Orbbec (SH:688322) Tianfeng Securities·2025-10-26 08:12Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company has demonstrated strong growth, achieving a revenue of 714 million yuan in the first three quarters of 2025, a year-on-year increase of 103.5%, and a net profit of 108 million yuan, marking a turnaround from losses [1]. - The growth is attributed to the continuous improvement of the 3D visual perception industry chain and the rapid expansion of downstream applications such as 3D scanning and robotics [1]. - The company is positioned as a domestic unicorn in the 3D visual sector, with its technology and products gaining recognition from global giants [3]. Financial Performance - Revenue projections for FY2025-FY2027 are 960 million, 1.42 billion, and 1.75 billion yuan respectively, with net profit forecasts of 109 million, 243 million, and 356 million yuan [3]. - The company reported a significant improvement in operational efficiency and cost control, contributing to its high growth trajectory [1]. - The EBITDA for FY2025 is projected at 125.43 million yuan, with a notable increase in profit margins expected [3]. Product Development - The company has launched new flagship products in 3D scanning, including the XTOM-MATRIX 12M blue light scanner and the XTOM-STATION automated inspection center, aimed at high-precision manufacturing sectors [3]. - The Gemini 330 series 3D depth cameras are now fully compatible with NVIDIA Jetson Thor platform, enhancing the company's capabilities in AI and robotics [2]. Market Position - The company is actively collaborating with major tech firms like Microsoft and NVIDIA, reinforcing its strategic position in the AI and robotics market [2]. - The focus on self-research and innovation is expected to accelerate the transformation of technological advantages into sustainable growth [3].