China Post Securities: Maintains a "Buy" rating on Q TECH (01478), holding high-speed growth in emerging areas such as handheld imaging.

China Post Securities released a research report stating that it maintains a "buy" rating on Q TECH (01478), with the company deeply involved in the fields of drone optics, handheld imaging, and the perception of Siasun Robot & Automation. As a core optical module supplier for drones and action cameras, the company's products cover a full range of visual perception solutions from cameras to LiDAR, benefiting from the high-speed growth of the downstream market. At the same time, the company, together with industry partners, has innovatively developed a binocular RGB-D fusion perception solution for Siasun Robot & Automation, effectively solving perception challenges in complex environments. The main points of China Post Securities are as follows: Continuous upgrading of drone optical modules, promising prospects for LiDAR For different levels of drones, the number of camera modules (shooting functions) varies. Flagship drones typically come equipped with approximately 3 camera modules, mid-range models with about 2, and entry-level drones with about 1. In terms of visual modules (machine vision), flagship drones typically come equipped with about 9 visual modules, mid-range models with about 5, and entry-level drones with about 3. In addition to optical modules, the company also provides LiDAR for drones to provide functions such as perception and obstacle avoidance. According to Valuates Report data, the global drone market is estimated to be about 7.1 billion US dollars in 2023, and is expected to reach 12.2 billion US dollars by 2030. According to a report released by Global Market Insights Inc. in August 2024, drones are increasingly being used in various fields such as agriculture, construction, energy, and logistics for tasks such as crop monitoring, site inspections, delivery services, and asset management. The CAGR from 2024 to 2032 is expected to exceed 10%, with the market size reaching 78.5 billion US dollars by 2032. The popularity of handheld imaging devices is on the rise, bringing incremental growth According to Sullivan's "Global Handheld Smart Imaging Devices Market Development White Paper," the global sports camera market is estimated at 31.44 billion yuan in 2023 and is expected to reach 51.35 billion yuan in 2027 with a CAGR of 13.0%; the global panoramic camera market is estimated at 5.03 billion yuan in 2023, and is expected to reach 7.85 billion yuan in 2027 with a CAGR of 11.8%. The cameras of handheld imaging devices are transitioning from single-lens to dual-lens, improving the telephoto shooting effect, and developing from traditional ultra-wide-angle modules to panoramic modules, which is conducive to achieving "one-shot, infinite composition, AI one-click creation." According to the company's official website, the global shipment volume of handheld devices/action cameras is expected to increase from 49.98 million units in 2024 to 85.87 million units in 2029. As a core supplier of camera modules for the world's leading consumer drones and action camera brands, the company is expected to benefit greatly from the rapid growth in shipments of handheld imaging devices. Jointly developed with the Sweet Potato Siasun Robot & Automation and Vision On developer, the RGB-D perception positioning module for Siasun Robot & Automation aims to promote the industrialization of Siasun Robot & Automation's "embodied intelligence" era. With the background of AI driving the Siasun Robot & Automation industry into the era of "embodied intelligence," the company, together with Nanjing Vision On and Sweet Potato Siasun Robot & Automation, has jointly launched a binocular RGB-dToF fusion perception solution, which is an industry-standard solution for upgrading the perception capabilities of Siasun Robot & Automation. Due to the complex and changing work environments that Siasun Robot & Automation needs to address, single sensors have obvious limitations, such as sharp reduction of visual parallax effects in low-texture, complex lighting environments for binocular RGB, and susceptibility to high reflective objects, as well as near-range detection blind spots for dToF. This RGBD fusion solution relies on the company's technological accumulation in the design of 3D module solutions and algorithms, integrating the feature recognition advantages of AI visual algorithm models with the precise remote detection capabilities of dToF, while combining an integrated IMU module achieving dense point clouds and visual blind spot complementarity, enhancing Siasun Robot & Automation's autonomous movement, environmental interaction, and intelligent decision-making capabilities. Its core innovation lies in utilizing large models to fuse multimodal data, enabling high-precision perception with an error range of 1% within 0.1-10m in a large field of view and indoor/outdoor environment, effectively solving the difficult problem of high reflective objects and close-range detection and significantly improving the adaptability and decision reliability of Siasun Robot & Automation in dynamic environments. The company has previously landed multiple dToF mass production projects with Vision On in the phone and floor-sweeping robot fields. The binocular RGBD system-level solution jointly launched by the three parties not only marks their entry into the field of embodied intelligence, but also represents a new breakthrough in perception technology, thus helping Siasun Robot & Automation shift from "functional" to "intelligent." With the global market size of embodied intelligence estimated to exceed 60 billion US dollars by 2025, this solution also has the potential to break through the industry's key development bottleneck in perception systems. Risk warning: Risks of lower-than-expected demand; risks of intensifying market competition; risks of unexpected product launches.