Obi Zhongguang is a leading provider of overall 3D visual perception technology solutions in China. Since its establishment in 2013, the company has been committed to building a “machine eye” for smart terminals in the era of the Internet of Everything. It is the first in China to carry out systematic research and development of 3D visual perception technology, independently develop a series of deep engine digital chips and various special sensing analog chips, and achieve industrial application of 3D vision sensors. It is also one of the few companies in the world that have fully deployed six major 3D visual perception technologies. The product layout is 3D sensors, consumer application equipment and industrial application equipment. The sales volume of various products has exceeded one million, and the number of cooperative customers has exceeded 1,000 worldwide.

Full-stack technology research and development capability+technical layout in all fields, the moat is profound. From a horizontal perspective, the company uses a technical layout in all fields as the route layout. The development covers six major 3D visual perception technologies for structured light, iTOF, binocular, dTOF, Lidar, and industrial 3D measurement, which can be developed collaboratively for different application scenarios.

From a vertical perspective, the company is driven by full-stack technology research and development. From low-level technology to different application scenarios at the upper level, technology such as system design, chip design, optical systems, software development, application algorithms, and mass production with independent intellectual property rights basically covers the entire cycle process from product development to product mass production, and has extremely high technical barriers.

The original downstream customers were stable, and emerging industries such as humanoid robots and 3D printing were further empowered. The company's downstream customers are in the fields of biometrics, AIOT, consumer electronics, and industrial 3D measurement. Among them, customer cooperation with service robots, face-swiping payments, and smart door locks is deep and stable. Humanoid robot manufacturers in emerging industries, Yushu, Xiaomi, etc. have all adopted 3D vision solutions. It is expected that they will cooperate with many manufacturers in the future. Compared with the robot vision solutions used in robots, industrial vision requires higher application algorithms and deep engine chips, etc., and the company's hard-core strength is poised to grow. In addition, the company provides products such as handheld 3D scanners and laser profilers for scanning modeling and real-time inspection of single-layer models in 3D printing. Currently, it has formed strategic cooperation with first-tier revenue customers in the 3D printing equipment sector in 3D printing equipment, and is expected to expand rapidly.

Profit forecast and investment advice: We expect the company's 2023E/2024E/2025E revenue to be 490/7.51/1,222 million yuan, yoy +40.0%/53.2%/62.8%; net profit to parent is -165/0.34/222 million yuan, and yoy is +43.1%/120.8%/544.7%, respectively. The company has not been profitable in 2022, but there is plenty of room for future growth, which is suitable for PS valuation. The company's corresponding PS of 2023E/2024E/2025E is 24.60/16.05/9.86, which has a valuation advantage, and covers “buy” ratings for the first time.

Risk warning: Macroeconomic risk, R&D progress falling short of expected risk, downstream progress falling short of expectations, market competition increasing risk.