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

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

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Initiation

Orbbec - A

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.

Platform moat, supply chain strength, and ecosystem integration support

premium margins and content value upside. Orbbec’s strategic position as

the industry’s middleware, combined with its proprietary R&D, in-house chip

design, and manufacturing discipline, enables real-time, high-accuracy 3D

data output and ensures product reliability. The company’s business model is

validated by its 2025 turnaround in both profit and Op-CF, and its scalable

platform is set to benefit from both domestic and overseas demand as capacity

ramps in Vietnam and China. As robotics intelligence and complexity increase,

…