Group 1 - The core viewpoint is that the company, UBTECH Robotics, is the first publicly listed humanoid robot company, with a target price of HKD 138.00, indicating a potential upside of 26.8% from the current stock price [1][2] - The company was established in 2012 and ranked third in China's intelligent robot solutions industry by revenue in 2022, with its Hong Kong listing occurring in 2023 [2] - The company expects revenue of RMB 6.2 billion in the first half of 2025, reflecting a year-on-year growth of 28%, indicating that the company is still in the investment phase for humanoid robot technology [2] Group 2 - The Walker series is the flagship product, with cumulative public orders reaching RMB 1.3 billion by early December 2025, exceeding management expectations [3] - The company is accelerating the mass production of humanoid robots in 2025, enhancing functionalities such as data collection and industrial handling [3] - In the education robot market, the company holds a 22.5% market share by revenue in 2022, while its consumer robot revenue is projected to grow from RMB 0.59 billion in 2020 to RMB 4.77 billion by 2024, with a compound annual growth rate of 72.4% [4] Group 3 - The company invests heavily in research and development, with approximately 40.5% of its workforce dedicated to R&D and an annual investment of RMB 400-500 million [5] - The company is focused on intensive training of embodied intelligence models and hardware innovation, which provides a first-mover advantage in the market [5]
中金：首予优必选跑赢行业评级 目标价138港元