Investment Rating - The investment rating for the company is "Buy" [10] Core Viewpoints - The company, UBTECH, is a leading player in the domestic intelligent service robot sector, focusing on humanoid robots with a stable revenue growth from 2020 to 2023, although it has not yet achieved profitability due to high expense ratios [3][6] - The humanoid robot market presents vast opportunities, with diverse industrial and consumer applications, supported by favorable domestic policies and advancements in technology [3][7] - UBTECH has launched a full-size humanoid robot and is actively exploring various application scenarios, positioning itself to benefit from the ongoing industrialization of humanoid robots [8] Summary by Sections Company Overview - UBTECH is a leading company in the robot body field, recognized for its comprehensive technical capabilities in humanoid robots, including hardware and control technologies, AI integration, and a robust research and development framework [15][17] - The company has accumulated 2,450 patents related to robotics and AI, with a focus on industrial manufacturing, commercial services, and home companionship [15] Financial Performance - From 2020 to 2023, the company's revenue grew from 740 million to 1.056 billion, with a compound annual growth rate of 12.55%. In the first half of 2024, revenue reached 487 million, a year-on-year increase of 86.58% [6][20] - The company has maintained high expense ratios due to significant R&D investments, resulting in a net loss of 516 million in the first half of 2024, although profitability is expected to improve [20][24] Product Development - The product mix has improved, with significant growth in consumer-grade robots and logistics robots, contributing to revenue growth. In 2023, logistics robots generated 390 million, accounting for 36.9% of revenue, while consumer-grade robots contributed 254 million, representing 24.0% [20][23] - The company aims to enhance its product offerings, with a focus on improving the profitability of consumer-grade and educational robots [24] Market Trends - The global humanoid robot market is rapidly evolving, with significant advancements expected by 2025, when mass production is anticipated. The market is characterized by increasing industrial and consumer applications [7][30] - Domestic policies are actively promoting the development of humanoid robots, with various innovation centers established across China to support research and application [41][42]
优必选（09880）：人形机器人应用优势积累，场景应用有望持续落地