Orbbec (688322) 天风证券·2025-01-22 05:59Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company is projected to achieve a revenue of 560 million yuan in 2024, representing a year-over-year growth of 55.55%. The net loss attributable to the parent company is expected to decrease by approximately 78.25% to 60 million yuan [1]. - The company's performance is anticipated to rebound significantly due to the continuous expansion of the AIOT sector and the release of production capacity [1]. - The introduction of the "smart medical insurance face recognition" system in several provinces is expected to accelerate the application of medical insurance scenarios [1]. - The company has launched two high-precision 3D scanners in collaboration with a leading industry player, which are expected to meet the growing demand across various sectors [2]. - The company has established partnerships with multiple domestic and international service robot clients, enhancing its market competitiveness and technological barriers [3]. - The company is leveraging its 3D visual perception technology to benefit from the growth of AI hardware and applications, positioning itself as a key player in the robotics vision sensor market [5]. Financial Summary - Revenue is projected to grow from 360 million yuan in 2023 to 560 million yuan in 2024, with a growth rate of 55.75% [6]. - The net profit attributable to the parent company is expected to improve from a loss of 275.88 million yuan in 2023 to a loss of 48.67 million yuan in 2024 [6]. - The company’s earnings per share (EPS) is forecasted to improve from -0.69 yuan in 2023 to -0.12 yuan in 2024, with a return to profitability expected in 2025 [6]. Market Position - The company is recognized as a domestic unicorn in the 3D vision sector, with its technology and products gaining global recognition [5]. - The company is expected to benefit from the booming robotics industry and the increasing demand for 3D printing applications [5].