乘无人零售之风，自动售货机龙头起航

Equity Research·Company Research·Retail Beijing UBOX Online Technology (2429 HK) Riding the wave of unmanned retail, the leader [Table_Author ]1 4 March 2024 of vending machines sets sail Research Analyst Buy (Initiation) Ruibin Chen (852) 3982 3212 chenrobin@dwzq.com.hk Forecast & Valuation 2022A 2023E 2024E 2025E Revenue (RMB mn) 2,519.31 2,761.85 4,090.24 4,994.10 Growth (YoY %) -5.88 9.63 48.10 22.10 P[Traicbel eP_ePrifcoQrmuoatnec] e Net profit (RMB mn) -284.53 -150.82 26.15 184.19 Growth (YoY %) -53.8 ...