The company officially released Orbbec Persee N1, a 3D development kit developed in cooperation with NVIDIA Corp, which combines Obi Zhongguang binocular structured light camera Orbbec Gemini 2 and NVIDIA Jetson Nano computing platform to help developers quickly create high-performance 3D vision applications.

Work with NVIDIA Corp to speed up the capture of the robot's "eyes + brain". In terms of "eyes", Orbbec Gemini 2, equipped with Orbbec Persee N1, is a new generation of binocular structured light camera of Obi Zhongguang, which provides a depth of FoV up to 101 °and a depth measurement range of up to 10 meters. At the same time, the RMSE accuracy reaches the high-performance standard of less than 2% at 2m, and supports high-performance inertial sensing, hardware D2C, depth and RGB frame synchronization and multi-machine synchronization. The product supports modular adjustment. In addition to Orbbec Gemini 2, users can choose other matching Orbbec 3D cameras and NVIDIA computing platforms according to the target application scene. Through the rich product portfolio of Obi Zhongguang and NVIDIA Corp, they can obtain convenient and efficient development support, quickly build 3D application development and product verification prototypes, and create Orbbec × NVIDIA high-performance 3D vision applications. In terms of "brain", Orbbec Persee N1 relies on Nvidia's powerful NVIDIA Jetson Nano computing platform, NVIDIA JetPack, NVIDIA DeepStream,NVIDIA VisionWorks and other software platforms, as well as a large number of open source projects that can be directly ported to Orbbec Persee N1, helping developers to develop and deploy applications flexibly and quickly, realizing scene-based product application verification, and can be widely used in mobile perception, obstacle avoidance recognition, volume measurement, somatosensory interaction and other scenarios. Enabling robots, intelligent cars, drones, manipulator control and other terminals. In order to accelerate the development of the robot industry and increase the robot vision sensor, the company has announced plans to raise more funds to build a robot vision industry technology center and a 3D vision perception industry intelligent manufacturing base, which is expected to enrich the product matrix and further increase market share.

The emergence of 3D visual perception technology conforms to the trend of robots moving towards high-dimensional intelligence, and the company's full-stack 3D solution is expected to fully benefit from the high prosperity of robot vision. 3D visual perception technology can help the robot to locate accurately in complex environment, realize the functions of perception, obstacle avoidance, navigation, 3D map reconstruction and so on, and make it more intelligent. Based on its own full-stack technology research and development capabilities of 3D visual perception, the company has created a 3D vision scheme for robots, including underlying chips, lidar, vision modules, depth algorithms, etc. In terms of customers, the company provides 3D vision sensors to more than 100 domestic well-known robot companies, such as Ubixuan (strategic shareholders, 0.67%), Purdue, Gaoxian, Jinglang, Yuntrai, Orion Star, and so on. In terms of technology, the company has realized the whole field layout of mainstream 3D visual perception technologies, such as structured light, iToF, binocular, dToF, Lidar and so on. In terms of structured light, the company produced a series of binocular structured light products for robots in 2019, using self-developed chips, which is the first choice for service robots in obstacle avoidance applications. In terms of ToF, the company launched the iToF intelligent vision platform and the Femto series of iToF cameras in 2021. Relying on millions of mature mass production technology experience, the products provided by the company for robot customers have the advantages of high stability and low cost.

After the company accelerated the introduction of its products into the NVIDIA Corp robot development platform after jointly developing 3D cameras with NVIDIA Corp and Microsoft Corp, the company officially released the 3D development kit, which further binds the top AI giants at home and abroad at the developer level.

Considering that the company's 3D sensor products used in service robots in the Chinese market have a market share of more than 70% in 2022, ranking first in the industry and leading the global 3D vision market, we believe that the company is expected to achieve the industrial closed loop of [robot 3D camera hardware-robot development platform-robot customers] in the field of robot vision, repeating the leaping development after the cooperation between Desai Xiwei and NVIDIA Corp. We estimate that the company's revenue in 23-25 will be 526 million yuan, respectively, and the corresponding revenue will be 1.254 billion yuan, respectively, corresponding to PPUBG S in 28-18-12. The company is a domestic 3D vision unicorn enterprise, taking the lead in completing the integrated layout of intelligent robot sensor and computing power, mastering the first-mover advantage in the era of embodied intelligence, and maintaining the "buy" rating.

Risk hints: the risk of technology iterative innovation, the risk of high customer concentration, the less than expected risk of commercialization of application scenarios, and supply chain risk.