J.P. Morgan China/HK FTM 6 Aug 26 Orbbec - A; China Healthcare Services; China regional banks; China Solar; Far East Horizon (3360)

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China/HK First to Market

06 August 2026

Top Stories

Init | Orbbec - A (688322.SS, OW – Rmb109.02), China (Karen Li, CFA / Sunny Su)

Vision Unlocked: Initiate with OW, the eyes of Embodied AI

We are initiating coverage on Orbbec, a leading 3D vision solution provider, with an Overweight rating and

December 2027 price target of Rmb150, implying 38% potential upside (23x FY27E P/S). Orbbec is the

platform leader in 3D machine vision, uniquely positioned to capture the next wave of embodied AI and

humanoid robotics growth. The company’s current c.95% market share in China’s humanoid robot vision

hardware (per management), full-stack technology platform, and deep integration with major robotics

ecosystems create a highly scalable and defensible business model. Orbbec’s early-mover advantage in

R&D, partnerships with leaders like NVIDIA and Microsoft, and proven ability to deliver plug-and-play vision

solutions across all mainstream modalities have established high switching costs and a strong moat. With

triple-digit revenue growth in robotics applications, management raising 2026E sales guidance to Rmb1.6–

2B, and a rich customer base including Agibot and Unitree, we see Orbbec as a high-conviction play on the

scalable, high-growth humanoid robotics supply chain.

China Healthcare Services, China (Eric Zhao, CFA)

Demand Recovery Still Uneven; Essential Healthcare Continues to Outperform Discretionary

Spending

We turn more cautious on China’s consumer healthcare services sector heading into 2Q26 results. We have

spoken with management teams and channel experts across ophthalmology, dental and TCM recently and

the tone on 2Q26 was relatively conservative, with several noting that June, normally the opening of the

summer peak, was a relatively soft month for services, while demand recovery remained uneven through

the quarter.…