Investment Rating - The report maintains an "Add" rating for the company [5] Core Views - The strategic cooperation agreement between the company and Yaoshi Bang aims to explore the application of intelligent robots in the pharmaceutical industry, focusing on areas such as research, warehousing, distribution, retail, and medication services [2] - The company has demonstrated strong generalization capabilities in its robots, which can adapt to various tasks in the pharmaceutical environment, including sorting and transporting medications [3] - The increasing deployment of humanoid robots in various industries is expected to accelerate their mass production and commercialization [4] Financial Forecasts - The company’s revenue projections for 2025, 2026, and 2027 are estimated at 4.96 billion, 6.73 billion, and 8.97 billion respectively, with corresponding price-to-sales ratios of 46, 34, and 25 [5] - The net profit for 2025 is projected to be a loss of 43.49 million, with a turnaround expected in 2026, achieving a profit of 1.15 million, and further increasing to 34.54 million in 2027 [5] - The earnings per share (EPS) is expected to improve from a loss of 0.11 in 2025 to a profit of 0.09 in 2027 [5]
越疆（02432）：与药师帮签署战略合作协议，越疆机器人率先落地医药应用场景