证券研究报告·公司深度研究·光学光电子 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 证券分析师 周高鼎 执业证书：S0600523030003 zhougd@dwzq.com.cn 奥比中光-UW（688322） "机器之眼"逐步放量，赛道格局卡位双优 2025 年 03 月 11 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 350.05 | 360.01 | 561.50 | 1,152.00 | 1,510.23 | | 同比（%） | (26.17) | 2.84 | 55.97 | 105.16 | 31.10 | | 归母净利润（百万元） | (289.78) | (275.89) | (13.70) | 208.70 | 415.93 ...

证券代码：688322 证券简称：奥比中光 公告编号：2025-011 奥比中光科技集团股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责 任。 重要内容提示： 本次权益变动属于持股 5%以上股东上海云鑫创业投资有限公司（以下简称 "上海云鑫"）实施前期已披露的股份减持计划，不触及要约收购，不涉及披露权 益变动报告书。 本次权益变动前，上海云鑫持有奥比中光科技集团股份有限公司（以下简称 "公司"）股份 48,000,120 股，占公司总股本的 12.00%；本次权益变动后，上海云 鑫持有公司股份 44,000,020 股，占公司总股本的 11.00%。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、本次权益变动基本情况 公司于 2025 年 3 月 10 日收到上海云鑫出具的《关于权益变动触及 1%的告知 函》，上海云鑫于 2025 年 3 月 4 日至 2025 年 3 月 10 日期间通过集中竞价和大宗交 易方式合计减持公司股份 4,0 ...

Group 1 - The price of humanoid robots is gradually decreasing, with some domestic products dropping from over 1 million to below 200,000 yuan, indicating significant potential for further price reductions and increased market penetration [1] - The future price trend of humanoid robots is influenced by technological advancements, the optimization of hardware solutions, and the domestic manufacturers' ability to achieve breakthroughs, which will provide a competitive pricing advantage over foreign counterparts [1][2] - Companies are focusing on technological innovation and the localization of core components to drive down costs across the industry chain [1][2] Group 2 - Domestic companies are leading in specific segments of the robotics industry, with firms like Orbbec Technology becoming key suppliers of 3D vision sensors, showcasing advanced capabilities in various 3D vision technologies [2] - Factors contributing to the decline in robot prices include technological progress, localization of core components, economies of scale, and supply chain optimization, with technological advancements being the primary driver [2][3] - Open-source technology is recognized as a significant factor in reducing R&D costs, alongside the overlap between the robotics and electric vehicle industries, which enhances procurement efficiency [3]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company, Aobo Zhongguang, focuses on the research and development of 3D visual perception technology, aiming to enhance the understanding of the world by various terminals in the era of artificial intelligence [11][17]. - The main business includes the design, research, production, and sales of 3D visual perception products, which encompass 3D visual sensors and both consumer and industrial application devices [11]. - The company has established a comprehensive technical system for 3D visual perception, integrating multiple complex disciplines such as optics, mechanics, electronics, chip design, algorithms, SDK, and firmware development [11]. Summary by Sections Company Overview - Aobo Zhongguang specializes in 3D visual perception technology and aims to create a platform for robotics and AI visual industries [11]. - The company has a strong focus on autonomous intellectual property development from chip design to algorithm implementation, achieving a leading position in the global 3D visual industry [12]. Chip Development - The company has developed specialized chips, including the MX series depth engine chip, which has undergone five iterations and significantly reduces power consumption while enhancing processing capabilities [12][13]. - The latest MX6800 chip supports various imaging systems and is widely used in robotics applications, while the LS635 chip is designed for dToF laser radar sensors, targeting applications in robotics, drones, and autonomous driving [13][14]. Robotics Sector - The company is strategically focusing on the robotics sector, leveraging its comprehensive product offerings and partnerships to enhance its market presence [14]. - Aobo Zhongguang has launched several series of 3D cameras that perform well in diverse lighting conditions, catering to various robotic applications [14]. Financial Performance - For the fiscal year 2024, the company anticipates a revenue of approximately 562.19 million yuan, reflecting a year-on-year growth of about 56.16%, while expecting a net profit loss reduction of approximately 78.26% [15][16]. - The company is committed to accelerating product innovation and optimizing its product structure to achieve sequential revenue growth [16]. Future Applications - The company envisions expanding the application of 3D visual technology across various sectors, enhancing user interaction through intelligent devices that can perceive and respond to their environment [17]. - The ongoing development of AI terminals is expected to provide broader opportunities for the company's technological innovations and market expansion [18].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The humanoid robot industry is entering a period of rapid expansion, with a projected demand of approximately 2.04 million units and a market space of about 305 billion yuan by 2030 in the manufacturing and housekeeping sectors of China and the US [1] - The demand for 3D visual sensors for humanoid robots is expected to grow significantly, from 14 million yuan in 2025 to 915 million yuan in 2030, with a CAGR of 132% [1] - The company is positioned in the top tier globally for 3D visual perception technology, with a comprehensive technology development capability across six major 3D visual sensing technologies [2] - The company has a strong product presence across various industries, serving over 1,000 clients including major players like Ant Group and China Mobile [2] - Ant Group, a major shareholder and client, has announced its entry into the humanoid robot field, indicating potential for deepened collaboration in the robot vision sensor domain [3] Financial Forecast and Valuation - Revenue projections for the company from 2024 to 2026 are 560 million, 810 million, and 1.22 billion yuan, representing year-on-year growth rates of 56%, 44%, and 51% respectively [4] - The company is expected to reduce its net loss from 60 million yuan in 2024 to a profit of 140 million yuan in 2026, with a significant increase in net profit growth of 787% in 2026 [4] - The price-to-sales (P/S) ratio is projected to decrease from 47 in 2024 to 22 in 2026, indicating improving valuation metrics [4]

Financial Performance - In 2024, the company achieved total operating revenue of RMB 56,218.58 million, an increase of 56.16% compared to the same period last year[4]. - The net profit attributable to the parent company was a loss of RMB 5,998.77 million, a reduction in loss of 78.26% year-on-year[6]. - The basic earnings per share were RMB -0.15, showing a significant reduction in loss compared to RMB -0.69 in the previous year[4]. Assets and Equity - The total assets at the end of 2024 were RMB 333,568.87 million, a decrease of 1.43% from the beginning of the period[7]. - The equity attributable to the parent company decreased by 4.83% to RMB 286,999.33 million[7]. Operational Strategy - The company focused on essential downstream markets, leading to significant growth in overall shipment volume and sales revenue[9]. - The company implemented cost reduction and efficiency enhancement measures, contributing to improved profitability despite ongoing losses[8]. - The company plans to enhance production capacity and optimize mass production planning in line with the successful launch of its 3D visual perception smart manufacturing base[8]. - The company is committed to the strategy of "technology innovation investment - commercial results transformation," accelerating the promotion of emerging scenarios and optimizing product structure[8]. Reporting Accuracy - The company has not identified any major uncertainties affecting the accuracy of this performance report[10].

Summary of Sensor Industry and Company Insights Industry Overview - The sensor market for robotics, particularly humanoid robots, is characterized by a relatively stable competitive landscape with fixed players in various segments. The technology routes are continuously evolving, including visual sensors (structured light, ToF cameras, and LiDAR) and tactile sensors (such as electronic skin) [1][2] Key Points on Sensor Types and Market Dynamics - The most notable and high-priced sensors currently are force sensors, especially six-dimensional force sensors. Inertial Measurement Units (IMUs) also hold a significant market share. Tactile sensors, including electronic skin, are gaining attention for their future value and potential [3][6] - The visual sensor market features companies like Orbbec, which excels in 3D vision technology, and other machine vision players like 00 Light. In the auditory domain, MEMS microphones remain the mainstream solution, with companies like Sensing Microelectronics expanding from acoustic microphones to pressure and inertial sensing [5][7] Emerging Companies and Technologies - Domestic companies such as Qiyi and Anpeilong are conducting cost-reduction tests for six-dimensional force sensors, while Hanwei Technology and Hesheng New Materials are making progress in tactile sensors [1][6] - The electronic skin technology faces challenges such as high flexibility, elasticity, integration disturbances, cost reduction, and production barriers. Future developments will be driven by technological advancements, collaborations, and the emergence of new players like Granular Sensors, Anpeilong, Hanwei Technology, and Fulei New Materials [8] Market Trends and Investment Opportunities - The most valuable and rapidly evolving fields are force and tactile sensing. The six-dimensional force sensor market is dominated by international players like ATI, while domestic companies are working on cost reduction to enhance competitiveness [6] - In the robotics sector, continuous attention should be given to 3D vision (Orbbec), six-dimensional force and tactile sensing (Qiyi, Anpeilong, Hanwei Technology), and auditory sensing (Sensing Microelectronics). These companies possess leading advantages and development potential in their respective markets [7] Inertial Sensors (IMUs) Insights - IMUs are crucial for collecting robot parameters, with applications ranging from consumer products to military uses. The market for IMUs is relatively stable, with key players like Zhongnong United excelling in chip-level IMUs and companies like Huayi Technology and Mixin making progress in module-level IMUs [9][10] Conclusion and Future Directions - The sensor industry, particularly in the fields of auditory, visual, and electronic skin technologies, is undergoing significant changes. Investors should focus on both established players and emerging companies with breakthrough potential. Continuous monitoring of industry dynamics is essential for timely adjustments in investment strategies [11][12]

本次权益变动前，上海云鑫持有奥比中光科技集团股份有限公司（以下简称 "公司"）股份 48,822,120 股，占公司总股本的 12.21%；本次权益变动后，上海云 鑫持有公司股份 48,000,120 股，占公司总股本的 12.00%。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、本次权益变动基本情况 证券代码：688322 证券简称：奥比中光 公告编号：2025-008 奥比中光科技集团股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责 任。 重要内容提示： 本次权益变动属于持股 5%以上股东上海云鑫创业投资有限公司（以下简称 "上海云鑫"）实施前期已披露的股份减持计划，不触及要约收购，不涉及披露权 益变动报告书。 1、本次权益变动未违反股东减持承诺，不存在违反《中华人民共和国证券法》《上市公司收 购管理办法》等法律法规和上海证券交易所业务规则等相关规定的情形。 2、本次权益变动所涉及股份均享有表决权，不存在表决权委托或受限等任何权利限 ...

证券代码：688322 证券简称：奥比中光 公告编号：2025-009 奥比中光科技集团股份有限公司 2025 年第一次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 2 月 7 日 （二） 股东会召开的地点：深圳市南山区西丽街道松坪山社区高新北一道 88 号 奥比科技大厦 3 层会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 123 | | --- | --- | | 普通股股东人数 | 122 | | 特别表决权股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 510,943,473 | | 普通股股东所持有表决权数量 | 98,186,483 | | 特别表决权股东所持有表决权数量（每份特别表决权股份的表 | 412,756,990 | | 决权数量为：5） | | | 3、 ...

法律意见书 致：奥比中光科技集团股份有限公司 北京市金杜（深圳）律师事务所 关于奥比中光科技集团股份有限公司 2025 年第一次临时股东会之 北京市金杜（深圳）律师事务所（以下简称本所）接受奥比中光科技集团股 份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称 《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管 理委员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中 国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行 政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公 司于 2025 年 2 月 7 日召开的 2025 年第一次临时股东会（以下简称本次股东会）， 并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年第一次临时股东大会审议通过，于 2024 年 10 月 1 日刊登 于上海证券交易所网站（www.sse.com.cn，下同）的《奥 ...