Orbbec (688322) 浙商证券·2025-02-28 12:23Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The humanoid robot industry is entering a period of rapid expansion, with a projected demand of approximately 2.04 million units and a market space of about 305 billion yuan by 2030 in the manufacturing and housekeeping sectors of China and the US [1] - The demand for 3D visual sensors for humanoid robots is expected to grow significantly, from 14 million yuan in 2025 to 915 million yuan in 2030, with a CAGR of 132% [1] - The company is positioned in the top tier globally for 3D visual perception technology, with a comprehensive technology development capability across six major 3D visual sensing technologies [2] - The company has a strong product presence across various industries, serving over 1,000 clients including major players like Ant Group and China Mobile [2] - Ant Group, a major shareholder and client, has announced its entry into the humanoid robot field, indicating potential for deepened collaboration in the robot vision sensor domain [3] Financial Forecast and Valuation - Revenue projections for the company from 2024 to 2026 are 560 million, 810 million, and 1.22 billion yuan, representing year-on-year growth rates of 56%, 44%, and 51% respectively [4] - The company is expected to reduce its net loss from 60 million yuan in 2024 to a profit of 140 million yuan in 2026, with a significant increase in net profit growth of 787% in 2026 [4] - The price-to-sales (P/S) ratio is projected to decrease from 47 in 2024 to 22 in 2026, indicating improving valuation metrics [4]