收入端，前三季度公司实现营收3.51 亿元（yoy+35%），其中单三季度实现营收1.38 亿元，同比增长46.27%，表明公司的3D 视觉技术已在线下支付、医保核验、三维扫描等领域找到了规模化的应用场景。Incident Overview
On October 24, Obi Zhongguang released its report for the third quarter of 2024. In the first three quarters of 2024, the company achieved operating income of 0.351 billion yuan, an increase of 35.27% over the previous year; realized net profit to mother of -0.06 billion yuan, after deducting net profit of non-return to mother of -0.102 billion yuan, a significant reduction in losses compared to the same period last year.
The cost control effect was remarkable, and the 24Q3 loss margin continued to narrow
On the revenue side, the company achieved revenue of 0.351 billion yuan (yoy +35%) in the first three quarters, with revenue of 0.138 billion yuan in the third quarter, an increase of 46.27% over the previous year, indicating that the company's 3D vision technology has found large-scale application scenarios in the fields of offline payments, medical insurance verification, and 3D scanning.
In addition, 24H1 successfully introduced a senior overseas sales team, including former Intel RealSense sales leaders, core team members, robotics and computing platform experts, etc. We expect the overseas market to become an important source of revenue growth in the future. On the profit side, 24Q3's loss margin continues to narrow. We think it is mainly due to high revenue growth combined with active cost control. 24Q3's R&D expenses and management expenses were 0.153 billion yuan (yoy -35%) and 79 million yuan (yoy -17%), respectively. The cost ratios of the two decreased by 47.98% and 13.98%, respectively, compared with the same period last year. We expect that as the company's revenue continues to grow, the effects of scale will begin to show, and the break-even path will gradually become clear.
The 2024 equity incentive draft was released, demonstrating confidence in development
On October 24, the company released the “2024 Restricted Stock Incentive Plan (Draft)”, which aims to provide incentives for 2 R&D leaders and 3 foreign core functional personnel. Judging from the conditions for lifting the sales restrictions, the current equity incentive will lift the sales restrictions in three stages 2025/2026/2027. Referring to the target value, the conditions for lifting the sales restrictions are that the company's operating income or gross profit for 2024-2027 is not less than 7.01/2.5, 9/0.33, and 1.1/0.4 billion yuan, respectively. We believe that while ensuring the stability of the company's core talent team, this equity incentive also shows the company's confidence in growth over the next three years.
Focusing on robot application scenarios, the company is expected to enter the fast track of development. Accurate perception of the real world is the core advantage of 3D cameras, but previously it was plagued by cost restrictions, and promotion progress was slow in scenarios where it was not immediately needed, and the rise of robots has broken this dilemma. Currently, the company has focused on robot-related application scenarios. 1) On the technical side, the company has built a “robot and AI vision industry center” and will continue to carry out R&D and technical research on topics such as robot vision sensors, AI visual perception and multi-modal interaction models, robot OS and cloud-based digital twin software platforms, mass production testing, and digital factories. 2) In terms of products, the company released the Gemini 335 and 336 series, which can be widely used in AMR, inspection robots, delivery robots, robotic arms, drones, human reconstruction and other robot and AI vision application scenarios. 3) On the customer side, in addition to achieving business cooperation with many domestic and foreign service robot customers such as Yunji Technology, Qinglang Intelligence, Purdue Technology, Gaoxian Robotics, and LionsBot in the field of service robots, the company has also adapted related products/solutions to some humanoid robot customers. Additionally, the company's Gemini 335 and 336 series have entered the Nvidia robotics platform. By integrating with the NVIDIA Isaac Perceptor, the company's 3D cameras can provide high-precision depth+RGB visual effects for their artificial intelligence-based perception workflows, suitable for autonomous mobile robots in indoor and outdoor environments.
Investment advice:
The company is the world's leading consumer-grade 3D vision manufacturer. The full-stack layout card position advantage is obvious. As 3D vision sensors change from optional to mandatory, the company is expected to enter the fast track of development. We expect the company's revenue for 2024-2026 to be 0.504/0.724/1.04 billion yuan, and net profit to mother of -0.093/0.018/0.133 billion yuan, respectively. Maintaining the buy-A investment rating, the 6-month target price is 37.8 yuan, which is equivalent to 30 times the dynamic market sales ratio in 2024.
Risk warning:
1) The risk of iterative innovation in 3D visual perception technology; 2) the risk of downstream application scenarios falling short of expectations; 3) the risk of increasing competition in the industry; 4) the risk of losing talent in core technology; 5) the risk of falling short of expectations when assumptions fall short of expectations.
