Core Viewpoint - Company is positioned as a global innovator in collaborative robots with significant growth potential, expecting EPS of -0.12 and -0.03 for 2025 and 2026 respectively, and a target price of HKD 61, indicating a 12% upside from the current stock price [1][2]. Group 1: Growth Potential - Company was established in 2015 and has achieved a compound annual growth rate (CAGR) of 29% in revenue from 2021 to 2024, with over 80 Fortune 500 clients [2]. - Company ranks among the top two in the global collaborative robot industry with a market share of 13% based on shipment volume [2]. - The global collaborative robot market is projected to reach 200,000 units by 2028, implying a CAGR of 30% from 2024 to 2028 [2]. Group 2: International Business Layout - By 2024, the company's overseas sales are expected to account for 54%, with branches in the US, Germany, and Japan, leveraging its production base in Shandong to establish a global sales network [3]. - Company products cater to diverse scenarios including industrial, commercial, and educational sectors, utilizing self-developed motor and encoder technology, as well as integrated joint technology [3]. Group 3: Product Expansion and Innovation - The company is actively developing embodied intelligence, with its AI-enabled platform X-Trainer allowing collaborative robots to operate autonomously, already implemented in companies like BYD and Luxshare Precision [4]. - New products such as humanoid robots and robotic dogs are set to be launched in 2025, including the world's first full-size humanoid robot Dobot Atom, which can learn new skills in just 2 hours with minimal data [4]. - The introduction of multiple robot categories is expected to strengthen the company's competitive moat and expand its growth potential [4]. Group 4: Market Differentiation - The company is more optimistic about the penetration rate of collaborative robots and anticipates improved profitability due to economies of scale, contrasting with market focus on growth potential [5]. - Despite a mature domestic competition landscape, the company possesses advantages in overseas sales and consumer scenarios [5]. - Potential catalysts include exceeding expectations in new product launches and humanoid robot sales [5].
中金：首予越疆(02432)跑赢行业评级 目标价61港元