Orbbec (SH:688322) Shen Zhen Shang Bao·2025-09-15 00:01Core Insights - The company, Orbbec, has established a leading position in the 3D vision sensor market for service robots in China through a comprehensive technology stack, becoming a partner of international giants like NVIDIA, with continuous performance improvement since 2023 [1][6]. Technology Barriers - Orbbec has focused on the research and innovation of 3D vision perception technology since its establishment in 2013, building a robust technical system that integrates various complex disciplines such as optics, mechanics, electronics, chip design, algorithms, SDK, and firmware development [2]. - The company has applied for over 1,200 patents, with more than 700 granted, and over 40% of these being invention patents, maintaining a leading position in intellectual property in the 3D vision perception field [2]. Production and Performance - Orbbec has developed a controllable 3D vision perception system, achieving advanced solution capabilities in the industry [3]. - The Gemini330 series products are designed for all scenarios, addressing challenges like strong light and reflections, with a depth measurement range of 0.1 to 10 meters [3]. - The company has successfully developed and mass-produced multiple 3D vision perception products that meet high standards across various application scenarios [3]. Market Positioning - Orbbec maintains a leading market position in the 3D vision sensor field for service robots in China, serving numerous global clients including OPPO, Jabil, China Mobile, Matterport, and Beike [4]. - The company has established deep partnerships with industry giants, including collaborations with NVIDIA, Microsoft, and Ant Group, enhancing its technological capabilities and market reach [5]. Performance Improvement - Financial data indicates that Orbbec's performance has been improving since 2023, with a reported revenue of 360 million yuan, a year-on-year increase of 39.56%, and a significant improvement in net cash flow from operating activities, up 67.67% [6]. - The company's gross margin reached 38.27% in 2023, with the gross margin for 3D vision sensors exceeding 45%, indicating the emergence of scale effects [6]. - In the first half of 2025, the company achieved a revenue of 435 million yuan, a year-on-year increase of 104.14%, with a net profit attributable to shareholders of 60.19 million yuan [6]. Industry Outlook - The 3D vision perception technology is crucial for enabling smart devices to acquire precise three-dimensional information, with the global 3D imaging and sensing market expected to grow to 15 billion USD by 2025, reflecting a compound annual growth rate of approximately 20% from 2019 to 2025 [7][8]. - The machine vision sensor market is anticipated to be a rapidly growing segment, maintaining a fast growth trajectory in the coming years [8]. Future Strategy - In 2023, Orbbec aims to enhance its core competitiveness in 3D vision perception technology through continuous innovation and product iteration, expanding its applications in embodied intelligence and three-dimensional digitization [9]. - The company has established a virtuous cycle of "technology iteration—production acceleration—cost optimization," which is expected to drive future profitability and business structure upgrades [9]. - With the completion of its Dongguan Songshan Lake base and steady progress in the Shunde intelligent manufacturing base, Orbbec is well-positioned to meet future order delivery needs [9].