Orbbec (688322) 中邮证券·2024-12-09 07:10Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company specializes in the design, research, production, and sales of 3D visual perception products, including 3D visual sensors and applications for both consumer and industrial use. It has established a comprehensive technical system that integrates various complex disciplines, ensuring its technological advancement [4]. - The company is positioned to leverage the growing demand for spatial intelligence, which involves the ability to perceive and reason in three-dimensional spaces. Its 3D visual sensors are crucial for real-time data collection, enhancing the capabilities of various terminals [4]. - The introduction of the NeuralFeels technology, which combines visual and tactile functions, opens new market opportunities by enabling more precise tracking and modeling of objects in complex environments [4]. Financial Summary - The company is projected to achieve revenues of 5.5 billion, 8.5 billion, and 12 billion yuan for the years 2024, 2025, and 2026, respectively. The expected net profits for the same years are -0.8 billion, 0.1 billion, and 1 billion yuan [6]. - The current stock price corresponds to price-to-sales (PS) ratios of 28x, 18x, and 13x for the years 2024 to 2026 [6]. - The company reported a revenue of 360 million yuan for 2023, with a projected growth rate of 52.85% for 2024 [8].