Orbbec (SH:688322) GOLDEN SUN SECURITIES·2024-10-25 03:09Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's Q3 2024 financial results show a continued narrowing of losses, with revenue reaching 351 million yuan, a year-on-year growth of 35.27%. The net profit attributable to shareholders was -60 million yuan, improving by 68.58% year-on-year [1]. - The company has implemented an equity incentive plan, reflecting confidence in future development, with a total of 539,300 restricted shares to be granted [1]. - The report anticipates significant revenue growth in the coming years, with projected revenues of 575 million yuan, 863 million yuan, and 1.164 billion yuan for 2024E, 2025E, and 2026E respectively, representing year-on-year growth rates of 59.8%, 50.1%, and 34.8% [2][4]. Financial Summary - Q3 2024 operating revenue was 138 million yuan, with a year-on-year growth of 46.27%. The net profit attributable to shareholders for the quarter was 700,000 yuan, up 86.59% year-on-year [1]. - The company’s expense ratio decreased significantly to 71.26% in Q3 2024, down 69.61 percentage points year-on-year, indicating improved profitability [1]. - The projected net profit for 2024E is -68 million yuan, with subsequent years showing a turnaround to positive net profits of 45 million yuan in 2025E and 129 million yuan in 2026E [2][4].