奥比中光:接入NVIDIA开发平台,携手英伟达、地平线有望卡位机器人视觉闭环!

（以下内容从天风国际证券《奥比中光:接入NVIDIA开发平台,携手英伟达、地平线有望卡位机器人视觉闭环!》研报附件原文摘录）
　　Orbbec (688322 CH) 接入NVIDIA开发平台，携手英伟达、地平线有望卡位机器人视觉闭环！ Orbbec adds access to Nvidia’s Omniverse; Nvidia and Horizon tie-ins advance robotic vision closed loop BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司正式宣布将其和英伟达、微软联合开发的3D相机Femto Mega集成到NVIDIA Omniverse生态开发平台中，并宣布正努力将其产品集成到NVIDIA Isaac ROS平台中，致力于为开发者打造具备更强大能力的机器人。 Femto Mega collab firms ties with Chinese and foreign AI platform giants Orbbec has announced that its Femto Mega 3D camera, jointly developed with Nvidia and Microsoft, will be integrated into Nvidia’s Omniverse ecosystem and development platform. Stating that it is pacing ahead in integrating its products into Nvidia’s Isaac ROS platform, Orbbec affirmed its commitment to more powerful robots for developers. 奥比中光?英伟达机器人：NVIDIA Omniverse是英伟达用于构建和运行元宇宙应用的开发平台，公司3D相机集成到Omniverse后，客户使用NVIDIA Isaac Sim（一种机器人模拟工具包）可快速设计其3D视觉系统，提高AI系统设计和测试的真实性和精确性。NVIDIA Isaac ROS平台是英伟达开发的全面型AI驱动机器人工具包，公司正加速将其3D相机集成到该平台中，有望赋能开发者使用公司高质量3D传感器打造具备更强大能力的机器人。 Nvidia synergies: after Orbbec integrated its 3D camera into Omniverse, a development platform for metaverse applications, its customers have been able to use Nvidia’s Isaac Sim, a robot simulation toolkit that quickly designs 3D vision systems and delivers better authenticity and accuracy in AI system design and testing. Orbbec is speeding up the integration of its 3D camera into the Isaac ROS platform. It comprises an integrated AI robotics toolkit developed by Nvidia that empowers developers to use Orbbec’s high-quality 3D sensors to create more powerful robots. 奥比中光?地平线机器人：公司与边缘AI计算平台全球领导者地平线联合推出适用于服务、扫地机器人的3D视觉解决方案。基于公司在3D视觉领域的全栈技术能力与地平线机器人开发平台（Horizon Hobot Platform），双方进一步深化合作通过将公司自研的高性能双目结构光相机、模组等接入地平线旭日X3派，客户可自主开发机器人感知、避障和导航等功能。 Horizon synergies: Orbbec and Horizon, the global leader among AI edge computing platforms, jointly launched a 3D vision solution for servicing and cleaning robots. This takes their collaborative relationship a step further and ties together Orbbec’s full-stack 3D vision tech capabilities and Horizon’s Hobot Platform. Orbbec’s proprietary high-performance binocular structured light camera and modules combine with Horizon’s Sunrise X3 PI to enable customers to independently develop functions such as robotic perception, obstacle avoidance and other navigation functionalities. 3D视觉感知技术的出现顺应了机器人向高维智能化进阶的趋势，公司全栈式3D方案有望充分受益机器人视觉高景气。传统服务机器人依照设定路径行进，无法做到感知避障与更高阶的智能判断。3D视觉感知技术可帮助机器人在复杂环境中精准定位，实现感知、避障、导航、三维地图重建等功能，使其更加智能化。公司基于自身3D视觉感知全栈技术研发能力，打造了囊括底层芯片、激光雷达、视觉模组到深度算法等在内的机器人3D视觉方案。客户方面，公司为优必选、普渡、高仙、擎朗、云迹、猎户星空等百余家国内知名机器人企业提供3D视觉传感器。技术方面，公司已实现结构光、iToF、双目、dToF、Lidar等主流3D视觉感知技术的全领域布局。结构光方面，公司于2019年量产针对机器人的双目结构光系列产品，该系列产品采用公司自研芯片，是服务机器人在避障应用方面的首选方案。ToF方面，公司在2021年推出iToF智能视觉平台，并推出Femto系列iToF相机。依靠百万级成熟的量产技术经验，公司为机器人客户提供的产品具备高稳定性与低成本双重优势。 Proprietary 3D vision tech aligns with shift toward higher-intelligence robots Proprietary solutions: we expect Orbbec’s full-stack 3D solution to leverage the robotic vision market boom. Traditional service robots travel according to set paths and lack an ability to sense obstacles to avoid them or make higher-level intelligent judgments. 3D visual perception technology makes robots smarter by helping them locate accurately in complex environments and realize functions such as perception, obstacle avoidance, navigation and 3D map reconstruction. Orbbec’s R&D-driven proprietary 3D visual perception full-stack technology led it to create a 3D robotic vision solution that comprises underlying chips, lidar, vision modules and depth algorithms. Customers: Orbbec provides 3D vision sensors for more than 100 well-known Chinese robot companies, including Ubtech, Pudu Technology, Gaussian Robotics, Keenon Robotics, Yunji Technology and OrionStar Robotics. Technology: the company realized the full-spectrum buildout of mainstream 3D visual perception technologies, including structured light, iToF, binoculars, dToF and lidar. Structured light: since 2019, it has mass produced a binocular structured light product series for robots using Orbbec’s proprietary chips. We believe it is the go-to option for service robots in obstacle avoidance applications. ToF: Orbbec launched its iToF intelligent vision platform and the Femto series of iToF cameras in 2021. With its million-level mass production experience and mature technology, its products for robotics customers hold dual advantages of stability and cost. 投资建议/Investment Ideas 公司继联合英伟达、微软开发3D相机后，加速将其产品导入英伟达机器人开发平台（NVIDIA Omniverse& Isaac ROS）、地平线机器人开发平台（Horizon Hobot Platform）等平台，在开发者层面绑定国内外最顶尖AI巨头。考虑到公司应用于服务机器人的3D传感器产品在同品类中市占率第一，我们认为公司有望在机器人视觉领域实现【机器人3D相机硬件-机器人开发平台-机器人客户】的产业闭环。我们预计公司23-25年营收分别为5.26/8.36/12.54亿元，对应P/S分别为32/20/13，公司为国内3D视觉独角兽企业，看好AI 3D视觉在AGI时代处于黎明前夜，维持“买入”评级。 Valuation and risks Orbbec is firming ties with Chinese and foreign AI giants, and its 3D cameras, jointly developed with Nvidia and Microsoft, paces up its products’ access to robotics development platforms, including those by Nvidia (Omniverse and Isaac ROS) and Horizon (Hobot). In valuing Orbbec, we consider that its 3D sensor products in service robots have the largest share in this market, while we anticipate it will realize an industrial robot vision closed loop (from robot 3D camera hardware and robot development platforms to robotics customers). We forecast Orbbec will generate revenue of RMB526m/836m/1.25bn in 2023/24/25E, corresponding to 32/20/13 PS ratios. We are bullish about this Chinese 3D vision player, which is well positioned at the dawn of AI 3D vision market growth in the AGI era. We maintain our BUY rating. 风险提示：技术迭代创新风险、客户集中度较高的风险、应用场景商业化不及预期风险、供应链风险。 Risks include: tech iteration and innovation risks; high customer concentration; monetization of application scenarios falling short of expectations; and supply chain risks. 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