Core Viewpoint - The report from CICC highlights that Yuejiang (02432) is deeply engaged in collaborative robots and is expanding into new product categories, with projected EPS of -0.12 yuan and -0.03 yuan for 2025 and 2026 respectively. The current stock price corresponds to a 2026 P/S ratio of 27.5x, leading to a target price of 61 HKD, indicating a 12% upside potential from the current price, with an initial "outperform" rating assigned [1]. Group 1: Growth Potential - Yuejiang, established in 2015, has shown a remarkable revenue CAGR of 29% from 2021 to 2024. The company specializes in four-axis, six-axis, and composite collaborative robots, serving over 80 Fortune 500 clients. According to ZhiShi Consulting, Yuejiang ranks among the top two in the global collaborative robot industry with a market share of 13% based on shipment volume [2]. - The collaborative robot market is expected to grow significantly, with MIR predicting global sales to reach 200,000 units by 2028, implying a CAGR of 30% from 2024 to 2028 [2]. Group 2: International Business and Diverse Applications - By 2024, Yuejiang's overseas sales are projected to account for 54% of total sales, with branches in the US, Germany, and Japan, leveraging its production base in Shandong to establish a global sales network [3]. - The company's products cater to various sectors, including industrial, commercial, and educational applications, supported by self-developed motor and encoder technologies, as well as integrated joint control systems [3]. Group 3: Product Innovation and Expansion - Yuejiang is actively developing embodied intelligence, with its AI-enabled platform X-Trainer allowing collaborative robots to operate autonomously. This technology has been implemented in several manufacturing companies, including BYD and Luxshare Precision. The company plans to launch humanoid robots and robotic dogs in 2025, with the Dobot Atom being the world's first full-size humanoid robot capable of learning new skills in just two hours [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 - Unlike the market's focus on growth potential, CICC is more optimistic about the penetration rate of collaborative robots and anticipates improved profitability due to economies of scale. Additionally, while the domestic collaborative robot market is maturing, Yuejiang possesses advantages in overseas sales and consumer-end applications [5]. Group 5: Potential Catalysts - Potential catalysts for growth include the unexpected success of new product launches and higher-than-expected sales of humanoid robots [6].
中金：首予越疆跑赢行业评级 目标价61港元