3D vision company Obi Zhongguang is only one step away from sprinting science and technology board

Driven by consumption upgrades and industrial digitization, new economic formats have developed vigorously, and many highly valued companies have been cultivated. In 2020, the number of Chinese unicorn companies will reach a new peak, reaching 251, with a total valuation of more than one trillion U.S. dollars for the first time. These companies have become the leaders of the next generation of technology and industrial transformation by virtue of their high explosive, high growth and high innovation characteristics.

This topic focuses on exploring the development basis, business model and growth path behind unicorn & quasi-unicorn companies, carrying out case studies and planning special reports, updated every 1-2 weeks, and no less than 40 reports per year.

Abstract √ 3D intelligent perception technology is developing rapidly. Its application is still widening and its development is still accelerating. The technology is becoming more intelligent and humane, and it is developing towards the direction of low cost, high performance and multi-function. It is estimated that the 3D intelligent sensing technology market will maintain a compound annual growth rate of 20% from 2019 to 2025, and the market size will rise from US$5 billion to US$15 billion.

√ Obi Zhongguang pursues breadth and depth in the research and development of 3D visual perception technology. The company has laid out six major technical routes and has outstanding advantages in chip design and other underlying technologies. It has built a “full stack” “Technology R&D Capability + Technical Route Layout in the Whole Field” technical system.

√ The company is in the early stage of development and still has a certain gap with international giants in terms of company size and some technical routes. At present, the company has not yet shaken off the current situation of losses, and there is also the risk of high concentration of customers.

√ The company is actively expanding its sales targets to resolve the risk of excessive customer concentration. The company expands product application areas inward and expands international markets outward. In recent years, the company is rapidly expanding the application scenarios of 3D visual perception technology, deploying an application ecosystem in seven fields, including clothing, food, housing, transportation, medicine, entertainment, and industry, and has achieved certain results.

Produced | Author of Zero One Think Tank | Edited by Zhang Jiacheng | Zhao Jinlong

contents

1. The main products are industry-leading and strong in research and development

(1) Main products: full coverage of consumer and industrial markets

(2) Research and development capabilities: strong strength and significant advantages in mass production

2. Risk analysis: small size, high customer concentration

(1) Comparison in the industry: insufficient brand influence, and some technologies have not yet been mass-produced

(2) Revenue worries: declining offline demand and high reliance on major customers

3. Prospects: wider sales and global layout

(1) Sprinting for science and technology innovation board, R&D advancement is expected to go further

(2) Broaden application scenarios and build application ecology

(3) Looking internationally and deploying globally

4. Summary: Periodic losses, ready to go

3D intelligent perception technology is in a fast-developing lane, and its applications are still expanding. The technology is becoming more intelligent and humane, and it is developing in the direction of low cost, high performance and multi-function. A research report released by the French strategic consulting company Yole predicts that the global 3D imaging and sensing market will maintain a compound annual growth rate of 20% from 2019 to 2025, and the market size will rise from 5 billion U.S. dollars in 2019 to 15 billion U.S. dollars in 2025 .

After decades of development, a complete industrial chain has been formed in the world in terms of 3D visual perception technology. After eight years of precipitation, Obi Zhongguang now has upstream sensor module production capabilities and mid- and downstream design capabilities including algorithms, optical modules, and deep engine chips, and is continuing to promote the development and production of upstream key components. In the world, there are only a handful of companies with such full coverage of upstream, midstream and downstream, and only well-known international giants such as Apple, Microsoft, and Huawei.

1. The main products are industry-leading and strong in research and development

(1) Main products: full coverage of consumer and industrial markets

Since its establishment, Obi Zhongguang has been committed to the research and development of advanced 3D visual perception technology and products, empowering the demand for intelligent upgrade of vision capabilities, based on the underlying core technologies such as chips and algorithms, and integrating the underlying technologies around specific application scenarios. Landed as high-quality hardware products, and formed a large-scale mass production capacity. At present, the company’s main products are 3D vision sensors, consumer-grade application equipment and industrial-grade application equipment.

3D vision sensors mainly include Astra and Astra E, P, G and other series products. Different letters represent that they have used different 3D perception technology routes to manufacture this series of products. Due to the use of different technical routes, various series of products have significant differences in terms of size, performance, and cost. The company can provide the most suitable sensors according to the needs of different application scenarios. The sales revenue of 3D vision sensors is the main source of the company’s revenue. In 2020, the company’s 3D vision sensor sales revenue will be 179 million yuan, accounting for 69.48% of the total revenue.

The specific products of consumer-level application equipment include 3D facial payment devices, 3D somatosensory all-in-one machines, etc. In 2020, the company’s consumer-grade application equipment sales revenue was 0.43 billion yuan, accounting for 16.77% of total revenue. The specific products of industrial-grade application equipment include three-dimensional optical scanning measurement, three-dimensional full-field strain measurement, and three-dimensional optical bending measurement. In 2020, the company’s industrial-grade application equipment sales revenue was 023 million yuan, accounting for 9.18% of total revenue.

(2) R&D capabilities: strong strength and significant advantages in mass production

1. Deep cultivation technology, global layout

The company pursues depth and breadth in the research and development of 3D visual perception technology. It has built a technical system of “full-stack technology research and development capabilities + full-field technology route layout”, which makes Obi Zhongguang different from other technologies. Unicorn company.

In terms of depth, the company pursues the ultimate goal of every single technical capability and independently conducts research on core underlying technologies. The company has a series of core underlying technologies such as system design, chip design, algorithm design, optical system design, and software design, which basically cover the entire cycle of product design, research, and manufacturing.

In 2021, the company’s fourth-generation depth engine chip MX6600 has been successfully taped out and has mass production capabilities. The chip can calculate and output 30 frames per second 1920*1080 depth maps or 60 frames per second 1280*960 depth maps. It is equipped with functions such as low power consumption mode and secure encrypted transmission of chip data. It is the latest generation of deep engine chip that supports “structured light + active binocular”. The company’s iToF sensor chip has matured technology and is expected to be mass-produced in 2021. The chip can meet the needs of multiple photon acquisition in a single cycle under pulse modulation and continuous wave modulation, covering BSI pixel design, three-dimensional stacking technology, and anti- Interference, high-precision ADC, high-speed transmission interface design and other subdivision technologies. The company is also researching related chips for several other technical routes, and uses the research and development results as the technical reserve for future products.

In addition, the company has also been able to maturely apply a variety of underlying algorithms including deep engine algorithms and consumer-level application algorithms, and mature applications and continue to optimize a variety of optical design solutions including overall optical system technology and laser projection device technology. , Has a solid foundation of in-depth research on software and hardware.

In terms of breadth, the company has formed a full-field layout of 3D visual perception technology, and is committed to coordinated development according to the needs of customers in different application scenarios, providing one-stop product services. In addition, the underlying core technologies of six different technical routes are collaboratively innovated with each other. Through the integration of multiple technical fields and different levels of technology, the company has developed excellent performance and reliable quality 3D visual perception products on the one hand, and continuously realized products on the other hand. Technical iteration and system-level optimization.

So far, the company has 1071 invention patents, 386 authorized patents, and has undertaken a number of national or provincial major project construction tasks.

Under the technical system of Obi Zhongguang’s “full-stack technology research and development capabilities + full-field technology route layout”, the company’s operating income in 2020 will be 258 million yuan, of which core technology will bring revenue of 247 million yuan, accounting for Reached 95.44% of total revenue.Figure 1: Obi Zhongguang 3D vision sensing technology system

In addition, the company has also set up an organizational structure of “R&D middle station + business sector front desk”, which collects the latest needs of the business sector in real time, obtains the latest market changes, and taps the explicit or implicit needs of customers. As the goal of research and development, to maintain a competitive position in the market.

2. Obvious advantages in mass production and excellent production capacity

3D vision sensors are emerging products. The core component of the laser emitting module includes circuit boards, laser transmitters, lens groups, and diffractive optical elements. Its assembly process is more complicated than traditional lens assembly processes. In addition, the three major components of the 3D vision sensor, the laser emitting module, the IR imaging module, and the RGB module, have extremely strict requirements on the optical axis during assembly.

Therefore, since its establishment, the company has focused on the construction of production capacity, and has successively developed high-precision assembly and testing of laser emission modules, three-in-one optical axis AA of main components, calibration alignment, and other full-chain systems from “0 to 1.” The core equipment of mass production process makes the company one of the few companies in the world to realize the mass production of 3D vision sensors in millions.

The advanced nature of the company’s mass production technology is also reflected in production efficiency and yield. At present, the company has achieved over 80% automation through self-developed process equipment, and the overall product yield rate has reached 99%, which is an advanced level worldwide.

In July 2020, the company’s self-built factory was also successfully put into production, laying a good foundation for the company’s independent and controllable production.

2. Risk analysis: small size, high customer concentration

On July 22, 2021, Obi Zhongguang’s IPO review status will be changed to “Inquired”, which is only one step away from the successful listing of the Science and Technology Innovation Board, but we still need to pay attention to the relative technological leadership of Obi Zhongguang What are the risks behind the

(1) Comparison with the industry: insufficient brand influence, and some technologies have not yet been mass-produced

The application scenarios of 3D visual perception technology are diverse, and its products are also diversified. Therefore, Aobi Zhongguang needs its upstream manufacturers to provide different customized products for different application scenarios. Unlike Apple, Samsung, Huawei and other giants with a market value of nearly one trillion, they can quickly promote upstream related R&D through acquisitions, mergers and acquisitions, or internal incubation, or rely on their strong brand influence to make demands on upstream manufacturers. Bizhongguang predicts that it will only have a market value of tens to hundreds of billions after its successful listing, and the company’s operations are still vulnerable to interruptions in upstream supply or non-cooperation to provide customized products.

Although the company has a layout in six major technical routes, and is a global leader in some technical routes, it still has a gap with competitors in other technical routes. For example, Sony and Samsung have applied and mass-produced some AR camera related products based on iToF and dToF technology. Lidar sensor is one of the core sensors to realize autonomous driving. Hesai Technology of China and Velodyne Lidar of the United States have also released some products. The product has been applied through cooperation with car companies. Obi Zhongguang has only realized the initial mass production of iToF technology products, and dToF and Lidar technology products are still in the research process.

(2) Revenue worries: declining offline demand and high reliance on major customers

In 2020, due to the impact of the new crown epidemic, the demand for 3D vision sensors used by Obi Zhongguang terminals for offline payments has dropped significantly, resulting in the company’s total revenue of only 258 million yuan that year, compared with 596 million in 2019 The yuan has fallen by 56% year-on-year. To this day, the new crown epidemic is still in parts of our country from time to time, and the sales of this terminal are still hindered by the epidemic and difficult to promote.Figure 2: Obi Zhongguang’s total revenue and growth rate in the past three years

Secondly, the company has a high degree of dependence on large customers. From 2018 to 2020, the sales revenue of the top three customers accounted for 56%, 57% and 28% of total revenue respectively. From 2018 to 2020, the company’s sales to Ant Group accounted for 3.94%, 14.23%, and 3.64% of total revenue, respectively, and sales to Alibaba Group accounted for 0.00% of total revenue. 6.77% and 18.52%.

During the same period, the company’s sales of OPPO accounted for 46.46%, 7.17%, and 1.15% of total revenue, respectively. The main sales product was the front-facing 3D vision sensor used in its Find X product. Since the production of the model was discontinued in June 2019, the two parties have not had any new commercial cooperation so far, and this kind of sales is not sustainable.Figure 3: 2018-2020 Obi Zhongguang’s main customer sales revenue ratio chart

3. Prospects: wider sales and global layout

(1) Sprinting for the science and technology innovation board, the advancement of research and development is expected to go further

Aobi Zhongguangli Science and Technology Innovation Board is only one step away from the successful listing. Except for the company set aside 100 million yuan as a supplementary liquidity project, all the remaining funds will be used for 3D visual perception technology research and development projects, mainly including 3D visual perception technology System design, chip development, deep engine algorithm and application algorithm research and development, software development, optical system design, etc., cover mainstream 3D visual perception technology, aiming to promote the iterative upgrade of existing technologies and the release and application of new technology products.

The company will use the 3D visual perception technology research and development activities carried out by this project to further consolidate the underlying technical advantages of the existing main business, expand new technology application scenarios, expand the market boundary of existing businesses, and ensure commercial sustainability.

(2) Broaden application scenarios and build application ecology

According to the analysis of Gartner’s emerging technology maturity graph, 3D visual perception has gradually entered an important stage of development before large-scale industrialization, and it is constantly exploring potential applications in subdivisions and looking for potential growth explosion points.

Offline facial payment is only one of the sub-scenarios where 3D visual perception technology is the first to achieve large-scale commercial use in the early stages of industrial development. The company is rapidly expanding the application scenarios of 3D visual perception technology and deploying an application ecosystem in seven major fields, including clothing, food, housing, transportation, medicine, entertainment, and engineering. In addition to offline payment scenarios, the number of major transaction customers of the company from 2018 to 2020 were 228, 320, and 360, respectively, and the customer base continued to expand.

Relying on the Astra series of 3D sensor cameras, in the consumer field, the company is actively launching smart security, smart home, human 3D scanning, unmanned retail, autonomous driving and other related application scenarios. As more sub-scenarios such as service robots, smart door locks, smart farming and animal husbandry gradually enter the commercial maturity stage, the demand for each sub-scenario is increasing year by year, which drives the proportion of customer sales applied to Alipay’s facial payment application ecosystem On a downward trend, it has dropped to about 37% in the first half of 2021, and the problem of excessive customer concentration has been alleviated.

In the industrial field, the company’s products can also be used for data measurement in aerospace wind tunnel tests, quality inspection in machinery manufacturing, and real-time monitoring of transportation and warehousing in the logistics field.

(3) Looking internationally and deploying globally

Facing the needs of the global market, Obi Zhongguang has also been in-depth layout of overseas markets in recent years. So far, it has established a number of holding subsidiaries overseas, including Obi in the United States, Obi in Hong Kong, Obi in Singapore and Joyful Vision, to help the company Overseas sales and international cooperation.

From 2018 to 2020, the company’s overseas sales revenue was 29.03 million yuan, 31.15 million yuan and 35.3 million yuan, respectively. The company’s overseas revenue maintained steady growth and the customer base continued to expand. In May 2021, the company and Microsoft reached a business cooperation to jointly design and develop a new 3D vision sensor, and access to Microsoft’s Azure cloud computing platform to provide Microsoft’s existing customers with this product. According to the company’s announcement, the product is expected to be mass-produced in 2022, and can quickly access the needs of Microsoft’s existing tens of millions of developers and customers from around the world, which is expected to promote the company’s substantial growth in overseas business.

4. Summary: Periodic losses, ready to go

In 2015, Obi Zhongguang developed China’s first 3D sensing chip. In the same year, it officially began mass production of consumer-grade 3D sensor cameras. This chip broke the multi-year monopoly of Apple, Microsoft, and Intel, and Obi Zhongguang has also become the world’s fourth manufacturer with in-depth computing-level chip mass production capabilities.

Looking at the current 3D visual perception technology market, in essence, a stable competitive landscape has not yet formed, and the 3D visual perception industry is still in the early stages of development. In the long run, Obi Zhongguang’s high-intensity R&D investment and market layout have led to phased losses. As the market gradually matures, the popularity of 3D visual perception technology will further increase, and Obi Zhongguang is expected to rely on its solidity The research and development foundation of the company will stand out in the future industry competition.

The Links:   AA104SG01 FP10R12W1T4

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *