Group 1 - The core viewpoint of the report is that the company, UBTECH Robotics, is rated as outperforming the industry with a target price of HKD 138.00, indicating a potential upside of 26.8% based on a forward valuation method (2027 18x P/S) [1] - The company is recognized as the first publicly listed humanoid robot company, established in 2012, and ranked third in China's intelligent robot solutions industry by revenue in 2022 [2] - The company has seen a revenue growth of 28% year-on-year in the first half of 2025, reaching RMB 620 million, indicating that the innovation in humanoid robot technology is still in the investment phase [2] Group 2 - The Walker series, UBTECH's flagship robot product, has accumulated public orders of RMB 1.3 billion as of early December 2025, exceeding management expectations [3] - The company holds the number one market share in the domestic educational robot market with a 22.5% share by revenue in 2022, and its consumer robot revenue is projected to grow from RMB 59 million in 2020 to RMB 477 million in 2024, reflecting a compound annual growth rate of 72.4% [4] - The company invests heavily in R&D, with approximately 40.5% of its workforce dedicated to research and an annual R&D expenditure of RMB 400-500 million, which enhances its software and hardware capabilities [5]
中金：首予优必选(09880)跑赢行业评级 目标价138港元