奥比中光:Apple Vision Pro搭载3D传感器进入空间计算时代,公司全栈布局有望迎来收获期!

（以下内容从天风国际证券《奥比中光:Apple Vision Pro搭载3D传感器进入空间计算时代,公司全栈布局有望迎来收获期!》研报附件原文摘录）
　　Orbbec (688322 CH) Apple Vision Pro搭载3D传感器进入空间计算时代，公司全栈布局有望迎来收获期！ Apple Vision Pro ups the ante in spatial computing; raising potential pay-off for Orbbec’s 3D-sensor full-stack buildout BUY(maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 苹果于6月6日在WWDC大会上正式发布其MR设备Apple Vision Pro，并首次提出空间计算（spatial computing）概念。根据元宇宙与虚实交互联合研究院院长赵星，空间计算包括采集、获取、处理和交互三维化（3D）多模态数据的一系列理论、技术和工具。具体应用上，现阶段大部分空间计算应用场景包括三个步骤：1）用摄影测量、激光雷达等技术捕捉物理世界的物体并抽象为三维化模型；2）在空间维度上解析这些三维化模型及其数据；3）以人机交互技术纳入数字内容或进行人与数字内容的交互。 Apple’s Vision Pro’s take on spatial computing could be definitive Apple launched its mixed reality (MR) device Vision Pro at its Worldwide Developers Conference on 6 June, introducing its sophisticated take on spatial computing. Zhao Xing, the director of the Joint Research Institute of Metaverse and Virtual Reality Interaction, explains that spatial computing collates theories, technologies and tools that collect, acquire, process and interact with 3D multimodal data. In application terms, spatial computing application scenarios in the current stage typically have a three-step process: first, technologies such as photogrammetry and laser radar are used to capture objects in the physical world to reproduce them as abstract 3D models; then the 3D models and their data are analyzed in spatial dimensions; and the final step incorporates human-computer interaction technology into digital content, which could advance the interaction between humans and digital content. 3D传感器是MR设备获取3D内容的核心传感器，亦是进入空间传感时代的眼睛。Vision Pro搭载1颗激光雷达和2颗深度传感器（用来处理SLAM空间环境感知、手势识别、三维建模等功能），是苹果首款3D相机，能以3D形式捕捉神奇的空间照片和空间视频，然后通过沉浸式的空间音频让用户再次体验珍贵的时刻，并能够将现有的照片和视频库以惊人的规模呈现出令人难以置信的效果，让用户感觉自己仿佛站在拍摄时的位置上，这意味着Apple Vision Pro正式带我们进入空间计算时代。值得一提的是，正是3D传感器（激光雷达和深度传感器）共同工作创建融合三维地图并准确呈现用户周围的环境，使得Vision Pro能够在空间中精确渲染数字内容。 3D sensor tech enables users to relive moments in the past as if they are still there 3D sensors, the core component in MR devices to obtain 3D content, represent the eyes in space sensing. Vision Pro uses one laser radar and two depth sensors to process SLAM space environment perception, gesture recognition, 3D modeling and other functions. This is Apple’s first 3D camera that captures detailed spatial photos and videos in 3D and allows users to relive precious moments in immersive spatial audio. It is able to render photo and video libraries to larger-than-life scale and the effect is that users feel as if they are right where they were when the video was shot. This essentially means Vision Pro has brought consumers into the era of spatial computing. It is worth noting that 3D sensors (a combination of ladar and depth sensors) work together to create a fused 3D map that accurately replicates a user’s surroundings to allow Vision Pro to render digital content accurately into the space. 公司是全球少数几家全面布局六大3D传感器（结构光、iToF、双目、dToF、Lidar及工业三维测量）的公司，拥有全栈自研能力和全技术路线布局。公司坚持自主设计研发关键的一“芯”一“线”：“芯”是3D视觉感知深度算法的核心芯片，“线”则是3D传感摄像头模组的生产线，啃下难啃的“硬骨头”，从而抢占3D视觉感知行业高地。在芯片方面，公司已研发出MX系列3款深度引擎芯片、高分辨率结构光专用感光芯片、iToF感光芯片、AIoT数字算力芯片、dToF感光芯片等。在算法方面，公司制定了算法 IP 化、算法平台化双向技术路线，已量产结构光深度引擎算法、iToF 深度引擎算法、双目深度引擎算法，算法均实现了芯片 IP 化。在应用算法方面，公司已商用骨架跟踪、图像分割、三维重建、机器人 SLAM 等算法。 Challenging mission to build up proprietary 3D core chips and camera modules Wide 3D sensor coverage: Orbbec is one of the few companies in the world that fully deploys six major types of 3D sensors (structured light, indirect time-of-flight (iToF), binoculars, direct ToF, lidar and industrial 3D metrics) in a full-stack proprietary tech buildout. To carve out a competitive advantage in 3D visual perception, it committed to a challenging mission: independently designing and developing core chips for 3D visual perception depth algorithms and 3D sensing camera module production lines. Chips: Orbbec has developed three depth engine chips for the MX series, special photosensitive high-resolution structured light chips, iToF photosensitive chips, AIoT digital computing power chips and dToF photosensitive chips. In algorithms, it formulated two-way technological pathways to algorithm IP and algorithm platformization, and has mass produced structured light depth engine algorithms, iToF depth engine algorithms and binocular depth engine algorithms, all of which are its chip IP. In application algorithms, Orbbec commercialized algorithms such as skeleton tracking, image segmentation, 3D reconstruction and robot SLAM. 投资建议/Investment Ideas 公司是行业领先的3D视觉感知整体技术方案提供商，目前正加速下游应用导入，致力于让所有终端看懂世界。公司以研发为核心驱动，研发投入占比高于多数行业可比公司（20-21年数据），并组建一支643人的研发团队（截至2021.12.31），持续高研发投入巩固公司核心竞争优势。我们认为公司成长逻辑可类比10年前科大讯飞“持续拓展智能语音应用场景，搭建产业生态圈”的成长路径，而3D视觉的成长空间与应用场景不输智能语音。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。 Industry-leading provider of 3D visual perception technology total solutions Orbbec accelerated the rollout of downstream applications to fulfill its commitment to enable all end-users to perceive the world. With R&D as the core business driver, its R&D investment proportion is higher than those at comparable companies in most industries (based on 2020-21 data) with which it established a 643-member R&D team (as of 31 Dec 2021) to consolidate its core competitive edge. We would compare Orbbec’s strategic goals with iFlytek’s plan to “continuously expand intelligent voice application scenarios and build an industrial ecosystem” 10 years ago. We do not believe the growth headroom and application scenarios of the 3D vision market are inferior to those of the smart voice market. We forecast Orbbec’s revenue at RMB526m/836m/ 1.25bn in 2023/24/25E, corresponding to PS of 32/20/13. We like its Chinese 3D vision market positioning as we anticipate an AI-enabled 3D vision boom in the AGI era. We maintain our BUY rating on the stock. 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: technological innovation iteration risks; high customer concentration; commercialization of application scenarios falling short of expectations; as well as supply chain risks. 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