Investment Rating - The report upgrades the investment rating of the company to "Buy" [6] Core Views - The company is expected to benefit from the accelerated industrialization of humanoid robots and an increase in the penetration rate of its core service robots [6] - The report highlights the importance of collective intelligence in the large-scale application of humanoid robots in industrial scenarios, emphasizing the need for collaborative capabilities to maximize work efficiency [3] - The introduction of the BrainNet software architecture and the Internet of Humanoids (IoH) is seen as a significant innovation that supports the development of collective intelligence in humanoid robots [4] Financial Projections - The company’s total revenue is projected to reach 16.77 billion, 23.62 billion, and 32.14 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting growth rates of 58.82%, 40.87%, and 36.06% [6] - The report anticipates a gradual improvement in net profit, with projections of -929.45 million, -719.87 million, and -275.13 million yuan for the years 2024, 2025, and 2026, indicating a significant reduction in losses [6] - The earnings per share (EPS) is expected to improve from -2.10 yuan in 2024 to -0.62 yuan in 2026 [6] Technological Advancements - The company has developed a collective brain network that enables efficient collaborative operations among humanoid robots, facilitating tasks such as sorting, transporting, and precise assembly [5] - The use of advanced technologies, including multi-modal embodied reasoning models and cross-domain perception techniques, is highlighted as a key factor in enhancing the operational capabilities of humanoid robots [4][5]
优必选：促发人形机器人群体智能觉醒，协同提效有望加速产业落地-20250309