Orbbec Inc (688322 CH) (Buy) - Data collection becomes next TAM

研报英文原文证据摘录

Orbbec Inc (688322 CH) (Buy) - Data collection becomes next TAM

Global Markets Research

Orbbec Inc 688322.SS 688322 CH 31 May 2026

EQUITY: TECHNOLOGY

RatingData collection becomes next TAM Remains Buy

Target priceData collection opens a fast-growing addressable market; Increased from CNY 130.003D printing could broaden consumer base CNY 115.00

Data collection emerges as next addressable market Closing29 May 2026price CNY 111.47

We believe data collection is emerging as one of the fastest-growing demand pools within

the embodied-AI value chain, framing 2026 as an inflection year for dedicated capture Implied upside +16.6%

hardware and data-as-a-service (DaaS) models. Based on industry survey, teleoperation

rigs and UMI (Universal Manipulation Interface)-style devices are scaling from hundreds Market Cap (USD mn) 6,605.6

toward roughly one thousand units, anchoring a rising need for embedded 3D vision, IMU ADT (USD mn) 134.7

(inertial measurement unit) and RGB-D (red-green-blue-depth) sensing. In our view, this

constitutes a genuinely new total addressable market for Orbbec rather than a reallocation Relative performance chart

of existing robot-body demand, as data-collection budgets are funded separately by

model developers and integrators. Importantly, both the end customers (data vendors,

large-model labs, simulation houses) and the application scenarios (motion-capture,

manipulation datasets, sim-to-real validation) are new to Orbbec, broadening its served

market beyond navigation and obstacle-avoidance modules.

Creality partnership deepens into a joint 3D platform

Orbbec's collaboration with Creality (3388 HK, Not rated) has progressed from component

supply toward a co-developed platform, with the two announcing a deepened strategic tie-