Investment Highlights - Company is initiating coverage on Yuejiang (02432) with an "outperform" rating and a target price of HKD 61.00, focusing on its deep engagement in collaborative robots and new product categories [1] - Yuejiang, established in 2015, is recognized as a global innovator in collaborative robots, with a projected revenue compound annual growth rate (CAGR) of 29% from 2021 to 2024 [1] - The company has over 80 Fortune 500 clients and ranks among the top two in the global collaborative robot industry with a market share of 13% based on shipment volume [1] - The global collaborative robot market is expected to see sales reach 200,000 units by 2028, implying a CAGR of 30% from 2024 to 2028 [1] International Business and Product Diversification - 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 [1] - The product range covers diverse scenarios including industrial, commercial, and educational applications, supported by self-developed motor and encoder technologies [1] AI Empowerment and Product Expansion - The company is actively expanding its product boundaries with its AI-enabled platform X-Trainer, which allows collaborative robots to operate autonomously, already implemented in companies like BYD and Luxshare Precision [2] - In 2025, the company plans to launch humanoid robots and robotic dogs, including the world's first full-size humanoid robot Dobot Atom, which can learn new skills in just 2 hours with minimal data [2] - The introduction of multiple robot categories is expected to strengthen the company's business moat and enhance growth potential [2] Market Position and Profitability Outlook - The company is optimistic about the penetration rate of collaborative robots and anticipates improved profitability due to economies of scale [2] - Despite a mature domestic competition landscape, Yuejiang is positioned advantageously with overseas sales and consumer-end scenario advantages [2] Earnings Forecast and Valuation - The company forecasts EPS of -0.12 and -0.03 for 2025 and 2026, respectively, with a current stock price corresponding to a 2026 P/S ratio of 27.5x [2] - Using a mid-term valuation method with a 2030 P/S of 13x, the target price of HKD 61 implies a 12% upside from the current stock price, justifying the "outperform" rating [2]
越疆(02432.HK)：深耕人机协作 探索具身智能