新股预览：越疆科技

Investment Rating - The report assigns a rating of ★★★☆☆ to the company [3]. Core Insights - The collaborative robot industry is experiencing rapid growth, with the global market size increasing from USD 466.6 million in 2019 to USD 1,039.5 million in 2023, representing a compound annual growth rate (CAGR) of 22.2%. It is expected to reach USD 4,950.0 million by 2028, with a projected CAGR of 36.6% from 2023 to 2028 [2]. - The company ranks among the top two in the global collaborative robot industry by shipment volume in 2023, holding a market share of 13.0%. In terms of revenue, it ranks seventh globally with a market share of 3.6% [1][2]. - The company offers a diverse product portfolio with 27 models across four series, catering to various sectors such as manufacturing, retail, healthcare, STEAM education, and research [1][2]. - The company has established a broad customer base across more than 80 countries and regions, utilizing both direct sales and distributor channels to achieve extensive market coverage [2]. Summary by Sections Company Overview - The company is a leading player in the development, manufacturing, and commercialization of collaborative robots, ranking first among all collaborative robot companies in mainland China [1]. Market Analysis - The collaborative robot market is still in its early stages, accounting for less than 2% of the global robot industry by revenue in 2023 [1]. - The growth rate of the collaborative robot industry significantly outpaces that of traditional industrial robots, driven by the increasing adoption of AI technologies [2]. Financial Data - The company's revenue has shown a steady increase from RMB 1.74 billion in 2021 to RMB 2.87 billion in 2023. However, the net profit attributable to shareholders has been negative, with losses increasing from RMB 0.42 billion in 2021 to RMB 1.03 billion in 2023 [4].