Newsletter summary
Obi Zhongguang, as a global leader in 3D visual perception, mainly earns revenue from sales of 3D visual sensors. It is expected that new scenarios such as health insurance verification and AIoT will drive the company's revenue growth. Revenue is expected to reach 5. 5 per cent from 2024 to 2026Candycrushsodasagaking.40 million yuan, 760 million yuan and 1.03 billion yuan, covering the "buy" rating for the first time.
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[Obi Zhongguang: full layout of 3D visual sensing technology stock price may benefit from the landing of new scene applications] Obi Zhongguang, a global leader in 3D visual sensing technology, whose main products include 3D vision sensors, consumer and industrial applications. The company has implemented six 3D visual perception technologies.CandycrushsodasagakingIt is widely used in biometrics, AIOT, consumer electronics, industry and other fields. The company's revenue in 3D vision sensors accounts for 61.6% of total revenue, while in biometrics, the company's business accounts for more than 50%. In the face of continuing share payments and a R & D expense rate of more than 50 per cent, Obi Zhongguang's net profit has not yet become a regular one. However, with the commercial landing of new scenarios such as health insurance verification and AIOT, the company is expected to achieve revenue growth and further dilute the impact of share payments and R & D costs, so as to gradually turn losses into profits. According to analysis, the 3D vision sensing market has a huge space for development. By 2025, the market is expected to reach $15 billion. With the growth of consumer electronics, auto-driving and other major applications, the market share of structured light, ToF and Lidar technologies will further increase. In the rapid iterative update in the field of AI+ robots, the application of 3D vision sensing technology is expected to produce explosive growth. Obi Zhongguang has constructed a 3D visual perception technology system of "full-stack technology R & D capability + full-field technology route layout". The company has developed a variety of products including structured light, iToF, binocular vision sensors, dToF single-line lidar and industrial three-dimensional measurement equipment, and actively layout cutting-edge technologies such as area array dToF, area array Lidar. At present, the company is dominated by structured light technology products, while other technology products are in the early stage of listing or research and development. In a number of industries, 3D visual perception technology has begun to help upgrade the industry. The development of biometric field benefits from the popularization of facial scanning payment, intelligent door lock and medical terminal equipment; in the field of AIoT, the growth of service robot is particularly significant, and the development trend of humanoid robot in the future can not be ignored; in terms of industrial three-dimensional measurement, domestic equipment is gradually replacing imported equipment and exploring new applications in the industrial field. In the field of consumer electronics, the demand for 3D sensing technology of high-end devices is increasing, and the market volume of devices such as MR is expected to drive the growth of the industry. With its leading technical strength, Obi Zhongguang has realized commercial applications in many fields, such as biometrics, AIoT, industrial 3D measurement, consumer electronics and so on. The company has accumulated rich commercial experience in the field of biometrics, and has also carried out various development strategies in the fields of AIoT and industry. Consumer electronics has become the medium-and long-term development direction of the company, while the automotive field is in the stage of research and development. In terms of profit forecasting and investment rating, as a global leader in the field of 3D visual perception, Obi Zhongguang is expected to achieve sustained growth in the landing of new scenes such as health insurance verification, 3D scanning, robots and so on. Based on this, it is estimated that the operating income of the company from 2024 to 2026 will be 540 million yuan, 760 million yuan and 1.03 billion yuan respectively, and the corresponding market capitalization PS will be 19.8,14.0 and 10.4 times respectively. Based on the above analysis, the "buy" rating is given for the first time. However, investors should also be aware of the potential risks of investing in Obi Zhongguang, including the uncertainty of the macroeconomic environment, the possible impact of innovative iterations of 3D visual perception technology, and the risk of continuous losses in the company's performance.