证券日报网讯联创电子8月22日在互动平台回答投资者提问时表示，机器人视觉市场是公司高度关注的 领域，也是车载后最大的光学市场之一，公司将持续保持在该领域的投入。 （文章来源：证券日报） ...

Core Insights - The article discusses the advancements in multimodal fusion and vision-language models (VLMs) as essential tools for enhancing robot vision technology, emphasizing their potential in complex reasoning and long-term task decision-making [4][10]. Multimodal Fusion and Robot Vision - Multimodal fusion enhances semantic scene understanding by integrating various data sources, such as visual, linguistic, depth, and lidar information, addressing limitations faced by traditional unimodal methods [8][9]. - The rise of VLMs has propelled the development of multimodal fusion paradigms, showcasing capabilities in zero-shot understanding and instruction following [9][10]. Key Applications and Challenges - The article identifies key applications of multimodal fusion in tasks like simultaneous localization and mapping (SLAM), 3D object detection, navigation, and robot manipulation [10][19]. - Challenges in multimodal fusion include cross-modal alignment, efficient training strategies, and real-time performance optimization [10][19]. Data Sets and Benchmarking - A comprehensive analysis of mainstream multimodal datasets used for robot tasks is provided, detailing their modality combinations, task coverage, and limitations [10][43]. - The importance of high-quality multimodal datasets is highlighted, as they are crucial for model training and performance evaluation [62]. Future Directions - The article suggests future research directions to address challenges in multimodal fusion, such as improving cross-modal alignment techniques and enhancing real-time performance [10][63]. - Emphasis is placed on the need for standardized datasets and benchmarks to facilitate comparisons across different research efforts [66].

Core Viewpoint - RealSense, previously part of Intel, has officially launched as an independent company with a $50 million investment from Intel and MediaTek Innovation Fund, marking the end of a tumultuous period for the business [1] Group 1: Company Structure and Leadership - The new RealSense team consists of 130 employees, with 88% coming from the original Intel RealSense team [2] - CEO Nadav Orbach, who has 19 years of experience at Intel, focuses on positioning the company as a startup in the physical AI sector, aiming to create tools for robots to understand the world [4] Group 2: Market Presence and Applications - RealSense's 3D depth perception technology is already integrated into thousands of robotic products, covering areas such as Autonomous Mobile Robots (AMR), robotic arms, and humanoid robots [5] - The company has established partnerships with over 3,000 clients, including 60% of AMR and humanoid robot developers, with notable clients like Geek+ and Agility Robotics [5] Group 3: Technological Focus - RealSense plans to emphasize software development alongside its core hardware, particularly in visual SLAM technology and 3D safety to enhance robot navigation and hazard detection [7] - The recent launch of the D555 PoE camera and a custom ASIC chip has increased onboard AI computing power to 5 TOPS, enabling new functionalities like real-time telemetry and edge processing [11] Group 4: Competitive Landscape - The 3D vision market is becoming increasingly competitive, with companies like Luxonis, Orbbec, and Zivid offering high-performance products [12] - RealSense's independence is seen as a strategic move to adapt to market changes, but it must establish differentiation in technology performance, cost control, and industry customization [12] Group 5: Future Outlook - The global robotics market is projected to grow from $50 billion to $200 billion in the next six years, with humanoid robot demand expected to grow at a CAGR of over 40% [15] - Despite gaining autonomy, RealSense faces challenges in establishing a consensus on humanoid robot vision solutions, as its technology currently has a limited market share in this segment [16]

Core Insights - The article discusses the advancements and future potential of 3D visual perception technology, particularly in the context of robotics and AI, as articulated by Huang Yuanhao, the CEO of Orbbec Technology [2][4][18]. Group 1: Company Overview - Orbbec Technology, founded by Huang Yuanhao in 2013, focuses on developing 3D visual perception technology, which is considered to have disruptive potential in various industries [4][6]. - The company went public in July 2022, becoming the first stock focused on 3D vision technology in the Science and Technology Innovation Board [4]. - As of 2024, Orbbec has 322 R&D personnel, accounting for approximately 47% of its workforce, with R&D investment reaching 204 million yuan, representing 36% of its revenue [6]. Group 2: Market Potential and Growth - The global 3D visual perception market is projected to grow rapidly, with estimates reaching $17.2 billion by 2028 and $15 billion by 2025 [18][20]. - Orbbec has accumulated over 6,000 clients globally in the past three years and aims to exceed 10,000 clients in the next 3 to 5 years [17]. Group 3: Financial Performance - Orbbec's net profit loss has been narrowing, from 615 million yuan in 2020 to 62.91 million yuan in 2024 [8]. - For the first five months of 2025, the company anticipates a cumulative revenue of approximately 363 million yuan, a year-on-year increase of about 117.18%, with a projected net profit of around 55 million yuan [17]. Group 4: Technological Advancements - 3D visual perception technology is evolving from industrial applications to consumer-level products, with Orbbec being one of the few companies with a comprehensive layout across six major technology routes [4][6]. - The technology enables various applications, including biometric recognition, 3D scanning, and industrial measurement, enhancing the capabilities of AI algorithms [7][8]. Group 5: Future Outlook - Huang predicts that the growth of robotics will accelerate significantly once key performance thresholds are crossed, similar to the electric vehicle market [23]. - The future of robotic vision is expected to be highly integrated, focusing on compact, low-power, high-performance visual systems [23][24].

Core Viewpoint - The current era is considered the best time for technological advancements, particularly in robotics and AI, according to the CEO of Orbbec Technology, Huang Yuanhao [2]. Company Overview - Orbbec Technology, founded in 2013, is headquartered in Shenzhen and was listed on the STAR Market in July 2022. The company specializes in high-performance 3D vision sensors and AI vision solutions for various industries, including robotics and biometric recognition [1]. - The company has invested nearly 1 billion RMB in R&D over the past three years, indicating a strong commitment to innovation [2]. Financial Performance - Orbbec Technology is experiencing rapid growth, with a projected revenue increase of 56% in 2024 and a remarkable 117% growth from January to May this year. The company aims to surpass 1 billion RMB in revenue this year, marking its first profitable year since going public [2]. Market Position - Orbbec Technology holds over 70% market share in the Chinese service robot 3D vision sensor sector, making it a leader in the global 3D vision market [3]. - The company is one of the few in the market capable of providing a complete set of proprietary 3D vision perception products and has a comprehensive layout across six major 3D vision technology routes [3]. Technological Innovation - The future of robotic vision is expected to shift towards highly integrated systems that are compact, low-power, and high-performance, moving away from traditional large and independent components [3]. - The company believes that through continuous technological innovation and scene optimization, robotic vision technology will evolve to surpass human visual capabilities [4].

Performance Summary - In Q1 2025, the company's revenue was 328 million yuan, a decrease of 12.4% year-on-year and 30.7% quarter-on-quarter, with a gross margin of 23.5%, an increase of 11.2 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [1] - The net profit for Q1 2025 was -100 million yuan, compared to -130 million yuan in Q1 2024 and -130 million yuan in Q4 2024 [1] Product Sales Analysis - The total sales of LiDAR products for ADAS applications decreased from approximately 120,400 units in Q1 2024 to about 108,600 units in Q1 2025, primarily due to a decline in sales of automotive-grade solid-state LiDAR [1] - Sales of LiDAR products for robotics and other applications increased from approximately 4,200 units in Q1 2024 to about 11,900 units in Q1 2025, driven by the increased sales of E1R and Airy products [2] Company Developments - As of March 2025, the company secured mass production orders for over 100 models from 30 automotive manufacturers and tier-one suppliers, achieving SOP for 38 models from 12 clients [2] - In January 2025, the company launched the world's first 1,000-line ultra-long-range digital LiDAR EM4, featuring 1080 line emission capability and a detection range of up to 600 meters, along with new LiDAR products E1R and Airy, and the second-generation dexterous hand Papert 2.0 [2] - In February 2025, the company celebrated the off-line ceremony of its one-millionth LiDAR unit, marking it as the first company globally to achieve this milestone in high-line count LiDAR production [2] New Product Launches - In March 2025, the company introduced the AC1, a new robotic vision product based on the Active Camera platform, which integrates LiDAR, cameras, and IMU with a 120°×60° field of view and a measurement range of 70 meters [3] - In April 2025, the company released the next-generation digital LiDAR EMX, featuring true 192 lines, 2.88 million points per second high-resolution point cloud output, a detection range of 300 meters, and an angular resolution of 0.08°×0.1° [3] Strategic Partnerships - The company has achieved significant breakthroughs in the lawn care robot market, securing exclusive partnerships with two leading lawn care robot clients [3] - In May 2025, the company announced a strategic collaboration with Kuka Technology, setting a record for the largest LiDAR order in the lawn care robot industry, with plans to deliver 1.2 million automotive-grade solid-state LiDAR units over the next three years for developing advanced intelligent lawn care robot perception systems [3]

Core Insights - The recent G1 robot fighting competition has sparked widespread discussion in the industry, showcasing advancements in robot technology and exceeding market expectations regarding robot stability and impact resistance, potentially leading to a new wave in the robotics sector [1][4] Group 1: Technology and Innovation - The implementation of robot fighting relies on various sensing technologies, including force sensors, tactile sensors, and visual solutions, with visual perception technology being crucial for robots to understand their environment [1][2] - The G1 robots are equipped with dual-depth cameras and 3D LiDAR, enabling 360-degree environmental perception and real-time posture adjustments through multi-sensor fusion technology [2][3] - The current competition still utilizes manual remote control, indicating that the performance of robot teams depends on the collaboration between human operators and robotic participants [3] Group 2: Market Position and Competitive Landscape - Aobi Zhongguang, a leading player in the domestic robot vision market, holds over 70% market share and is one of the earliest companies to focus on robot vision technology [2][4] - The upcoming "Mecha King" competition in December will be the first to feature humanoid robots as the main competitors, promoting the integration of robotics with sports and culture [4][5] - The rise of robot fighting competitions is expected to accelerate technological advancements and commercial applications in the humanoid robot industry, with domestic 3D visual perception technology and multi-dimensional sensing technology playing significant roles [4][5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8] Core Insights - The company is a leading manufacturer of 3D scanners, holding the largest market share in China and the second largest globally. It has demonstrated rapid revenue growth while maintaining high profitability, with a projected gross margin of 76% and a net margin of 36% in 2024 [7][40] - The company focuses on high-end manufacturing, providing precise and efficient solutions for various industrial applications, including reverse engineering, 3D inspection, and 3D printing [7][23] - The core competitive advantage lies in its advanced algorithms and structural design capabilities, which support a range of 3D scanning products and software solutions [7][18] - The company is positioned to expand into professional fields such as healthcare and cultural heritage, leveraging its existing technology and market presence [7][10] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 426 million yuan in 2025, with a year-on-year growth rate of 28%. By 2027, revenue is projected to reach 729 million yuan [6] - The net profit attributable to the parent company is forecasted to be 162 million yuan in 2025, growing to 274 million yuan by 2027, reflecting a compound annual growth rate of 32.5% [6] - The earnings per share (EPS) is estimated to be 2.38 yuan in 2025, increasing to 4.03 yuan by 2027 [6] Market Position and Competitive Landscape - The company has established a strong foothold in the industrial-grade 3D scanning market, with a diverse product matrix that includes handheld, automated, and color 3D scanners [19][40] - The report highlights the company's ability to penetrate both domestic and international markets, with overseas revenue growing significantly [45][49] - The company is compared to peers such as Lingyun Optics and Aoptics, with a projected price-to-earnings (PE) ratio of 69x for 2025, supporting the "Buy" rating [8] Technological Advantages - The company has developed a robust technology stack, including three core technology clusters: 3D recognition and reconstruction, 3D extension, and stereo vision calibration [58] - Innovations such as edge computing and multi-band scanning technology enhance the efficiency and accuracy of 3D scanning processes, positioning the company favorably against traditional contact-based measurement methods [63][69] Growth Drivers - The report identifies key growth drivers, including the expansion into professional fields and the development of physical AI applications, which could significantly enhance the company's market potential [7][10] - The company is expected to benefit from increasing demand for non-contact measurement solutions, which are anticipated to replace traditional methods in various industries [86]