深圳商报记者 胡晓俊 通讯员 剑鞘 通过"芯片—算法—硬件—方案"的全栈式技术布局，奥比中光在中国服务机器人3D视觉传感器市场占 据领先地位，成为英伟达等国际巨头的合作伙伴，2023年以来业绩持续改善。 近年来，随着人工智能和机器人技术的迅猛发展，3D视觉感知技术作为机器的"眼睛"，正成为推动行 业进步的核心力量。在这片蓬勃发展的领域中，奥比中光科技集团股份有限公司（688322.SH）凭借其 深厚的技术积累和广泛的产业化应用，已成为全球3D视觉感知技术领域的重要参与者。 技术壁垒：全栈能力，构建深厚护城河 奥比中光自2013年成立以来，始终专注于3D视觉感知技术的研发与创新。公司构建了"全栈式技术研发 能力+全领域技术路线布局"的3D视觉感知技术体系。 在技术纵深上，公司融合了光学、机械、电子、芯片设计、算法、SDK、固件开发等多项复杂学科交叉 技术。在技术横向跨度上，其技术布局覆盖了结构光、iToF、dToF、双目、Lidar、工业三维测量六大 领域。 值得注意的是，奥比中光是国内率先开展3D视觉感知技术系统性研发，并实现产业化应用的企业之 一。 根据2023年年度报告，公司累计申请专利1200余项，取得 ...

深圳商报记者 胡晓俊 通讯员 剑鞘 通过"芯片—算法—硬件—方案"的全栈式技术布局，奥比中光在中国服务机器人3D视觉传感器市场占据领先 地位，成为英伟达等国际巨头的合作伙伴，2023年以来业绩持续改善。 近年来，随着人工智能和机器人技术的迅猛发展，3D视觉感知技术作为机器的"眼睛"，正成为推动行业进步 的核心力量。在这片蓬勃发展的领域中，奥比中光科技集团股份有限公司（688322.SH）凭借其深厚的技术 积累和广泛的产业化应用，已成为全球3D视觉感知技术领域的重要参与者。 技术壁垒：全栈能力，构建深厚护城河 奥比中光自2013年成立以来，始终专注于3D视觉感知技术的研发与创新。公司构建了"全栈式技术研发能力 +全领域技术路线布局"的3D视觉感知技术体系。 在技术纵深上，公司融合了光学、机械、电子、芯片设计、算法、SDK、固件开发等多项复杂学科交叉技 术。在技术横向跨度上，其技术布局覆盖了结构光、iToF、dToF、双目、Lidar、工业三维测量六大领域。 值得注意的是，奥比中光是国内率先开展3D视觉感知技术系统性研发，并实现产业化应用的企业之一。 根据2023年年度报告，公司累计申请专利1200余项，取得授权 ...

■本报记者 王爱静 往前追溯，今年7月份，中国人民银行浙江省分行牵头印发《关于推动金融机构做好联动支持科技型企 业融资服务工作的指导意见》，探索创新"浙科联合贷"服务模式，以信息共享、风险共担、资源互补、 政策集成"四位一体"为核心，旨在疏导解决局限科技金融的堵点痛点，破解单一银行信贷支持难以匹配 科技型企业全生命周期融资需求的难题，形成银行联合支持科技型企业融资的新探索，为企业提供更具 耐心的贷款服务。自"浙科联合贷"政策推出以来，浙江政银企三方迅速协同联动，将"浙科联合贷"服务 模式细化为可操作、可落地的工作机制。短短数周，首批项目便在杭州科创金融改革试验区内"开花结 果"，精准匹配科技型企业不同阶段融资需求。 "为更好满足科技型企业全生命周期融资需求，围绕科技型企业初创期、成长期、成熟期三个成长阶 段，我们分别设计了'浙科普惠联合贷''浙科成长联合贷''浙科领航联合贷'等专项产品。"中国人民银行 浙江省分行相关负责人表示。 "我们这样的创新型企业，前期研发投入非常大，如果没有政策的支持很难走到今天。"杭州汇萃智能科 技有限公司董事长周才健向记者介绍。 杭州汇萃智能科技有限公司是一家机器视觉软硬件产品及解 ...

"真是雪中送炭啊！"吴易明说，"我们不仅按时交付了项目，还在此基础上拿到了两笔新订单。" 2024年年底，中科光电遭遇了一次不小的考验。作为一家专注于机器视觉和人工智能技术研发的高 新技术企业，中科光电研发投入巨大，而项目回款周期较长，捉襟见肘的现金流影响了企业的发展。 "我们跑了多家银行，都因为'较轻的资产和较高的负债'而拿不到想要的贷款。风投机构虽然感兴 趣，可相关投资流程较长，难以在短期内解决我们订单交付所需的资金问题，远水难解近渴。"吴易明 回忆道。 同样陷入困境的还有西安旌旗电子股份有限公司。这家在智能计量领域深耕近30年的国家级专精特 新"小巨人"企业，手握220多项知识产权，深度参与30多项国家及行业标准制定，核心技术水平稳居国 内前列，成为区域智能计量产业发展的中坚力量。然而，由于新业务研发需大量资金支撑，叠加前期项 目资金尚未完全回笼，企业面临资金周转压力。 "我们的技术国内领先，市场份额占西北五省的35%，但如果没有资金维持运营，这些优势都失去 了意义。"企业负责人张化冰坦言。 关键时刻，在西安市工业和信息化局的指导下，西安市中小企业服务中心带领西安高新区创业园发 展中心、西安市科林中小企 ...

一、持续督导工作情况 中国国际金融股份有限公司（以下简称"中金公司（601995）"或"保荐机构"）根据《证券发行上市保荐 业务管理办法（2023年2月修订）》《上海证券交易所科创板股票上市规则（2025年4月修订）》和《上 海证券交易所上市公司自律监管指引第11号——持续督导》等相关规定对凌云光技术股份有限公司（以 下简称"凌云光"或"公司"）进行持续督导（持续督导期间为2025年1月1日至2025年6月30日），并出具 本持续督导半年度跟踪报告。 二、保荐机构和保荐代表人发现的问题及整改情况 2025年上半年，公司不存在需要整改的情况。 三、重大风险事项 公司面临的风险因素主要如下： （一）核心竞争力风险 1、产品开发无法满足下游应用需求的风险 公司所处行业具有技术革新频繁的特征，其下游行业的应用需求也处于高速迭代期，因此行业产品的生 命周期大大缩短。如何快速将技术转化为多元化的产品从而服务于客户，是公司在行业竞争中胜出的关 键。中国机器视觉处于快速发展期，下游可覆盖消费电子、半导体、新能源、汽车、新型显示、包装等 多个领域，这些下游应用行业普遍具有技术密集、产品更新换代频繁等特征。如果未来公司的设计研发 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据《证券发行上市保荐业务管理办 法（2023年2月修订）》《上海证券交易所科创板股票上市规则（2025年4月修订）》和《上海证券交易 所上市公司自律监管指引第11号一一持续督导》等相关规定对凌云光技术股份有限公司（以下简称"凌 云光"或"公司"）进行持续督导（持续督导期间为2025年1月1日至2025年6月30日），并出具本持续督导 半年度跟踪报告。 一、持续督导工作情况 ■ 3、技术泄密的风险 二、保荐机构和保荐代表人发现的问题及整改情况 2025年上半年，公司不存在需要整改的情况。 三、重大风险事项 公司面临的风险因素主要如下： （一）核心竞争力风险 1、产品开发无法满足下游应用需求的风险 公司所处行业具有技术革新频繁的特征，其下游行业的应用需求也处于高速迭代期，因此行业产品的生 命周期大大缩短。如何快速将技术转化为多元化的产品从而服务于客户，是公司在行业竞争中胜出的关 键。中国机器视觉处于快速发展期，下游可覆盖消费电子、半导体、新能源、汽车、新型显示、包装等 多个领域，这些下游应用行业普遍具 ...

Core Viewpoint - Hongjing Optoelectronics (301479.SZ) is actively expanding its N business, which includes industrial inspection, medical applications, artificial intelligence hardware, and machine vision, aiming for significant revenue growth in these sectors by 2025 [1] Business Overview - The N business segment is projected to generate approximately 50 million yuan in revenue by the first half of 2025, accounting for about 7.55% of the total revenue [1] - The company is seeking collaboration opportunities and has achieved initial success in the machine vision sector, with projects such as lawnmowers and motion-sensing gaming devices entering mass production [1]

Core Viewpoint - The company achieved steady growth in performance, benefiting from the rapid growth of the 3C and lithium battery businesses, with H1 2025 revenue of 683 million yuan and net profit of 146 million yuan, representing year-on-year increases of 30.68% and 28.8% respectively [2][3] Financial Performance - In H1 2025, the company reported revenue of 683 million yuan and net profit of 146 million yuan, with a year-on-year growth of 30.68% and 28.8% respectively. The net profit after deducting non-recurring items was 132 million yuan, up 36.26% year-on-year [1][2] - For Q2 2025, the company achieved revenue of 415 million yuan and net profit of 88 million yuan, with year-on-year growth of 40.34% and 57.24% respectively [2] - The company's gross margin and net margin for H1 2025 were 65.47% and 21.75%, with changes of -0.54 and +0.05 percentage points respectively [2] Business Segments - In H1 2025, the company generated 439 million yuan from the 3C industry, a year-on-year increase of 23.82%, driven by the large-scale application of industrial AI technology in consumer electronics manufacturing [3] - Revenue from the lithium battery industry reached 167 million yuan, up 49.35% year-on-year, benefiting from the recovery of the lithium battery sector and collaborations with leading battery clients [3] - The semiconductor and automotive sectors generated revenues of 31.31 million yuan and 13.70 million yuan, with year-on-year growth of 25.51% and 65.67% respectively, indicating steady growth [3] Strategic Development - The company has established a product matrix integrating "vision + sensing + motion + AI" and is strategically positioning itself in the smart robotics sector. In H1 2025, the company set up a robotics division focusing on key visual components required for robotic "visual perception" [3] - The collaboration between "vision + AI + robotics" is expected to enhance the company's business towards higher value areas [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Views - The company is positioned as a core supplier of global visual equipment, focusing on machine vision technology and artificial intelligence to drive industrial transformation. It has established itself in various sectors including consumer electronics, new energy vehicles, photovoltaics, PCB, and semiconductors. The Chinese machine vision market is projected to reach 39.54 billion yuan by 2025, with a compound annual growth rate (CAGR) of 21.2% from 2025 to 2027 [14][22]. Financial Data and Profit Forecast - Total revenue is forecasted to be 1.609 billion yuan in 2024, with a growth rate of -2.4%. For 2025, revenue is expected to increase to 1.788 billion yuan, reflecting a growth rate of 11.1%. By 2027, revenue is projected to reach 2.499 billion yuan, with a growth rate of 14.1% [2]. - The net profit attributable to the parent company is expected to be 125 million yuan in 2024, with a significant decline of 42.1%. However, it is projected to recover to 153 million yuan in 2025, growing by 22.3%, and further increase to 254 million yuan by 2027, with a growth rate of 23.1% [2]. - Earnings per share (EPS) are forecasted to be 0.65 yuan in 2024, -0.07 yuan in 2025, and expected to rise to 1.31 yuan by 2027 [2]. Business Segments Overview - The company has diversified its business into several segments: 1. **Visual Measurement Equipment**: Expected revenue growth of 10%, 20%, and 15% from 2025 to 2027, driven by stable contributions from consumer electronics and battery sectors [8]. 2. **Visual Inspection Equipment**: Anticipated revenue decline of 10% in 2025, followed by recovery with growth rates of 20% and 15% in subsequent years, as new products are launched [8]. 3. **Visual Process Equipment**: Revenue growth is expected to be robust at 30%, 20%, and 10% from 2025 to 2027, particularly in the PCB sector [8]. 4. **Intelligent Driving Solutions**: This segment is projected to see significant growth, with revenue increases of 50% for both 2025 and 2026, and 20% in 2027, fueled by high demand in autonomous vehicles and logistics [8]. Market Position and Strategic Partnerships - The company has become a partner of NVIDIA's Jetson Thor platform, which is expected to enhance the value of its humanoid robot controllers significantly. The partnership is anticipated to lead to increased orders in humanoid robotics and improvements in product performance [7][54]. - The company has established a strong foothold in the intelligent driving sector, collaborating with major players in the industry and developing a comprehensive product line that includes domain controllers and AI edge computing platforms [31][34]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 75, 56, and 45 for the years 2025 to 2027, respectively. This is below the average PE ratios of comparable companies, which are 96, 68, and 51 for the same periods [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company has demonstrated significant growth in revenue and net profit for the first half of 2025, with revenue reaching 683 million yuan, a year-on-year increase of 30.68%, and net profit of 146 million yuan, up 28.80% [7]. - The company's AI business has shown high growth, particularly in the 3C and lithium battery sectors, with revenues of 439 million yuan and 167 million yuan respectively, reflecting year-on-year increases of 23.82% and 49.35% [7]. - The dual-track development strategy focusing on industrial automation and intelligent robotics is expected to enhance the company's core competitiveness and customer loyalty [7]. - The report projects earnings per share (EPS) for 2025-2027 to be 1.55 yuan, 2.01 yuan, and 2.42 yuan respectively, with corresponding price-to-earnings (PE) ratios of 93x, 71x, and 59x [7]. Financial Summary - For the first half of 2025, the company achieved a gross margin of 65.47%, a slight decrease of 0.54 percentage points year-on-year, while the net margin improved to 21.75%, an increase of 0.05 percentage points [7]. - The company’s total revenue is projected to grow from 911 million yuan in 2024 to 1.510 billion yuan in 2027, with net profit expected to rise from 136 million yuan in 2024 to 302 million yuan in 2027 [9].