Orbbec (SH:688322) Tianfeng Securities·2025-08-13 01:12Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][16]. Core Viewpoints - The company achieved a revenue of 435 million yuan in 2025H1, representing a year-on-year growth of 104.14%, primarily driven by the growth in 3D scanning and payment scenario business [1]. - The net profit attributable to the parent company reached 60 million yuan, an increase of 114 million yuan compared to the same period last year, indicating a strong recovery and continued momentum in the second quarter [1]. - The collaboration with Horizon and its subsidiary, Diguo Robotics, aims to enhance technological innovation and application in the robotics sector, leveraging the company's strengths in 3D visual sensors and algorithms [2]. - The partnership with Ant Group to optimize payment convenience through various methods, including "tap payment," is expected to create new value for users and merchants [3]. - The company is positioned as a domestic leader in 3D visual sensors, with its technology and products gaining recognition from global giants, suggesting a strong market position [3]. Financial Summary - The company forecasts revenue growth from 870 million yuan in FY2025 to 1.42 billion yuan in FY2026, with a projected revenue of 1.75 billion yuan in FY2027 [3][10]. - The net profit attributable to the parent company is expected to improve from a loss of 275.88 million yuan in 2023 to a profit of 355.71 million yuan in 2027 [10]. - The EBITDA is projected to increase significantly, from 24.42 million yuan in 2023 to 349.18 million yuan in 2027, reflecting strong operational performance [10].