Orbbec (SH:688322) Shenwan Hongyuan Securities·2025-04-21 09:44Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company is experiencing significant growth in the AIoT sector, achieving a turnaround from losses to profitability through cost reduction and efficiency improvements [6] - The company has established itself as a key global supplier of 3D visual sensors, with applications in various fields including biometric recognition, 3D scanning, and robotics [6] - The financial forecast has been adjusted, with revenue projections for 2024 and 2025 revised downwards, while net profit estimates have been improved, indicating a positive outlook for future profitability [6] Financial Data and Profitability Forecast - Total revenue is projected to grow from 360 million in 2023 to 955 million in 2025, with a compound annual growth rate of 70% from 2024 to 2025 [6][8] - The company is expected to achieve a net profit of 60 million in 2025, a significant improvement from a projected loss of 61 million in 2024 [6][8] - The gross margin is expected to stabilize around 43% from 2024 onwards, indicating consistent profitability potential [6] Market Position and Strategic Partnerships - The company has formed partnerships with major players like NVIDIA, enhancing its capabilities in robotics and AI visual perception [6] - The company is focusing on developing proprietary depth engine chips and light-sensitive chips, which are crucial for its product offerings in 3D visual sensing [6] Revenue and Profitability Adjustments - Revenue forecasts for 2024 and 2025 have been adjusted to 5.6 billion and 9.6 billion respectively, while net profit forecasts have been updated to reflect a turnaround to profitability in 2025 [6][8] - The average price-to-sales ratio for comparable companies is noted to be higher than that of the company, suggesting potential undervaluation [6]