Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [10][30]. Core Insights - The company reported a total revenue of 1.056 billion yuan in 2023, with a year-on-year growth of 4.7%. However, it incurred a loss of 1.26 billion yuan, which is an increase in loss by 270 million yuan compared to the previous year [15]. - The company is focusing on long-term R&D investments to build a technological moat, with significant advancements in robotics and artificial intelligence [7][14]. - The company has launched various products, including the second-generation cat litter machine and a smart vacuum cleaner, and has established a complete secondary distribution system to cover major global markets [14]. Financial Summary - Revenue projections for 2024-2026 are 17.1 billion, 25.1 billion, and 39.0 billion yuan, respectively, with year-on-year growth rates of 62%, 47%, and 55% [18]. - The net profit forecast for the same period is -620 million, -470 million, and 30 million yuan, indicating a gradual improvement in profitability [18]. - The company's price-to-sales (P/S) ratios are projected to be 50, 34, and 22 for 2024, 2025, and 2026, respectively [18].
人形机器人应用率先落地，物流、消费级业务显著放量