Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of HKD 85.34-94.83 per share, corresponding to a market capitalization of HKD 35.8-39.8 billion [4][15] Core Views - The company is a leading humanoid robotics enterprise in China, with a comprehensive layout across multiple scenarios, positioning it for significant growth potential [1] - The company has a strong presence in the education and logistics sectors, ranking first in the education segment with a 22.5% market share [2] - Revenue has grown steadily from RMB 740 million in 2020 to RMB 1.056 billion in 2023, with a CAGR of 12.55% [2] - The company maintains a high R&D investment, with a 50% R&D expense ratio and 2,450 authorized patents as of June 2024 [2] - The humanoid robotics industry is poised for rapid growth, driven by AI advancements and policy support, with the company well-positioned to benefit from this trend [2] Market Performance - The stock price closed at HKD 81.90 on September 17, 2024, with a 52-week range of HKD 69.80-328.00 [1] - The company has a total market capitalization of HKD 34.362 billion, with 420 million shares outstanding [1] Financial Performance - Revenue for H1 2024 reached RMB 523 million, a 100.18% YoY increase, with a gross margin of 38.01% [2] - Net loss narrowed to RMB 516 million in H1 2024, a slight improvement YoY [2] - Revenue is expected to grow to RMB 1.812 billion in 2024, RMB 2.468 billion in 2025, and RMB 3.188 billion in 2026, with net losses gradually decreasing [4] Business Segments - AI Education: Revenue for 2023 was RMB 347 million, with a 112.9% YoY increase in H1 2024 Expected revenue growth of 100%/30%/20% for 2024/2025/2026, with gross margins improving to 45%/50%/55% [5] - Logistics: Revenue for 2023 was RMB 390 million, with a 47.9% YoY increase Expected revenue growth of 45%/30%/20% for 2024/2025/2026, with gross margins stabilizing at 14%/13%/12% [6] - Customized Solutions: Revenue for 2023 was RMB 62 million, with a 309.5% YoY increase in H1 2024 Expected revenue growth of 70%/100%/100% for 2024/2025/2026, with gross margins improving to 50%/55%/60% [7] - Smart Hardware: Revenue for 2023 was RMB 254 million, with a 105.5% YoY increase in H1 2024 Expected revenue growth of 70%/40%/30% for 2024/2025/2026, with gross margins stable at 30% [7] Industry Outlook - The humanoid robotics industry is expected to be a disruptive technology, integrating AI, advanced manufacturing, and new materials [2] - The company has established partnerships with major automotive and logistics companies, including Dongfeng Liuzhou, Geely, and SF Express, to build an application ecosystem for humanoid robotics [2]
优必选：公司研究报告：人形机器人领先企业，多场景布局打开成长空间