SIASUN(SZ:300024)2025-06-02 15:44Investment Rating - The investment rating for UBTECH Robotics is "Buy" with a target price of HK$108.00, indicating an expected share price return of 28.0% [6]. Core Insights - UBTECH is confident in delivering 300-500 industrial humanoid robots (Walker S1/S2) in 2025, with a significant order from BYD expected in June 2025 [1][2]. - The bill of materials (BOM) cost for humanoid robots is projected to decrease from Rmb400k (~US$60k) to Rmb200k (~US$30k) by 2027, as production volume increases from 500 units to 10,000 units [1]. - UBTECH is leading in industrial applications of humanoid robots compared to its peers, who are primarily focused on entertainment [1]. Summary by Sections Humanoid Robot Shipments - In addition to the 300-500 units of Walker S1/S2, UBTECH plans to ship 500 units of the Una, 200 units of Walker C, and 200 units of Tiangong Walker [4]. Product Development - The new version, Walker S2, will be introduced in June 2025, with a total cost expected to be 30% lower than Walker S1 due to design improvements [3]. Computing Power - Currently, Walker S1 utilizes one Nvidia Jetson AGX Orin with a TOPS of 275, but UBTECH is considering upgrading to the Jetson AGX Thor for enhanced performance [5]. Payback Period and Lifecycle - The estimated payback period for a humanoid robot is 2.0-2.5 years, with a lifecycle of 5 years based on operational hours of 12-16 hours per day [8].