Core Viewpoint - The report from Caitong Securities initiates coverage on UBTECH (09880) with a "Buy" rating, projecting revenue growth from 1.941 billion to 3.627 billion yuan from 2025 to 2027, with corresponding PS ratios of 33, 23, and 17 times [1] Group 1: Commercialization Breakthrough - The Walker humanoid robot has entered training in well-known manufacturing enterprises, with a projected 126% year-on-year growth in customized robot revenue for the industry in 2024 [1] - UBTECH has developed its own servo drives and key components, reducing costs by over 50%, with servo drives accounting for approximately 10% of the total machine cost [1] - The company has created the first pure RGB dual-camera vision solution in China, significantly lowering hardware costs and power consumption through compact design and algorithms [1] Group 2: Commercialization Pathway - The company has established a leading product matrix with industrial humanoid robots Walker S1, Walker S2, and commercial humanoid robot Walker C [2] - UBTECH has implemented the world's first multi-robot collaborative operation at the Zeekr factory and is deepening cooperation with Juran Smart Home to promote a "hardware + brain + operation" ecosystem [2] - The company has optimistic order prospects for humanoid robots, planning to produce 1,000 units by 2025, with total order value for industrial humanoid robots nearing 430 million yuan as of September 2025 [2] Group 3: Technological Standards and Ecosystem - The company is leading the development of industry standards and has completed technical verification for linear joints, achieving the fourth generation of pressure-sensitive dexterous hands for autonomous battery swapping [3] - The company's AI dual-circulation system for industrial humanoid robots consists of the Group Brain Network 2.0 and Co-Agent, utilizing reinforcement learning for humanoid motion control [3]