SIASUN(SZ:300024) Ge Long Hui·2025-09-30 03:53Core Viewpoint - The article highlights the upcoming IPO of Lashi Robot, which is set to become the first comprehensive intelligent robot stock in the Hong Kong market, with a projected ranking of seventh globally in sales by 2024 [1] Group 1: Company Overview - Lashi Robot is the only company in China capable of mass-producing both industrial and collaborative robots, ranking third among domestic manufacturers and seventh globally in multi-joint robot sales by 2024 [1][4] - The company has established a comprehensive technology and product system, achieving mass production and commercialization [1][4] Group 2: Technological Advantages - The core advantage lies in its self-developed xCore control system, which is compatible with various robot types and enhances functionality through a large model training platform [3] - The company has developed an embodied AI model training platform that covers a full spectrum of sensory perception and advanced interaction [3][4] - Lashi Robot has become an ecological leader in the robotics industry through its open "ROKAE+" platform [3][4] Group 3: Product Line and Market Reach - The product matrix includes three main categories: industrial robots, flexible collaborative robots, and embodied intelligent robots, allowing the company to tap into various industries such as automotive, consumer electronics, and healthcare [4] - The company serves over 1,000 clients across approximately 40 countries and regions, indicating strong market penetration [4] Group 4: Financial Performance - Revenue has doubled from 153 million yuan to 325 million yuan between 2022 and 2024, with a gross margin increase from 7.0% to 21.9% [9] - As of June 2025, the company had cash and cash equivalents of 327 million yuan, indicating strong financial health [9] Group 5: Future Growth Potential - The company is expected to benefit from the ongoing intelligent transformation of China's manufacturing sector and the reshaping of global supply chains [10] - The market for multi-joint robots in China is projected to reach 45.3 billion yuan by 2029, with a compound annual growth rate of approximately 16% [10] - The collaboration with Zhiyuan Robot in 2025 marks a significant milestone towards becoming a leader in embodied intelligence technology [11]