大和：首予越疆(02432)“买入”评级 目标价65.5港元

Core Viewpoint - Daiwa has initiated a "Buy" rating for Yuejiang (02432) with a target price of HKD 65.5, believing the company will become a competitive player in the humanoid robot sector, leveraging its leadership in the collaborative robot (cobot) market to gain a competitive edge and drive long-term revenue growth [1] Group 1 - The report indicates that according to Yuejiang's management guidance, the company can achieve breakeven once its revenue reaches USD 100 million [1] - Daiwa expects the company to benefit from an increase in collaborative robot sales and stable gross margins, projecting that net losses will narrow to approximately RMB 10 million by 2026, bringing the company closer to breakeven [1]