Orbbec (SH:688322) Guotou Securities·2024-10-26 14:23Investment Rating - The investment rating for the company is maintained at "Buy - A" with a 6-month target price of 37.8 CNY, compared to the current stock price of 33.55 CNY [4]. Core Insights - The company reported a revenue of 351 million CNY for the first three quarters of 2024, representing a year-on-year growth of 35.27%. The net profit attributable to shareholders was a loss of 60 million CNY, significantly narrowing the loss compared to the same period last year [1][2]. - The company has successfully controlled costs, with R&D expenses and management expenses decreasing by 35% and 17% year-on-year, respectively. This cost control, combined with high revenue growth, is expected to lead to clearer paths to breakeven [2]. - A stock incentive plan was announced, aimed at key R&D personnel and foreign core staff, indicating the company's confidence in future growth [3]. - The company is focusing on robotics applications, leveraging its 3D vision technology, which is expected to drive significant growth as the technology becomes essential in various sectors [4][8]. Revenue and Profitability - The company achieved a revenue of 138 million CNY in Q3 2024, marking a 46.27% year-on-year increase, indicating successful application of its 3D vision technology in various fields [2]. - The projected revenues for 2024, 2025, and 2026 are 504 million CNY, 724 million CNY, and 1,040 million CNY, respectively, with expected net profits of -93 million CNY, 18 million CNY, and 133 million CNY [8][10]. Market Position and Strategy - The company is positioned as a leading global consumer-grade 3D vision manufacturer, with a comprehensive layout that enhances its competitive advantage. The shift of 3D vision sensors from optional to essential is expected to propel the company into a rapid growth phase [8]. - The introduction of the Gemini 335 and 336 series products is aimed at various robotics and AI vision applications, enhancing the company's product offerings [4][7]. Financial Metrics - The company reported a net profit margin of -82.8% in 2022, improving to -76.6% in 2023, with expectations of reaching a positive margin of 2.5% by 2025 [10][12]. - The projected earnings per share (EPS) are expected to improve from -0.72 CNY in 2022 to 0.33 CNY by 2026 [12].