具身智能国策下优必选（9880.HK）产业化提速 营收大增24% 投行估值对标特斯拉拐点前夕

Core Viewpoint - The article highlights the growth and strategic direction of UBTECH Robotics, emphasizing its advancements in humanoid robotics and the potential for commercialization in various industries [1][3][8]. Financial Performance - In 2024, UBTECH achieved total revenue of 1.305 billion yuan, representing a year-on-year growth of 23.7% [1] - The company invested 478 million yuan in R&D, accounting for 36.6% of its revenue [1] - Gross profit reached 374 million yuan, with a year-on-year increase of 12.4%, and losses narrowed by 8.3% compared to the previous year [1] Business Segments - The industry-customized robot business generated 140 million yuan in revenue, growing by 126.1% [1] - The consumer-grade robots and other smart hardware contributed 477 million yuan, with an 88.1% increase [1] - The AI education business brought in 363 million yuan, marking a 4.6% growth [1] Strategic Focus - UBTECH positions humanoid robots as a key element of "embodied intelligence" and aims to integrate these technologies into everyday life [3] - The company is committed to advancing humanoid robotics, multi-modal perception, and decision-making technologies [3] - UBTECH's management views humanoid robots as the ultimate form of embodied intelligence and a critical area for future productivity [3] Technological Advancements - UBTECH's BrainNet architecture and humanoid intelligent network central (loH) enhance the reasoning and skill capabilities of humanoid robots [4] - The company has received the Leading Technology Award at the World Internet Conference for its advancements in embodied intelligence technologies [6] - As of December 31, 2024, UBTECH holds 2,680 authorized patents, with over 500 new patents added in the past year [6] Market Position and Collaborations - UBTECH has established partnerships with major automotive companies, including Dongfeng Liuzhou Motor and BYD, to deploy humanoid robots in factories [7] - The company plans to deliver 20 humanoid robots to Dongfeng Liuzhou Motor and 500 humanoid robots to居然智家 by the end of 2025 [7] - UBTECH is recognized as a leading player in the humanoid robotics sector, drawing comparisons to Tesla during its early growth phase [7][8] Industry Recognition - UBTECH is the only Chinese humanoid robotics company included in Morgan Stanley's report on the humanoid robotics industry [8] - The company has received extensive coverage from multiple securities firms, reflecting a positive outlook on the humanoid robotics market [8]