Orbbec (688322) 东吴证券·2025-03-11 23:15Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Viewpoints - The company is positioned as a global leader in 3D visual perception, with its products, including 3D visual sensors, driving significant revenue growth. The company has a strong market presence in the robotics sector, with over 70% market share in China's service robot market [6][49]. - The company's revenue is expected to grow rapidly from 2024 to 2026, with a forecasted revenue of 5.6 billion, 11.5 billion, and 15.1 billion yuan respectively, driven by increasing orders in the robotics industry [6][7]. - The company has a robust R&D capability, with a high R&D expense ratio exceeding 50% over the past five years, which has impacted its profitability but is expected to lead to positive earnings by 2025 [6][22]. Summary by Sections 1. Company Overview - The company, founded in 2013, specializes in 3D visual perception technology and has established a comprehensive product matrix that includes various 3D visual sensing technologies [9][10]. - It provides integrated "R&D + manufacturing" services to over 1,000 clients, with a significant focus on robotics and AI applications [9][10]. 2. Market Trends - The market for autonomous mobile robots (AMR) is projected to grow from 3.88 billion USD in 2024 to 8.02 billion USD by 2029, driven by automation trends and labor shortages [37]. - The global 3D printing market is expected to reach 19.7 billion USD in 2023, with increasing penetration of 3D printing technology across various industries [39]. - The humanoid robot market is anticipated to grow significantly, with a projected market size of 66 billion USD by 2032, driven by labor shortages and technological advancements [45]. 3. Financial Performance - The company reported total revenue of 350.05 million yuan in 2022, with a forecasted increase to 1.51 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 31.1% [1]. - The net profit is expected to turn positive in 2025, with a forecasted net profit of 208.7 million yuan [1]. 4. Competitive Advantages - The company has established a strong competitive moat through its early market entry, extensive product offerings, and high market share in the service robot sector [6][49]. - Its proprietary technology and partnerships with leading firms enhance its product capabilities and market competitiveness [52][56].