SIASUN(SZ:300024) 3 6 Ke·2025-07-29 10:53Core Viewpoint - Morgan Stanley initiates coverage on UBTECH Robotics, labeling it as the "first humanoid robot stock" with an "overweight" rating and a target price of HKD 135, highlighting its strong customer base and leadership in the rapidly growing humanoid robot industry [1] Group 1: Company Overview - UBTECH has established a solid customer foundation, partnering with leading companies such as BYD, Foxconn, Geely, Dongfeng Liuzhou, and BAIC New Energy, which has led to confirmed orders in the humanoid robot sector [1] - The company has received attention from multiple domestic and international brokerages, including Citigroup, Daiwa, and others, indicating strong market interest [2] Group 2: Financial Performance and Projections - The humanoid robot business is projected to achieve a compound annual growth rate (CAGR) of 260% from 2025 to 2027, potentially reaching 60% of the company's revenue by 2027, with an estimated annual revenue of approximately HKD 5 billion [2] - UBTECH completed a significant share placement, raising HKD 2.41 billion (approximately USD 315 million), which is the largest stock placement in the humanoid robot sector to date, providing substantial financial support for scaling production [3] Group 3: Market Developments - The application of humanoid robots is accelerating in China, with UBTECH winning a major order worth CNY 90.51 million, marking the largest procurement order for humanoid robots globally [4] - UBTECH plans to deliver 500 industrial humanoid robots this year, with additional orders for educational robots expected to exceed 300 units [4] Group 4: Technological Advancements - UBTECH has launched the Walker S2, a full-size industrial humanoid robot featuring the BrainNet 2.0 technology and the Co-Agent system, enabling autonomous operation and collaborative capabilities [5] - The company has introduced a pioneering hot-swappable battery system, allowing for 24/7 operation, which is crucial for the commercial viability of humanoid robots [5] - The humanoid robot industry is entering a growth phase, with commercial application levels being a key factor for competitive advantage [5]