证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 91.45 | | --- | --- | | 总股本/流通股本（亿股）4.01 | / 3.19 | | 总市值/流通市值（亿元）367 | / 291 | | 52 周内最高/最低价 | 96.40 / 43.18 | | 资产负债率(%) | 13.7% | | 第一大股东 | 黄源浩 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 奥比中光(688322) 定增强化 3D 视觉感知，赋能机器人与三维扫描 l 投资要点 定增加速 3D 视觉与空间感知核心技术研发，满足机器人多元 场景与消费级向工业级拓展的三维扫描需求。公司 2025 年度定增 拟募集资金总额不超过 9.8 亿元用于"机器人 AI 视觉与空间感知 技术研发平台项目"及"AI 视觉传感器与智能硬件制造基地建设项 目"，项目分别拟使用募集资金 8.58 亿元、1.22 亿元。"机器人 AI 视觉与空间感知技术研发平台项目"在公司"全栈式技术研发能力+ 全领域技术路线布局"的 ...

资金流向方面，主力资金净流出763.50万元，特大单买入1840.75万元，占比4.74%，卖出2095.37万元， 占比5.39%；大单买入8444.42万元，占比21.74%，卖出8953.30万元，占比23.05%。 奥比中光所属申万行业为：电子-光学光电子-光学元件。所属概念板块包括：人形机器人、机器人概 念、智能手机、东数西算、智能座舱等。 奥比中光今年以来股价涨90.99%，近5个交易日涨9.37%，近20日涨10.71%，近60日跌0.87%。 今年以来奥比中光已经1次登上龙虎榜，最近一次登上龙虎榜为2月19日，当日龙虎榜净买入-4736.28万 元；买入总计1.87亿元 ，占总成交额比10.61%；卖出总计2.34亿元 ，占总成交额比13.30%。 资料显示，奥比中光科技集团股份有限公司位于广东省深圳市南山区西丽街道松坪山社区高新北一道88 号奥比科技大厦，成立日期2013年1月18日，上市日期2022年7月7日，公司主营业务涉及3D视觉感知产 品的设计、研发、生产和销售。主营业务收入构成为：消费级应用设备61.83%，3D视觉传感器 31.35%，其他4.21%，工业级应用设备2.60%。 ...

12月25日，奥比中光涨5.09%，截至发稿，报85.29元/股，成交6.22亿元，换手率2.56%，总市值342.14 亿元。 韩辰尧累计任职时间2年301天，现任基金资产总规模8.73亿元，任职期间最佳基金回报8.53%， 任职期 间最差基金回报-11.41%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 金元顺安成长动力灵活配置混合（620002）成立日期2008年9月3日，最新规模2816.76万。今年以来收 益26.66%，同类排名3497/8087；近一年收益25.55%，同类排名3400/8071；成立以来收益52.07%。 金元顺安成长动力灵活配置混合（620002）基金经理为孔祥鹏、韩辰尧。 截至发稿，孔祥鹏累计任职时间8年183天，现任基金资产总规模1.43亿元，任职期间最佳基金回 报-3.29%， 任职期间最差基金回报-12.41%。 资料显示，奥比中光科技集团股份有限公司位于广东省深圳市南山区西丽街道松坪山社区高新北一道88 ...

Core Insights - The company, Orbbec, has developed 3D visual perception technology that accurately captures three-dimensional spatial information, integrating self-developed algorithms to empower various AI smart terminals with environmental perception, intelligent interaction, and dynamic navigation capabilities [1] - Orbbec's main business includes the design, research and development, production, and sales of 3D visual perception products, with key products such as 3D visual sensors and both consumer and industrial application devices [4] - The company has established a comprehensive 3D visual perception technology system that integrates multiple complex interdisciplinary technologies, covering six major fields including structured light, iToF, dToF, stereo vision, Lidar, and industrial 3D measurement [5] Technology Development - Orbbec is one of the few companies in China that has systematically developed 3D visual perception technology and has successfully industrialized a series of deep engine digital chips and various dedicated photonic analog chips [5] - The company initiated its self-developed chip research and development plan in its second year, having completed over 10 chip tape-outs, including iToF, dToF photonic chips, and dedicated ASIC computing chips [5][6] - Orbbec emphasizes the establishment of a complete technological closed loop from underlying chip architecture, core algorithm development, integrated optical-mechanical engines to upper-layer application solutions, achieving domestic adaptation in key supply chain links [6]

Group 1 - The core viewpoint of the news is that Aobo Zhiguang's stock price increased by 5.04% to 90.21 CNY per share, with a trading volume of 503 million CNY and a turnover rate of 1.95%, resulting in a total market capitalization of 36.183 billion CNY [1] - Aobo Zhiguang Technology Group Co., Ltd. is located in Shenzhen, Guangdong, and was established on January 18, 2013, with its IPO on July 7, 2022. The company specializes in the design, research and development, production, and sales of 3D visual perception products [1] - The revenue composition of Aobo Zhiguang includes 61.83% from consumer-grade application devices, 31.35% from 3D visual sensors, 4.21% from other sources, and 2.60% from industrial-grade application devices [1] Group 2 - From the perspective of major fund holdings, data shows that Jiahe Fund has one fund heavily invested in Aobo Zhiguang. The Jiahe Jincheng Mixed A Fund (006424) held 64,400 shares in the second quarter, accounting for 3.52% of the fund's net value, ranking as the ninth largest holding [2] - The Jiahe Jincheng Mixed A Fund (006424) was established on December 20, 2018, with a latest scale of 69.32 million CNY. Year-to-date returns are 12.57%, ranking 5473 out of 8244 in its category; the one-year return is 19.94%, ranking 5342 out of 8080; and since inception, the return is 96.54% [2] - The fund manager of Jiahe Jincheng Mixed A Fund is Li Guolin, who has been in the position for 6 years and 260 days, with a total asset scale of 475 million CNY. The best fund return during his tenure is 96.41%, while the worst is -42.45% [2]

Group 1 - The core viewpoint of the news is that Aobo Zhiguang's stock price increased by 5.04% to 90.21 CNY per share, with a trading volume of 503 million CNY and a turnover rate of 1.95%, resulting in a total market capitalization of 36.183 billion CNY [1] - Aobo Zhiguang Technology Group Co., Ltd. is located in Shenzhen, Guangdong, and was established on January 18, 2013, with its listing date on July 7, 2022. The company's main business involves the design, research and development, production, and sales of 3D visual perception products [1] - The revenue composition of Aobo Zhiguang includes 61.83% from consumer-grade application devices, 31.35% from 3D visual sensors, 4.21% from other sources, and 2.60% from industrial-grade application devices [1] Group 2 - From the perspective of major fund holdings, Yongying Fund has one fund heavily invested in Aobo Zhiguang. The Yongying SSE Sci-Tech Innovation Board 100 Index Enhanced Fund (021278) held 13,700 shares in the second quarter, accounting for 2.49% of the fund's net value, ranking as the ninth largest holding [2] - The Yongying SSE Sci-Tech Innovation Board 100 Index Enhanced Fund (021278) was established on May 28, 2024, with a latest scale of 16.7215 million CNY. Year-to-date returns are 58.3%, ranking 271 out of 4220 in its category; the one-year return is 97.97%, ranking 349 out of 3835; and since inception, the return is 76.49% [2] Group 3 - The fund managers of Yongying SSE Sci-Tech Innovation Board 100 Index Enhanced Fund (021278) are Qian Houxiang and Zhang Lu. As of the report, Qian Houxiang has a cumulative tenure of 6 years and 167 days, with a total fund asset size of 77.8602 million CNY, achieving a best fund return of 83.14% and a worst return of -43.55% during his tenure [3] - Zhang Lu has a cumulative tenure of 6 years and 61 days, managing a total fund asset size of 15.413 billion CNY, with a best fund return of 150.74% and a worst return of -60.31% during his tenure [3]

Group 1 - The core viewpoint of the news is that Aobi Zhongguang's stock has seen a significant increase, with a rise of 5.27% to 93.15 CNY per share, and a total market capitalization of 37.362 billion CNY [1] - Aobi Zhongguang Technology Group Co., Ltd. is based in Shenzhen, Guangdong, and was established on January 18, 2013, with its IPO on July 7, 2022. The company specializes in the design, research and development, production, and sales of 3D visual perception products [1] - The revenue composition of Aobi Zhongguang includes 61.83% from consumer-grade application devices, 31.35% from 3D visual sensors, 4.21% from other sources, and 2.60% from industrial-grade application devices [1] Group 2 - From the perspective of major fund holdings, data shows that Yingda Fund has a significant position in Aobi Zhongguang, with the Yingda Ruixin A fund holding 27,000 shares, accounting for 2.98% of the fund's net value, making it the seventh-largest holding [2] - The Yingda Ruixin A fund, established on November 23, 2016, has a latest scale of 51.8283 million CNY, with a year-to-date return of 25.78%, ranking 3299 out of 8174 in its category, and a one-year return of 56.3%, ranking 2526 out of 7982 [2] - The fund manager of Yingda Ruixin A is Liu Yubin, who has been in the position for 1 year and 145 days, with the fund's total asset scale at 76.831 million CNY. The best return during his tenure is 30.34%, while the worst is 16.8% [3]

Core Viewpoint - Company is accelerating its financing efforts to support breakthroughs in AI vision technology through a planned issuance of A-shares to raise up to 1.918 billion yuan for key projects [1][2] Group 1: Financing and Investment Plans - The planned fundraising of up to 1.918 billion yuan will primarily support the development of a robot AI vision and spatial perception technology platform, with 1.796 billion yuan allocated to this core project [2] - The implementation period for the robot AI vision project is set for five years, located in Guangdong Province, aiming to enhance technical capabilities in 3D vision perception algorithms and environmental understanding [2] - The second project, focused on building an AI vision sensor and smart hardware manufacturing base, will utilize 122 million yuan and is expected to be completed in three years [2] Group 2: Company Performance and R&D - In the first half of 2025, the company reported revenue of 435 million yuan, a year-on-year increase of 104.14%, and a net profit of 60.19 million yuan, marking a turnaround from previous losses [5] - Cumulative R&D investment from 2022 to mid-2025 reached 977 million yuan, with a significant focus on mainstream technology routes such as structured light and dToF [1][5] - The company has accumulated 1,112 patents, strengthening its technological moat and supporting its competitive position in the market [1][6] Group 3: Market Position and Competitive Landscape - The 3D vision perception technology is becoming a core technology in AI and smart manufacturing, with major global competitors including Apple, Intel, Microsoft, and Sony [3] - The company has successfully entered the supply chains of leading firms such as Tesla and Ant Group, indicating its competitive edge in the industry [3] - The successful implementation of the fundraising plan is expected to provide new development opportunities in the robot AI vision and smart hardware manufacturing sectors, enhancing market competitiveness [3]

Core Viewpoint - The robotics industry is experiencing rapid growth, with companies like Orbbec achieving significant performance improvements, including their first half-year profit after years of losses [1][2]. Financial Performance - In the first half of 2025, Orbbec reported revenue of 435 million yuan, a year-on-year increase of 104.14%, and a net profit of 60.19 million yuan, an increase of 113.56 million yuan compared to the same period last year [2][3]. - The company had previously reported losses for several consecutive years, with total revenues from 2021 to 2024 being 162 million yuan, 183 million yuan, 165 million yuan, and 213 million yuan, respectively [2]. - The significant turnaround in performance is attributed to a booming market and increased demand for robotics, particularly in the 3D vision sector [3][4]. Cost Management - Orbbec has reduced various costs over the past three years, including a 14.02% decrease in R&D expenses in the first half of 2025 [5][6]. - Despite the reduction in R&D spending, the company has managed to achieve substantial revenue growth, indicating effective cost management strategies [6][7]. Business Segments - The consumer application equipment segment has seen remarkable growth, becoming the largest revenue contributor, with a 60.55% share in the first half of 2025 [8][9]. - The 3D vision sensor segment's revenue share has decreased, indicating a shift in the company's focus towards consumer applications [9]. Industry Trends - The robotics industry is poised for rapid growth, with increasing applications in various sectors and supportive government policies driving demand [11]. - The company's collaboration with Ant Group for payment solutions highlights the integration of robotics and AI technologies in enhancing user experiences [10][11].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 100.35 CNY, compared to the current stock price of 79.98 CNY [4]. Core Views - The company has demonstrated continuous high growth in performance, with total revenue of 435 million CNY in H1 2025, representing a year-on-year increase of 104.14%, and a net profit of 60.19 million CNY, up 212.77% from the previous year [1]. - The company is a leader in the robotics sector, particularly in 3D vision technology, with a market share exceeding 70% in the service robot segment as of 2022 [4]. - The company is actively expanding its overseas customer base, including partnerships with leading robotics manufacturers in South Korea and Belgium [2]. Financial Performance - In H1 2025, the company's gross margin was 41.27%, and the net margin was 13.70%. The gross margins for consumer-grade application devices, 3D vision sensors, and industrial-grade application devices were 34.38%, 54.39%, and 65.26%, respectively [3]. - The company has shown a significant improvement in profitability, with a net cash flow from operating activities of 84.36 million CNY, an increase of 113.51 million CNY compared to the previous year [1]. Revenue Growth Projections - The company is expected to achieve revenues of 1.005 billion CNY, 1.636 billion CNY, and 2.042 billion CNY for the years 2025, 2026, and 2027, respectively [10]. - The projected net profits for the same years are 138.1 million CNY, 316.9 million CNY, and 518.5 million CNY, indicating a strong growth trajectory [11]. Market Position and Product Innovation - The company has launched innovative products such as the "multi-mode" 3D laser radar and high-reliability stereo depth cameras, enhancing its competitive edge in the market [4]. - The company is focusing on various application scenarios for 3D vision technology, including offline payments and industrial robotics, which are driving revenue growth [2].