Group 1 - The core viewpoint of the report is that Dahe has initiated coverage on UBTECH Robotics (09880.HK) with a "Buy" rating and a target price of HKD 114, citing its advanced technology and strong market leadership in the industrial humanoid robot sector [1] - Dahe predicts an average price-to-sales ratio of 19 times for the years 2025 to 2026, which is comparable to the average since UBTECH's listing in 2024, despite the company having undergone multiple rounds of equity financing, resulting in a valuation that is significantly discounted by up to 50% compared to peers [1] - The company is expected to continue recording losses from 2025 to 2027, but it is projected to achieve a compound annual growth rate (CAGR) of approximately 70% in revenue from 2024 to 2027, which is nearly industry-leading [1]
大和首予优必选“买入”评级 目标价114港元