Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Viewpoints - The company achieved a revenue of 153 million yuan in 1H25, representing a year-on-year growth of 27.1%, significantly up from 9.6% in 1H24, primarily driven by the substantial increase in revenue from six-axis collaborative robots [1]. - The gross margin improved to 47% in 1H25, up by 3.1 percentage points year-on-year, and remained stable at 49.4% when excluding inventory impairment effects [1]. - The adjusted net loss for 1H25 was 22.9 million yuan, a significant reduction of 34.4% year-on-year, indicating notable improvements in operational efficiency [1]. Summary by Sections Collaborative Robots - The revenue from six-axis collaborative robots reached 94 million yuan in 1H25, growing by 46.7% year-on-year, and accounted for 61% of total revenue, benefiting from product expansion and the continuous development of core application scenarios in 3C electronics, medical, and commercial retail [2]. - Revenue from four-axis collaborative robots was 40 million yuan in 1H25, with a year-on-year increase of 7.7%, primarily due to rising industrial demand, partially offset by a shift towards six-axis products in STEAM education [2]. - Revenue from composite robots was 17 million yuan in 1H25, up by 13.1% year-on-year, driven by demand growth in manufacturing and commercial sectors [2]. - The company reported significant growth in various commercial scenarios, with revenues of 81 million yuan in industrial, 58 million yuan in education, and 14 million yuan in commercial sectors, reflecting year-on-year growth rates of 22.4%, 18.3%, and 165.5% respectively [2]. Embodied Intelligence - The company launched the world's first "dexterous operation + knee-walking" humanoid robot, DOBOT Atom, in 3M25, completing mass production verification by 6M25 and delivering the first batch to Japanese customers [3]. - The humanoid robot features an industrial-grade repeatability precision of ±0.05mm, covering tasks such as electronic welding and precision calibration, marking a transition from validation to commercialization [3]. - The company is expected to release the third generation of humanoid robots by 10M25, with core upgrades in lifespan, energy consumption, and full-body motion coordination [3]. - R&D investment reached 40 million yuan in 1H25, a year-on-year increase of 30.3%, with plans to continue enhancing R&D spending for talent acquisition, new product development, and data collection [3]. Financial Forecast and Valuation - The company has established a complete product matrix covering load ranges from 0.25 to 30 kg, with a full product line from desktop to service robots [4]. - The report forecasts revenues of 500 million yuan, 670 million yuan, and 890 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 34.3%, 33.4%, and 32.8% [4]. - The number of Fortune 500 clients has increased to 80, indicating a strong customer base and potential for continued growth [4].
越疆（02432）：1H25业绩点评：协作机器人智能化升级+具身智能机器人创新有望持续推动业绩增长