【越疆（2432.HK）】全球协作机器人龙头厂商，加速实现具身智能商业化——投资价值分析报告（付天姿/黄铮）

Core Viewpoint - The article highlights the significant growth potential and competitive advantages of the collaborative robot industry, particularly focusing on the company "越疆" as a leading player in this market, with expectations for reduced losses and increased revenue in 2024 [2][3]. Company Overview - 越疆 is a global leader in collaborative robots and embodied intelligence solutions, holding a 13% market share in 2023, ranking second globally and first in China [2]. - The company has shipped over 80,000 units across more than 15 industries, serving over 80 Fortune 500 clients, including BYD and Foxconn [2]. Financial Performance - For 2024, the company aims to achieve revenue of 374 million yuan, representing a year-on-year growth of 30.3% [2]. - The adjusted net loss is projected to be 36.5 million yuan, a significant reduction of 55.4% compared to the previous year, indicating ongoing operational efficiency improvements [2]. Industry Trends - The collaborative robot industry is experiencing a dual boost from AI and flexible manufacturing, creating a market opportunity worth hundreds of billions [3]. - Compared to traditional industrial robots, collaborative robots offer superior safety, flexibility, and adaptability, enhanced by AI technologies [3]. - The global collaborative robot market is expected to reach $5 billion by 2028, with a compound annual growth rate (CAGR) of 37% from 2023 to 2028 [3]. Competitive Advantages - The company's core competencies include a comprehensive technology chain covering robot controllers, servo motors, and AI algorithms, with a 100% localization rate for core components [4]. - The AI multimodal interaction platform, X-Trainer, significantly reduces new task training time from 72 hours to 4 hours, improving skill learning efficiency by 18 times [4]. - The product range includes six-axis, four-axis, and humanoid robots, with the humanoid robot Dobot Atom set to launch at a starting price of 199,000 yuan by mid-2025 [4][5]. Production and Quality - The production capacity at the Rizhao facility is 100,000 units per year, with positioning accuracy improved to an industry-leading ±0.02mm and a product pass rate exceeding 99.5% [5]. - This high-quality production capability supports rapid expansion into emerging markets such as Southeast Asia and Mexico [5]. Market Expansion - The company is expanding its service capabilities beyond industrial applications into healthcare, commercial, and educational sectors, gradually building cross-domain technology integration and scenario innovation capabilities [5].