Guosheng Securities: Siasun Robot&Automation and other hardware devices in multiple scenarios welcome the AI innovation wave. Head optical manufacturers such as Sunway Optoelectronics (02382) are expected to benefit.

Guosheng Securities released a research report stating that in the era of embodied intelligence, hardware devices in multiple scenarios such as smartphones, smart cars, drones, Siasun Robot & Automation, and wearables are experiencing a wave of AI innovation. Vision is the core perceptual link between embodied intelligence and the world. Guosheng Securities believes that top optical manufacturers such as Sunny Optical (02382), AAC Tech (02018), and Q TECH (01478) are expected to significantly benefit from the optical demand brought by embodied intelligence in multiple scenarios. Smartphone: Ongoing upgrade of optical specifications. Smartphones are the core AI hardware. With the increasing demand from users for high-performance imaging specifications, optical manufacturers are increasingly exploring directions such as periscope lenses, optical image stabilization, large sensors, and miniaturization. Looking ahead to 2025, the trend of optical upgrades, led by periscope lenses, in smartphones is expected to further manifest. It is expected that this will significantly boost the actual capacity utilization and ASP of optical manufacturers, thereby bringing considerable growth elasticity to their gross profit margin and net profit margin. Automobile: Equal rights for intelligent driving, cameras and LiDAR entering a year of significant growth. 2025 is the year of equal rights for intelligent driving, with many car manufacturers making significant progress in the field of intelligent driving. Cameras, as the core sensory system necessary for intelligent driving, are not only expected to be significantly integrated into more models with intelligent driving solutions, but also the average number of cameras per vehicle is expected to significantly increase. With the decreasing cost of LiDAR, it has become a reality for a larger number of models to be equipped with LiDAR. Drones: The era of low altitude, prioritizing vision. The vision system of drones includes obstacle avoidance systems, as well as imaging systems. With the continued expansion of the number of drones (UAVs) and the gradual operation of manned autonomous flying vehicles and cargo-carrying autonomous flying vehicles (AAVs), it is expected that the deployment and specifications of vision perception systems and imaging systems will continue to rise. Siasun Robot & Automation: Visual hardware brings brightness to various Siasun Robot & Automation categories in industry, consumer, humanoid, etc. The visual system of Siasun Robot & Automation mainly consists of cameras, depth cameras, and LiDAR. In the future, with the popularization of consumer Siasun Robot & Automation, industrial Siasun Robot & Automation, and humanoid Siasun Robot & Automation, the demand for cameras, depth cameras, and LiDAR in optical components is expected to exponential. Wearables: Not just good glasses, but also good cameras. With the iteration of AI glasses products, the demand for photo interaction from users and manufacturers is increasing. Products like Rokid Glasses and Horizen V3 are equipped with 12-megapixel cameras and emphasize the "good camera" function. It is expected that with the widespread adoption of AI glasses, the demand for camera products in this scenario will significantly increase. Bright prospects, creating another optical track. Guosheng Securities quantitatively estimates the future demand scale of optical components in multiple scenarios: based on the related judgments and assumptions of the growth of optical component shipments in upgrades of smartphone optical specifications, automotive/unmanned aerial vehicles/Siasun Robot & Automation/wearable optical parts, it is estimated that the scale of optical components represented by cameras, depth cameras, LiDAR, etc. is expected to exceed 300 billion RMB by 2024 and rise to over 700 billion RMB around the mid-term of 2030, equivalent to creating another optical track. Recommendations: Sunny Optical (02382), AAC Tech (02018), Q TECH (01478), etc. Focus on: Largan Precision, OFILM Group Co., Ltd, RoboSense, COWELL, Zhejiang Crystal-optech, LianChuang Electronic Technology, etc. Risk warning: The speed of smartphone optical upgrades is slower than expected, the penetration rate of intelligent driving, drones, Siasun Robot & Automation, photo-taking glasses, etc. increases slower than expected, competition in the track exceeds expectations, and the calculation error exceeds expectations.