证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 02 日 浙商早知道 2025 年 07 月 02 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要推荐 重要观点 ❑ 【浙商金属新材料 沈皓俊】贵金属 半年行业策略报告：重视降息交易，继续看好黄金——20250630 重要点评 ❑ 【浙商机械 邱世梁/王华君/何家恺/姬新悦】奥比中光（688322）公司点评：1-5 月扭亏，"技术创新投入－商业 成果转化"战略加速落地催化——20250630 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周二上证指数上涨 0.4%，沪深 300 上涨 0.2%，科创 50 下跌 0.9%，中证 1000 上涨 0.3%，创业板指下跌 0.2%，恒生指数下跌 0.9%。 ❑ 行业：周二表现最好的行业分别是综合（+2.6%)、医药生物（+1.8%)、银行（+1.5%)、有色金属（+1.5%)、公用 事业（+1.1%)，表现最差的行业分别是计算机（- ...

作为国内最早深耕机器人视觉赛道的企业之一，奥比中光自2016年起即为服务机器人提供3D视觉感知 能力。2022年，奥比中光专门为机器人业务设置了产品线，以加大对机器人业务的布局。基于深厚的技 术积累，奥比中光在服务机器人3D视觉传感器领域构筑了显著优势。 为深入洞察机器人核心部件企业的创新脉搏，探究金融资本赋能人工智能产业升级的可行路径，6月19 日，由21世纪经济报道、21世纪资本研究院组织的21世纪卓越董事会系列调研活动来到了3D视觉感知 技术企业——奥比中光科技集团股份有限公司（以下简称"奥比中光"，证券代码：688322.SH）。 参与调研的有国内头部金融机构相关人士及资深投资者。 随着"AI+"在千行百业的应用日益深入，机器视觉作为智能化生产的重要组成部分，其市场潜力与发展 前景正引起广泛关注。 2025年《政府工作报告》将具身智能与生物制造、量子科技、6G一起列为需要重点培育的未来产业， 以人形机器人为代表的智能体正加速从实验室迈向产业化。在这一进程中，赋予机器人精准感知环境能 力的"眼睛"——3D视觉技术，成为决定智能化水平的关键一环。 不同于2D视觉，3D视觉感知技术能够实时采集空间、人体、物 ...

Core Viewpoint - The company, Aobo Zhongguang, has achieved significant growth in revenue and profitability, driven by its focus on robotics and AI visual technology, establishing itself as a leader in the industry [2][3]. Group 1: Financial Performance - In Q1 2025, Aobo Zhongguang reported revenue of 191 million yuan, a year-on-year increase of 105.63%, and a net profit of approximately 24.32 million yuan, marking a turnaround to profitability [2]. - The production volume of 3D visual sensors reached 888,400 units in 2024, reflecting a year-on-year growth of 17.1% [5]. Group 2: Technological Advancements - The company has developed and mass-produced five generations of deep engine chips and multiple types of depth-sensing chips, maintaining an annual iteration pace [2]. - Aobo Zhongguang possesses core technological capabilities in chip design, optics, and algorithms, with a comprehensive product development capability across various technical routes including structured light, iToF, dToF, and Lidar [3]. Group 3: Market Position and Expansion - Aobo Zhongguang has established a dominant position in the domestic service robot vision market and is actively expanding into industrial robotics and humanoid robots, leveraging its first-mover advantage [4]. - The company is constructing a "3D Visual Perception Industry Intelligent Manufacturing Base" in Shunde, with a building area exceeding 100,000 square meters, to enhance its supply chain and production capacity [5]. Group 4: Strategic Collaborations - The company has formed stable ecological partnerships with international giants such as Microsoft, NVIDIA, and AMD, integrating its products into various developer ecosystems [2]. - Notably, the Femto Bolt depth camera from Aobo Zhongguang was utilized in a breakthrough project in the field of spatial intelligence by Stanford University, showcasing its technology's application in optimizing robotic actions [3].

Core Insights - The humanoid robot industry is on the brink of commercialization, with companies like SUTENG and ORBBE focusing on advanced vision solutions [1] - SUTENG emphasizes laser radar for 3D environmental perception, while ORBBE specializes in 3D vision sensors for close-range object recognition [1] - Both companies adopt a "co-opetition" strategy, combining competition and collaboration in the multi-sensor fusion approach [1] Company Strategies - ORBBE launched the Gemini 335/336 series depth cameras and MS600 laser radar, covering various technical routes to meet humanoid robot environment modeling needs [2] - In 2024, ORBBE reported revenue of 564 million yuan, a 56.8% increase year-on-year, while net profit loss decreased by 77.20% [2] - SUTENG aims to be a "robot technology platform company," launching new products like the Active Camera platform and the second-generation dexterous hand [2][3] - SUTENG achieved revenue of 1.649 billion yuan in 2024, a 47.20% increase, with a net loss of 482 million yuan, reducing losses by 88.89% [3] Competitive Landscape - The competition between ORBBE and SUTENG is characterized by short-term implementation capabilities versus long-term technological barriers [4] - ORBBE's 3D vision sensors have established a scalable delivery capability, partnering with leading robot clients like Cloudwise Technology and Qianlong Intelligent [4][5] - SUTENG invested 615 million yuan in R&D in 2024, accounting for 37.3% of total revenue, while ORBBE invested 204 million yuan, making up 36.2% [4] - SUTENG's strategy includes a low-price approach to market expansion, aiming for a "low-cost hardware + value-added services" business model [5] Industry Trends - The humanoid robot sector is entering a new phase of "soft and hard collaboration," with ORBBE's rapid implementation capabilities meeting initial industry demands [5] - The next two years will be crucial for determining which company can achieve breakthroughs in cost control and scene adaptability, potentially leading the value chain distribution in the next robot era [5]