The company's performance picked up well in the second quarter of 2023, with operating income growing by 69.89% month-on-quarter. In the first half of 2023, the company achieved a total operating income of 165 million yuan. Of this total, the company achieved a total operating income of 104 million yuan in the second quarter of 2023, an increase of 69.89% month-on-month and 3.64% over the same period last year.

Deep ploughing rigid demand industry head customers to accelerate the landing of the scene. Microsoft Corp announced the cessation of production of the depth sensor device AzureKinectDeveloperKit and transferred the license of the AzureKinect technology product line to partner Obi Zhongguang. This move will maximize the respective strengths of both sides and encourage developers to explore the use of products provided by partners such as Obi Zhongguang, which will help the company actively expand quality customers around the world and further enhance the overseas influence of the Obi brand.

Speed up the efficiency and intensity of expanding overseas markets. The company's Femto series of new products have been released one after another, and the product line already covers three products: FemtoBolt, FemtoMega and FemtoMegaI. Global developers can easily develop 3D visual depth sensing applications on Microsoft Corp Azure cloud computing platform through the company's 3D camera. This series of products can be quickly accessed by Microsoft Corp's developers and customers who have accumulated more than a decade of demand, which is expected to promote the company's overseas sales revenue growth. In early August, the company officially released the 3D development kit OrbbecPerseeN1, which was developed in cooperation with NVIDIA Corp, further promoting the company's overseas market.

Promote the business development of 3D visual perception technology and help customers to further improve the layout of the industry chain. The company has made a breakthrough in the field of 3D scanning modeling and 3D printing, and has reached a strategic partnership with the industry leader in 3D, so as to lay a good foundation for improving the company's business performance.

Expand the medical insurance scene business and speed up the landing speed of downstream applications of 3D sensing technology. In the field of medical insurance verification, since the beginning of this year, the national medical insurance networks of various provinces and cities have successively landed for commercial use, many medical insurance terminals using company modules have also been put online, and the whole equipment products have also been landed from 0 to 1, and facial scanning PAD has been provided for some medical insurance terminal manufacturers, laying a solid foundation for follow-up large-scale shipments. In July this year, Shenzhen Hospital of Southern Medical University officially launched "Smart Medical Insurance full facial scanning", in which the key face recognition module is provided by the company.

Investment advice: the company's income from 2023 to 2025 was 546 million, 823 million yuan, an increase of 55.90%, 50.81%, 43.43%, and net profit of-2.15 million, respectively, and maintained a "buy" rating.

Risk Tip: the penetration of the company's products in the robot industry is slow.