港股机器人概念股走强 优必选涨近10% 智通财经5月13日电，截至发稿，优必选(09770.HK)涨9.98%、越疆(02432.HK)涨3.48%、速腾聚创 (02498.HK)涨1.41%。消息方面，腾讯与越疆科技、华为和优必选均官宣了在人形机器人方面的合作， 加速机器人落地。 ...

Industry Overview - The Shenzhen robot industry is rapidly forming a cluster effect, with a significant number of enterprises showcasing their innovations at the first Robot Industry Chain Conference (FAIR plus 2025) [1] - The total output value of Shenzhen's robot industry chain is projected to exceed 201.2 billion yuan in 2024, marking a year-on-year growth of 39.64% with 14,534 new robot companies established [5] Key Companies and Products - Notable participants at the conference included leading firms such as UBTECH, Yujin Robot, and others, showcasing advanced products like humanoid robots and collaborative robots [2] - Tencent's "Xiao Wu" robot features a hybrid design with wheels and legs, designed for complex environments, particularly in elder care scenarios [3] - UBTECH's "Tian Gong Xing Zhe" humanoid robot is the first research-grade full-size humanoid robot priced below 300,000 yuan, capable of navigating various terrains [3] Technological Innovations - The conference highlighted advancements in sensory technology, such as the high-resolution "visual tactile sensor" developed by Daimeng Robotics, which can accurately capture three-dimensional force distributions [5] - Shenzhen's companies are also innovating in robotic arms and mobility systems, with products designed for diverse applications, including security inspections and industrial automation [6][7] Ecosystem and Supply Chain - Shenzhen has established a complete ecosystem for robot manufacturing, encompassing core components like tactile sensors, laser radars, and servo electronics, facilitating efficient supply chain interactions [7] - The industry is characterized by a strong integration of hardware and software capabilities, with local firms excelling in both manufacturing and technological services [7]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 373,678,000, representing a 30.3% increase from RMB 286,749,000 in 2023[16] - The gross profit for 2024 was RMB 173,979,000, up from RMB 124,844,000 in 2023, indicating a gross margin improvement[16] - The company reported a net loss attributable to shareholders of RMB 95,363,000 for 2024, a slight improvement from RMB 103,281,000 in 2023[16] - The net loss for 2024 was RMB 95.4 million, a reduction of 7.6% from 2023, while the adjusted net loss was RMB 36.5 million, down 55.4% year-over-year[18] - The group's net loss for the year was approximately RMB 95.4 million, a decrease of about 7.6% from RMB 103.3 million in 2023[57] - The adjusted net loss (non-IFRS measure) for the year was RMB 36.5 million, a reduction of 55.4% compared to RMB 81.8 million in 2023, due to increased revenue and improved operational efficiency[59] Assets and Liabilities - The total assets increased significantly to RMB 1,495,208,000 in 2024, compared to RMB 734,888,000 in 2023, reflecting a growth of 103.5%[16] - The total liabilities increased to RMB 527,919,000 in 2024, up from RMB 361,585,000 in 2023, indicating a rise in financial obligations[16] - Shareholders' equity increased from RMB 373.3 million as of December 31, 2023, to RMB 967.3 million as of December 31, 2024, primarily due to the IPO leading to an increase in share capital and share premium of RMB 662.8 million[60] Market Position and Innovation - The company has achieved a cumulative global shipment of over 80,000 collaborative robots, ranking first in China and among the top two globally[10] - The introduction of the AI+Robot training platform X-Trainer marks a significant innovation, making the company the first to commercialize AI in collaborative robots[12] - The company has established over 200 application scenarios in the industrial sector, enhancing its capabilities in commercial and medical fields[10] - As of 2024, more than 80 Fortune 500 companies are utilizing the company's robots, demonstrating strong market validation[13] - The company has achieved a significant technological breakthrough with the launch of a visual-guided flexible connector assembly solution, enhancing automation in 3C electronic manufacturing[19] - The company has developed the X-Trainer, the world's first commercial AI-enabled collaborative robot, enhancing autonomous learning and operational efficiency[27] Revenue Breakdown - Sales revenue from six-axis collaborative robots was approximately RMB 208.9 million in 2024, up 55.5% from RMB 134.3 million in 2023, due to increased application demand across various industries[39] - Sales revenue from composite robots increased by approximately 64.7% to RMB 56.5 million in 2024, compared to RMB 34.3 million in 2023, driven by sales in manufacturing and retail sectors[41] - Revenue from industrial applications rose by 32.3% to RMB 200.0 million in 2024, up from RMB 151.2 million in 2023, due to steady growth in target markets and enhanced robot functionalities[44] - Revenue from the education sector increased by 19.7% to RMB 146.5 million in 2024, compared to RMB 122.4 million in 2023, driven by improved market penetration of related products[45] - Revenue from the commercial sector surged by 111.6% to RMB 25.6 million in 2024, up from RMB 12.1 million in 2023, attributed to new product launches and increased contracts in the food and beverage market[46] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value and accountability[88] - The board of directors is responsible for leading and controlling the group, overseeing business strategy and performance, and ensuring compliance with applicable laws and regulations[94] - The company has adopted the corporate governance code as per the listing rules since its listing date and has complied with all applicable provisions during the reporting period[88] - The board currently consists of a balanced composition of executive, non-executive, and independent non-executive directors, ensuring diverse expertise and independent judgment in decision-making[96] - The company has implemented policies to promote a diverse and safe workplace, emphasizing the importance of safety in operations[90] Employee and Director Information - As of December 31, 2024, the company has a total of 416 male employees and 144 female employees, achieving gender diversity in its workforce[118] - The board consists of seven members, including one female member, resulting in a gender diversity rate of 14.3%[120] - The group employed 560 staff, an increase from 552 in 2023, with total employee costs amounting to approximately RMB 161.8 million compared to RMB 132.6 million in the previous year[187] - The board of directors and senior management's compensation is determined based on their responsibilities, experience, and individual performance, with adjustments made based on recommendations from the remuneration and assessment committee[190] Risk Management and Compliance - The company has implemented an effective risk management and internal control system to manage risks associated with daily operations and achieve business objectives[128] - The internal control system includes risk identification, assessment, management strategies, and monitoring activities to ensure compliance and operational effectiveness[130] - The company has a zero-tolerance policy towards corruption, including bribery and fraud, and has implemented internal reporting channels for employees[140] - The board emphasizes the importance of transparent and timely communication with shareholders to enhance investor relations[145] Financing and Capital Structure - The company issued 358,038,547 H-shares at a price of HKD 18.8 per share, raising approximately HKD 681.4 million in net proceeds from the global offering[162] - The allocation of the net proceeds includes 40.0% (approximately HKD 272.6 million) for the development of smart collaborative robots from 2025 to 2029[163] - The company plans to utilize the proceeds for production line and manufacturing capacity development, accounting for 27.0% (approximately HKD 184.0 million) of the total[163] - The company does not recommend the payment of a final dividend for the year ended December 31, 2024[167] Shareholder Information - The company's largest customer accounted for approximately 5.1% of total revenue for the year ending December 31, 2024, compared to 3.5% in 2023[175] - The total revenue from the top five customers represented about 16.5% of total revenue for the year ending December 31, 2024, up from 12.8% in 2023[175] - The total procurement amount from the largest supplier and subcontractor accounted for approximately 14.7% of total procurement for the year ending December 31, 2024, compared to 13.7% in 2023[175]

智通财经4月24日电，截至发稿，地平线机器人-W(09660.HK)跌15.21%、越疆(02432.HK)跌1.58%、微 创机器人-B(02252.HK)跌1.24%。 港股机器人概念股多数调整 地平线机器人跌超15% ...

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]

未来的业绩展望我们第三个环节会把时间交给线上的各位投资人来跟公司的管理层来进行问答和交流我们首先就进入到第一个环节我们首先有请首席财务官王勇总来跟我们做2024年度月江机器人的业绩的分享好的 谢谢各位投资人大家晚上好首先感谢大家参加我们晚上发布的业绩交流 首先我们回顾一下R7.0的基因数据首先是我们这个营业收入是3.74亿人民币增幅是30.3%从R3.0的增幅是19%这个比R3.0的增幅是大大加快了我们按照这个输入这个类型来看我们分了六轴 四轴和复活机器人那么六轴增长幅度是56% 四轴略微有一些下降复合机器人也是大幅增长65%从细分领域来看六轴因为我们广泛应用于工业场景和商业场景那么工业场景经过几年的打磨我们客户的基础是比较多的那么很多从测试走向小批量以及放量所以有加速增长的趋势 四轴略微下降主要是四轴我们有面向工业的和科研教育领域的四轴产品那么四轴在科研教育领域我们在23年推出了六轴产品那么六轴在24年有发量产生了一定的替代效应虽然数量有所下降但整个我们面向科研教育的输入也是有20%增长 另外是复合机器人,复合机器人整体上增长了65%,这里面主要是由咖啡机器人以及巨声智能。去年我们在2014年4月份,在整个 ...

Group 1: Industry Overview - The education robot industry in China has a limited number of listed companies, including Keda Xunfei, Shengtong Co., UBTECH, Donggang Co., Gaole Co., Ruijun Technology, and Yuejiang [1] - The industry is characterized by a focus on educational applications for children and teenagers, with companies developing various products and solutions [8][10] Group 2: Company Profiles - Keda Xunfei, established in December 1999, has the highest number of patents (2864) and ranks 7th in the 2024 AI Innovation Enterprises Top 100 [9] - Shengtong Co., founded in November 2000, has a registered capital of 537.59 million yuan and ranks 50th in the 2024 Beijing Manufacturing Enterprises Top 100 [9] - UBTECH, established in March 2012, has a registered capital of 419.56 million yuan and ranks 13th in the 2024 China Robotics Enterprises Top 50 [9] - Donggang Co., founded in March 1996, has a registered capital of 523.72 million yuan and ranks 36th in the 2023 Office Software Ranking [9] - Gaole Co., established in October 1989, has a registered capital of 94.72 million yuan [9] - Ruijun Technology, founded in November 2005, has a registered capital of 95.29 million yuan and ranks 19th in the 2024 Leading Enterprises in Trustworthy Innovation [9] - Yuejiang, established in July 2015, has a registered capital of 36 million yuan and ranks 11th in the 2024 China Hidden Unicorn Enterprises Top 500 [9] Group 3: Business Performance - In the first half of 2024, Keda Xunfei's education application product revenue reached approximately 2.86 billion yuan, with a gross margin of 51.76% [11][12] - Shengtong Co. generated 135 million yuan from technology education services, with a gross margin of 30.54% [12] - UBTECH's revenue from educational intelligent robots and solutions was 161 million yuan, with a gross margin of 19.1% [12] - Gaole Co. reported 3 million yuan from interactive toys, with a gross margin not specified [12] - Yuejiang's revenue from four-axis collaborative robots was 370 million yuan, with a gross margin of 30.52% [12] Group 4: Future Business Plans - Keda Xunfei plans to develop advanced AI systems for educational robots that can provide personalized learning assistance [13] - Shengtong Co. aims to create a comprehensive curriculum system for programming education and robotics [13] - UBTECH intends to enhance its platforms using large models and AIGC technology to improve teaching efficiency [13] - Gaole Co. focuses on integrating various technologies to enhance the intelligence of educational robots [13] - Donggang Co. is investing in AI and big data technologies to improve the capabilities of its educational robots [13] - Ruijun Technology will continue to optimize its educational robot, Tianhe C1, based on user feedback [13]

机器人加速发展的热潮，也带动了相关公司奔赴资本市场。在优必选（HK09880）和越疆（HK02432） 先后登陆港股市场后，极智嘉科技和云迹科技也紧跟着递表港交所。 顶着细分领域头部公司的光环，上述公司吸引来了明星投资者的背书，但摆在其面前的，还有何时走出 亏损的疑问。 《每日经济新闻》记者注意到，上述4家赴港上市机器人公司均以较高的销售开支和研发开支支撑公司 的快速发展。但其中，仅有从事仓储机器人的极智嘉科技明确表示，预期于不久的将来实现盈利。 值得一提的是，海外市场也是上述赴港上市机器人公司业务发展的重点方向。而在受访者看来，海外市 场确实存在一些竞争的有利因素，但也需结合自身产品的应用场景和需求来考量。 明星机构投资者加持 4家细分领域头部机器人公司奔赴资本市场 上述4家机器人公司，均走到了各自细分领域的头部位置，并得到资本的认可。 成立于2012年的优必选，在2023年底登陆港交所。作为机器人公司赴港上市的先行者，优必选的人形机 器人主要聚焦工业应用场景，已推出工业版人形机器人WalkerS和WalkerS1，公司如今已成为人形机器 人产业的领导者之一。 号称"协作机器人第一股"的越疆，在2024年1 ...

证券研究报告·海外公司深度·软件服务(HS) 越疆（02432.HK） 协作机器人龙头企业，切入具身智能赛道焕 新机 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 286.75 | 373.68 | 496.41 | 672.80 | 896.94 | | 同比(%) | 18.98 | 30.32 | 32.84 | 35.53 | 33.32 | | 归母净利润（百万元） | (103.28) | (95.36) | (43.49) | 1.15 | 34.54 | | 同比(%) | (96.81) | 7.67 | 54.40 | 102.65 | 2,893.76 | | EPS-最新摊薄（元/股） | (0.26) | (0.24) | (0.11) | 0.00 | 0.09 | | P/E（现价&最新摊薄） | (265.17) | (287.19) | (629.79) | 23,736.49 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has established itself as a leader in the collaborative robot sector and is now venturing into the embodied intelligence field, creating new growth opportunities [11]. - The collaborative robot market is projected to grow significantly, with a compound annual growth rate (CAGR) of 36.6% from 2023 to 2028, indicating strong potential for future expansion [4][11]. - The company has a solid technological foundation with five core competencies that create a competitive moat, including key component design, a universal control platform, safety technology, robotic technology, and AI capabilities [4][48]. Summary by Sections Company Overview - Founded in 2015, the company has focused on collaborative robots and has grown to become an industry leader, with a revenue increase from 174 million yuan in 2021 to 374 million yuan in 2024, achieving a CAGR of 29.1% [3][20]. - The company has expanded its product offerings across four main segments: six-axis collaborative robots, four-axis collaborative robots, composite robots, and embodied intelligent robots [3][16]. Market Potential - The collaborative robot market, while currently smaller in scale, is expected to see substantial growth, particularly in industrial applications, which remain the largest demand source [4][41]. - The company holds a market share of 13.0% in the collaborative robot sector, with a shipment volume of 14,000 units in 2023, significantly outperforming the third-largest competitor [4][45]. Financial Projections - Revenue forecasts for the company indicate growth from 4.96 billion yuan in 2025 to 8.97 billion yuan in 2027, with corresponding price-to-sales ratios of 46, 34, and 25 [11][59]. - The company is expected to narrow its net loss from 1.03 billion yuan in 2023 to 0.95 billion yuan in 2024, driven by increased shipments of six-axis and four-axis collaborative robots [3][20]. Technological Advancements - The company has launched the Dobot Atom, the world's first "dexterous operation + bipedal walking" embodied intelligent robot, which is expected to accelerate the commercialization of humanoid robots [5][51]. - The Dobot Atom features advanced AI capabilities and is designed for various applications, including household tasks and customer service roles [53][54].