Orbbec (SH:688322) GUOTAI HAITONG SECURITIES·2025-08-13 08:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 94.48 CNY [2][12]. Core Insights - The company has exceeded performance expectations in the first half of 2025, driven by its deep focus on 3D vision technology and the introduction of multiple new products. The acceleration of robotics and 3D printing applications is expected to lead to rapid revenue growth [3][12]. - The company reported a revenue of 4.35 billion CNY in H1 2025, representing a year-on-year increase of 104.14%, and achieved a net profit of 0.60 billion CNY, marking a turnaround from losses [12]. - The report highlights the company's advancements in 3D vision solutions for various robotics applications, including service robots and industrial robots, and the launch of new products such as the Pulsar ME450 and Gemini 345Lg [12]. Financial Summary - Revenue projections show significant growth from 360 million CNY in 2023 to 1.94 billion CNY in 2027, with a compound annual growth rate (CAGR) of 67.9% from 2024 to 2025 [5][13]. - The net profit is expected to turn positive by 2025, reaching 134 million CNY, and further increasing to 608 million CNY by 2027 [5][13]. - The earnings per share (EPS) is projected to improve from -0.69 CNY in 2023 to 1.52 CNY in 2027 [5][13]. Market Data - The company's stock has shown a 52-week price range of 21.53 to 85.47 CNY, with a total market capitalization of 32.08 billion CNY [6]. - The stock has experienced a significant absolute increase of 235% over the past 12 months [10]. Product Development and Market Trends - The company is focusing on enhancing its product matrix in the 3D vision sector, with applications in 3D printing and digital twin technologies. The global demand for 3D scanners is projected to grow from 4.9 billion USD in 2024 to 8.8 billion USD by 2030 [12]. - The report emphasizes the potential for growth driven by the increasing adoption of humanoid robots and the rapid penetration of 3D printing technologies [12].