Orbbec (SH:688322)2024-08-29 03:00Investment Rating - The investment rating for the company is "Accumulate" with a previous rating of "Accumulate" [2][4] Core Views - The company has significantly narrowed its net profit loss in the first half of 2024, primarily due to a substantial reduction in expense ratios and a significant increase in overseas revenue, with a year-on-year revenue growth of approximately 29.02% [4][5] - The company is focusing on traditional applications in 3D visual perception, such as offline payment and medical insurance verification, while also making progress in the emerging field of robotic vision [4][5] - The company has made significant advancements in its industrial robotic arms and has launched two series of binocular structured light cameras, with overseas market expansion showing initial success [4][5] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 213.32 million RMB, a year-on-year increase of 29.02%, and a net profit loss of 53.37 million RMB, which represents a year-on-year reduction in loss of 61.94% [5] - The gross profit margin for H1 2024 was 42.54%, an increase of 0.24 percentage points year-on-year [5] - The company has effectively controlled its expense ratios, with management expenses down by 14.28% and R&D expenses down by 37.03% year-on-year [5] Market Development - The traditional application market for 3D visual perception is developing steadily, with the company collaborating with ecosystem partners to promote the application of 3D visual sensors in various payment scenarios [5] - The company has implemented a comprehensive "smart medical insurance face recognition" system in several provinces, which is expected to benefit from the accelerated expansion of smart medical insurance [5] - The company has partnered with leading industry players to launch high-precision 3D scanners, meeting the demands of various fields such as 3D printing and medical equipment [5] Robotics Vision - The company has achieved significant breakthroughs in industrial robotics, launching a 2.0 version of its large model robotic arm demonstration plan, which has improved capabilities in language processing and task execution [5] - New products focusing on robotic 3D vision have been released, suitable for various robotic applications, with the Gemini 335 series featuring a new generation depth engine chip [5] - The company is actively expanding its overseas customer base, with some 3D cameras now fully supporting the MacOS platform and entering the NVIDIA robotics platform [5] Valuation - The company has adjusted its revenue growth forecast downward due to negative growth in its 3D visual sensor business but has improved its loss reduction speed [5] - Projected revenues for 2024, 2025, and 2026 are 487 million RMB, 648 million RMB, and 838 million RMB, respectively, with corresponding price-to-sales ratios of 19.7, 14.8, and 11.5 [5]