机器视觉行业深度研究报告（一）：从二维识别到三维重构，3D视觉正从“可选配置”走向“刚需标配”

Investment Rating - The report maintains a "strong buy" recommendation for the company Sikan Technology (688583.SH) with a projected EPS of 1.63 CNY for 2025, increasing to 2.36 CNY by 2027, and a PE ratio decreasing from 71.46 in 2025 to 49.24 in 2027 [2] Core Insights - The machine vision industry is transitioning from optional configurations to essential standards, particularly in 3D vision technology, which enhances applications in various sectors [6][8] - The report highlights two major trends in the machine vision industry: the expansion of application scenarios for 3D vision and the penetration of AI algorithms [7] Industry Overview - The industry comprises 637 listed companies with a total market capitalization of 67,631.52 billion CNY and a circulating market value of 56,045.07 billion CNY [3] - The absolute performance of the industry over the past 12 months is 27.3%, with a relative performance of 12.6% [4] 3D Vision Technology - 3D vision technology provides depth, shape, and pose information, enabling recognition, positioning, and scene reconstruction, which is a significant advancement over traditional 2D imaging [11][14] - The 3D vision industry chain consists of upstream hardware suppliers, midstream algorithm developers, and downstream application providers [17][24] Core Technology Paths - The main 3D imaging technologies include binocular vision, structured light, and time-of-flight (TOF) systems, each with distinct advantages and applications [27][28] - Binocular vision is cost-effective and suitable for long distances, while structured light offers high precision at close range, and TOF technology provides stable accuracy in indoor environments [39][40] Market Expansion - The 3D vision technology initially focused on industrial applications, such as high-precision measurements, is now expanding into consumer markets, driven by advancements in components and algorithms [45][50] - The global market for 3D vision products was valued at 12.29 billion CNY in 2022 and is expected to grow to 60.3 billion CNY by 2027, with a CAGR of 26.6% [51] Investment Recommendations - The report suggests focusing on companies like Orbbec, Sikan Technology, and Opto, which are well-positioned in the 3D vision market due to their comprehensive technology and product offerings [65][66]