奥比中光回复称，公司会参加CES 2026并计划发布和展示多款新品，重点面向具身智能机器人、四足 机器人、割草机、户外自主移动机器人(AMR)、机械臂等典型应用场景。各类新品围绕精细操作感知、 复杂环境适应与系统协同展开，旨在为下游应用提供更稳定、更可落地的视觉方案。此外，公司也会展 示与英伟达Jetson Thor平台的最新适配，通过高质量3D视觉数据与新一代边缘算力平台的深度配合，助 力机器人厂商在感知与推理链路上实现更高效的系统集成，加速产品从研发走向规模化部署。 格隆汇1月7日｜有投资者在互动平台向奥比中光提问：最近国际消费电子展(CES 2026)正在美国拉斯维 加斯举行，公司有参加吗？如果参加的话会有什么新品发布吗？ ...

Group 1 - A total of 264 listed companies in the Shanghai and Shenzhen markets have been investigated by institutions this week, with the highest frequency of inquiries in the machinery equipment, electronics, and basic chemicals sectors [1] - The automotive and pharmaceutical industries have seen an increase in attention from institutions [1] - The top three sectors in terms of institutional focus are general equipment, specialized equipment, and semiconductors, with rising interest in electricity and plastics [2][3] Group 2 - The companies with the highest number of investigations include Haixia Co. and Weisheng Information, each receiving three inquiries [3] - The top three companies by institutional visit reception volume are Jereh Group (168 visits), Fola New Materials (114 visits), and Kaiying Network (100 visits) [5] - The robotics sector has shown active market performance, with Haon Electric's stock rising nearly 13% following an institutional investigation [5] Group 3 - Fola New Materials is addressing a significant pain point in the robotics industry related to the lack of dexterity in robotic hands, focusing on developing tactile intelligence TPU [7] - Siling Co. is advancing the mass production of robotic components, including harmonic reducers and actuator modules [7] - Aobi Zhongguang is expanding its customer base in the Asia-Pacific market and has established partnerships with several global companies, achieving a 72% market share in the 3D vision market for commercial and industrial mobile robots in South Korea [8] Group 4 - Haon Electric has developed products covering both perception and decision-making in robotics, including ultrasonic radar systems and high-performance control systems [5] - Jereh Group has achieved significant advancements in robotic components, with their harmonic reducers outperforming international products in precision and vibration [9] - Jinli Yongci has established a research center in Hong Kong for the development of embodied robot motor rotors, with small batch deliveries expected by the end of 2025 [10]

Group 1 - The key technology is becoming the core of cost reduction for AI data centers, with AIDC catalyzing an upward trend in industry prosperity, and related businesses of industry giants have grown by 300% [1] - Domestic magnetic levitation compressor manufacturers are standing at a new opportunity [1] Group 2 - The 3D vision sector is rapidly expanding with a CAGR of 13.1%, and a specific company has a market share of 70% [1] - The company's performance has reached an inflection point, and its PE ratio is expected to drop by 200 times in two years [1]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Aobi Zhongguang (688322.SH) based on several factors [2] - The essence of 3D vision is dynamic high-precision measurement instruments, indicating a strong technological foundation for growth [2] - 2024 is projected to be the year when the 3D vision industry begins to experience explosive growth, highlighting a significant market opportunity [2] Group 2 - The hardware costs for 3D vision technology are relatively low, which supports the potential for widespread adoption and early mover advantages in the industry [2] - The construction of algorithms creates a competitive moat, suggesting that companies with advanced algorithms will have a strategic advantage [2] - There is substantial growth potential in various downstream applications, indicating a broadening of the market landscape for 3D vision technologies [2]

Summary of the Conference Call for Aobo Zhongguang Company Overview - **Company**: Aobo Zhongguang - **Industry**: 3D Vision Technology Key Points and Arguments Financial Performance - Total revenue for January to May 2025 reached 360 million yuan, representing a year-on-year growth of 117% [2][3] - The company achieved a net profit of approximately 55 million yuan, marking a turnaround to profitability [2][3] - Net profit margin improved from 12.7% in Q1 to 17.6% in April and May [2][3][13] - Projected revenue for 2025 is expected to reach 1 billion yuan, corresponding to a market capitalization of 20 billion yuan [4][15][16] Product Structure and Profitability - High-margin products, primarily 3D vision technology, account for about 55% of total revenue with a gross margin exceeding 60% [4][15] - Low-margin products, including biometric and NFC modules, make up 45% of revenue, with gross margins around 26%-27% [4][5] - Biometric modules are expected to generate revenue of 240-250 million yuan in 2025, with a gross margin of approximately 30% [4] - NFC modules are projected to generate around 200 million yuan in revenue with a gross margin of about 25% [4] Market Dynamics and Challenges - The 3D vision industry faced challenges in 2024 due to limited downstream market demand and high R&D costs [10] - The technology is hindered by environmental factors such as light and temperature variations, leading to "temperature drift" issues that require extensive testing and algorithm adjustments [9][10] - The transition from AGV robots to autonomous obstacle-avoiding robots has increased demand for 3D vision technology since 2020 [11][12] Competitive Landscape - Major competitors in the consumer market include Apple, Intel RealSense, and Aobo Zhongguang, with Aobo focusing on non-Apple clients [7][16] - The company has established significant technical barriers in achieving both technological and commercial closed loops in 3D vision module production [8][9] Future Outlook - The company anticipates a continued upward trend in revenue and profitability, with expectations of reaching 1.5 billion yuan in profit by 2026 [15][17] - The overall industry is characterized by low penetration rates and high growth potential, with Aobo Zhongguang positioned to benefit from emerging market opportunities [15][16] Additional Insights - The company’s integrated hardware and software capabilities contribute to its competitive edge, with no expected increase in marginal costs over the next two to three years [14][15] - The anticipated growth in specific sub-industries, such as smart lawn mowers and other consumer products, could further enhance revenue and profit margins [15][17] This summary encapsulates the essential insights from the conference call, highlighting Aobo Zhongguang's financial performance, product structure, market dynamics, competitive landscape, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The machine vision industry is characterized by long growth periods and high ceilings, with the global market size reaching 92.5 billion yuan in 2023, and the Chinese market becoming a major driver of growth [2][21] - The company is expanding from industrial vision to consumer-level vision and has made acquisitions to enter the linear motor and motion component markets, aiming to provide comprehensive system solutions [2][6] - The company is expected to achieve net profits of 171 million, 240 million, and 333 million yuan from 2025 to 2027, corresponding to PE ratios of 63, 45, and 32 times [8] Summary by Sections Industry Growth and Trends - The machine vision market in China is projected to grow from 181 billion yuan in 2024 to 208 billion yuan in 2025, with a CAGR of 17.84% from 2020 to 2024, significantly outpacing global growth [2][21] - In 2023, the application distribution of machine vision functions in China was 31.4% for positioning, 29.7% for recognition, 25.6% for detection, and 13.3% for measurement [20][21] Technological Advancements - AI is breaking the limitations of traditional algorithms in machine vision, enhancing efficiency and reducing costs through advancements like the SAM model, which allows for high-quality segmentation with minimal data [5][38] - The company is leveraging its extensive industrial data and AI experience to develop lightweight, high-precision models that can operate efficiently on low-power devices [36][51] Market Position and Competitive Advantage - The company has established a strong position in the domestic 3D vision market, with plans to expand its product line to include consumer-level robotics and 3D vision applications [6][7] - The company’s core technologies in 3D vision and AI algorithms position it as a key supplier in the global intelligent detection solutions market [7][8] Future Outlook - The company is expected to benefit from the ongoing automation trends in industries such as consumer electronics and automotive, driven by the need for cost reduction and efficiency improvements [56][57] - The integration of AI technologies into machine vision systems is anticipated to create more intelligent and user-friendly solutions, expanding the range of applications [56][58]