大行评级｜花旗：维持对中国人形机器人供应链正面看法 予优必选“买入”评级

Group 1 - The core point of the article is that the founder and CEO of UBTECH, Zhou Jian, has voluntarily committed not to sell his personal holdings of approximately 70.5744 million H-shares, which represent about 14% of the total share capital, for a period of 12 months starting from December 29 this year [1] - This commitment indicates Zhou Jian's long-term dedication and optimistic outlook towards UBTECH's humanoid robot business [1] - Citigroup anticipates that other key management and shareholders will likely make similar announcements in the coming days, either before or on the day the latest lock-up period expires, to alleviate market concerns regarding potential stock price pressure from sales [1] Group 2 - Citigroup maintains a positive outlook on the Chinese humanoid robot supply chain, projecting a price-to-sales ratio of 23 times by 2026 [1] - The target price for UBTECH is set at HKD 155, with a "Buy" rating assigned [1]