证券代码：688322 证券简称：奥比中光 公告编号：2025-013 奥比中光科技集团股份有限公司 关于持股 5%以上股东减持公司股份结果公告 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： 大股东持股的基本情况 本次减持计划实施前，上海云鑫创业投资有限公司（以下简称"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%，股份来源为公司首次公开发行股票并上市前取得的股 份，且已于 2023 年 7 月 7 日起上市流通。 减持计划的实施结果情况 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）大股东因以下事项披露减持计划实施结果： 减持计划实施完毕 | 股东名称 | 减持数量 | 减持 | 减持期间 | 减持方式 | 减持价格区间 | 减持总金额 | 减持完成情 | 当前持股 | 当前持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

证券代码：688322 证券简称：奥比中光 公告编号：2025-012 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。 本次权益变动后，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"）股份数量由 48,822,120 股变动至 40,000,068 股，占公司总股本的比例由 12.21%变动至 10.00%。 本次权益变动为公司持股 5%以上非第一大股东正常权益变动行为，不会对 公司治理结构及持续经营产生重大影响，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 14 日收到上海云鑫出具的《简式权益变动报告书》及《权 益变动情况告知函》，上海云鑫于 2025 年 1 月 10 日至 2025 年 3 月 14 日期间通过 集中竞 ...

奥比中光科技集团股份有限公司 简式权益变动报告书 签署日期：2025 年 3 月 14 日 上市公司名称： 奥比中光科技集团股份有限公司 上市地点： 上海证券交易所 股票简称： 奥比中光 股票代码： 688322 信息披露义务人： 上海云鑫创业投资有限公司 住所： 上海市黄浦区外马路 618 号 601 室 通讯地址： 浙江省杭州市西湖区西溪路 569 号蚂蚁 A 空间 股份权益变动性质： 股份减少 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露了信息披露义务人在奥比中光拥有权益的股份变动情况。截 至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没有通过 任何其他方式增加或减少其在奥比中光中拥有权益的股份。 | | ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1]. Core Insights - Humanoid robots have significant potential, with the sensory system being one of the core subsystems. The market is expected to grow rapidly as humanoid robots begin to be deployed in various applications [3][9]. - The sensory layer is crucial for interaction with the environment, accounting for approximately 15% of the total cost of humanoid robots [10][11]. - The report emphasizes the importance of multi-sensory integration, including 3D vision, force sensing, inertial sensing, and tactile sensing, in enhancing the capabilities of humanoid robots [12][39]. Summary by Sections 1. Humanoid Robot Potential - The humanoid robot market is in its early stages but is expected to transform human production and lifestyle significantly. The global sales volume is projected to grow from approximately 26,000 units in 2025 to 606,000 units by 2030, with a CAGR of about 87.6% [9]. 2. 3D Vision - 3D vision is the primary environmental information input for humanoid robots, responsible for real-time modeling of the surroundings. The Chinese machine vision market is expected to grow from 4.687 billion yuan in 2016 to 39.529 billion yuan by 2028, with a CAGR of approximately 19.4% [19]. 3. Force and Inertial Sensing - Force sensing, particularly six-dimensional force sensing, is essential for precise operations in humanoid robots. The global market for humanoid robot force sensors is expected to grow from 179 million yuan in 2024 to 32.806 billion yuan by 2030, with a CAGR of 138% [46]. 4. Tactile Sensing - Tactile sensing is crucial for humanoid robots to perform delicate operations. The global market for robotic tactile sensors is projected to grow from 210 million USD in 2022 to 430 million USD by 2029, with a CAGR of 10.8% [71]. 5. Investment Recommendations - The report recommends focusing on companies involved in 3D vision, six-dimensional force sensing, MEMS IMU, and electronic skin technologies, highlighting firms like Chipone Technology, Aobo Technology, and Hanwei Technology as key players [3][9].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Viewpoints - The company is positioned as a global leader in 3D visual perception, with its products, including 3D visual sensors, driving significant revenue growth. The company has a strong market presence in the robotics sector, with over 70% market share in China's service robot market [6][49]. - The company's revenue is expected to grow rapidly from 2024 to 2026, with a forecasted revenue of 5.6 billion, 11.5 billion, and 15.1 billion yuan respectively, driven by increasing orders in the robotics industry [6][7]. - The company has a robust R&D capability, with a high R&D expense ratio exceeding 50% over the past five years, which has impacted its profitability but is expected to lead to positive earnings by 2025 [6][22]. Summary by Sections 1. Company Overview - The company, founded in 2013, specializes in 3D visual perception technology and has established a comprehensive product matrix that includes various 3D visual sensing technologies [9][10]. - It provides integrated "R&D + manufacturing" services to over 1,000 clients, with a significant focus on robotics and AI applications [9][10]. 2. Market Trends - The market for autonomous mobile robots (AMR) is projected to grow from 3.88 billion USD in 2024 to 8.02 billion USD by 2029, driven by automation trends and labor shortages [37]. - The global 3D printing market is expected to reach 19.7 billion USD in 2023, with increasing penetration of 3D printing technology across various industries [39]. - The humanoid robot market is anticipated to grow significantly, with a projected market size of 66 billion USD by 2032, driven by labor shortages and technological advancements [45]. 3. Financial Performance - The company reported total revenue of 350.05 million yuan in 2022, with a forecasted increase to 1.51 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 31.1% [1]. - The net profit is expected to turn positive in 2025, with a forecasted net profit of 208.7 million yuan [1]. 4. Competitive Advantages - The company has established a strong competitive moat through its early market entry, extensive product offerings, and high market share in the service robot sector [6][49]. - Its proprietary technology and partnerships with leading firms enhance its product capabilities and market competitiveness [52][56].

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].