Core Viewpoint - The report from Caitong Securities initiates coverage on UBTECH (09880) with a "Buy" rating, forecasting revenue growth from 2025 to 2027 at 48.69%, 41.67%, and 31.90% respectively, with corresponding PS ratios of 33, 23, and 17 times [1] Group 1: Commercialization Breakthrough - The Walker humanoid robot has entered practical 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 accumulated a "billion-level high-quality industrial dataset" in multiple automotive factories, iterating the world's first humanoid robot multimodal reasoning model [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, progressing towards a "hardware + brain + operation" ecosystem [2] - UBTECH plans to produce 1,000 humanoid robots by 2025, with total order value for industrial humanoid robots nearing 430 million yuan as of September 2025 [2] Group 3: Technological Development - 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 dual-circulation AI system for industrial humanoid robots consists of Group Brain Network 2.0 and Co-Agent, utilizing reinforcement learning for humanoid motion control [3]