Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9] Core Insights - The company, Shenzhen Yujian Technology Co., Ltd., focuses on collaborative robots and has established a comprehensive product matrix that includes educational, industrial, and consumer segments, indicating a robust business ecosystem [8][9] - The company has a strong competitive advantage through its self-developed technology, safety innovations, and service ecosystem, which create barriers to entry in the collaborative robotics market [8][9] - The company is actively developing embodied intelligence, with the recent launch of the humanoid robot Dobot Atom, which enhances its market position and commercial viability [8][9] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are estimated at 5.06 billion, 6.74 billion, and 8.69 billion yuan, respectively, with net profits expected to be -0.72 billion, -0.20 billion, and 0.62 billion yuan [7][9] - The company’s current market capitalization corresponds to price-to-sales (PS) ratios of 40X and 30X for 2025 and 2026, respectively, which are lower than comparable companies [9] - The company has experienced a compound annual growth rate (CAGR) of 28.9% in revenue from 2021 to 2024, driven primarily by the expansion of its six-axis robots in industrial applications [33][40] Product Matrix and Market Potential - The company has developed a product matrix consisting of four series of collaborative robots, covering various applications in industrial manufacturing, healthcare, education, and commercial services [25][27] - The collaborative robotics market is expected to grow significantly, with a projected market size of 18.5 billion USD by 2025, driven by demand in industrial, commercial, and healthcare sectors [57][58] - The company holds a leading market share in collaborative robots, with a shipment volume of 14,000 units in 2023, representing a 13% market share [62]
越疆（02432）：协作机器人+具身智能，双轮驱动