules have been put online one after another. We expect 23Q3 to start the facial scanning business of health insurance quarter by quarter.

3D printing: the company has reached a strategic partnership with head enterprises to create 3D, and AI lidar products help it achieve high-speed, high-precision 3D printing, and solve the pain points of FDM 3D printer industry, such as time-consuming leveling, difficult control of nozzle flow, poor leveling effect, difficult control of first layer quality, and so on. Imagine that 3D shipped 100w + units in 22 years, we are optimistic that the company binds large customers with broad space, and is expected to accelerate the opening of 3D printing blue sea market.

Robot: the company launches rich and comprehensive robot vision perception product solutions around various types of robots, providing monocular structured light, binocular structured light, lidar, iToF full-technology route 3D vision sensors. The company has served more than 100 robot companies around the world and has a market share of more than 70% in the field of 3D vision sensors for service robots in China.

Recently, the company's full matrix of 3D sensors has entered the NVIDIA robot development platform, which is expected to meet the rigid needs of NVIDIA millions of robot developers, and binding NVIDIA is expected to fully benefit from the wave of robot embodied intelligence.

Spatial computing: both Apple Inc and Meta have added 3D depth sensors and introduced 3D scanning technology to their released MR helmets. The company is one of the few companies in the world with a comprehensive layout of the top six 3D sensors, with full-stack technology research and development capabilities and full-field technology route layout. In the field of consumer electronics, the company has enabled OPPO FINDX to realize 3D face recognition in 2018, helping OPPO to become the second mobile phone manufacturer in the world to mass produce more than one million phones equipped with 3D sensors; in 2020, the company provided ToF system solutions for Meizu 17 series 5G flagship machines; in 2021, the company provided ToF one-stop production solution for Meizu 18 Pro, creating a new benchmark in the 3D imaging era.

Investment suggestion: the company is one of the few companies in the field of robot vision sensors in China that can match Intel Corp Realsense. Deep binding of NVIDIA Corp is expected to hold the two intelligent golden tracks of humanoid robot "eyes + brain". In addition, the company's 23Q2 revenue has reversed the downward trend, and 23Q3 revenue has returned to a high growth rate of more than 50%. We are firmly optimistic that the company will benefit from health insurance facial scanning + 3D printing in the short term and booming in robot + space computing in the medium term. Considering that the offline payment business still needs to be recovered, we slightly downgrade the company's revenue forecast, and the company's revenue for 23-25 is expected to be RMB 430,770,1006 million respectively (the previous value is RMB 526,000,000, respectively), and the corresponding Pamp S is twice as much as in 27-15-9. Maintain a "buy" rating!

Risk hints: technology iterative innovation risk, high customer concentration risk, less-than-expected commercial application scenario risk, supply chain risk