越疆(2432.HK)：协作机器人筑基 具身智能迎风启航

Core Viewpoints - Company is a leading player in the global collaborative robot sector, leveraging a comprehensive self-developed technology system, diverse product matrix, and global layout to establish significant competitive advantages [1] - As of August 2025, the cumulative shipment of collaborative robots is expected to reach 100,000 units, ranking first in China and second globally [1] - The company is actively expanding into the embodied intelligence sector, developing a product matrix that includes "robotic arms, humanoid robots, and robotic dogs" [1] Summary by Sections Collaborative Robot Market - The global collaborative robot market is projected to grow from $1.04 billion in 2023 to $4.95 billion by 2028, driven by policy support, aging population, and advancements in AI and 3D vision technology [2] - The company is well-positioned to benefit from this market expansion due to its self-researched technology, diverse product offerings, and extensive distribution channels [2] Product Development and Innovation - The company has established a multi-form embodied intelligence product matrix, with plans to launch an AI training platform (X-Trainer) in 2024 and various humanoid robots and intelligent robotic products by 2025 [2] - Strategic partnerships with Tencent, Yaoshi Bang, and Inspur Cloud are in place to accelerate the commercialization of embodied intelligence products, with actual orders already received from companies like Ruidefeng and Lansi Technology [2] Financial Projections - Revenue projections for 2025-2027 are estimated at 501 million, 753 million, and 1.076 billion yuan, reflecting year-on-year growth rates of 34.08%, 50.26%, and 42.89% respectively [3] - Net profit for the same period is expected to be -55 million, -11 million, and 66 million yuan, with significant year-on-year growth of 41.99%, 79.54%, and 684.54% respectively [3]