Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has won a significant procurement order for humanoid robots, valued at 90.51 million yuan, marking it as the largest order globally for humanoid robots [2] - The company is at the forefront of humanoid robot commercialization, with multiple products gradually being deployed [2] - The company has developed a unique group intelligence technology that facilitates the large-scale deployment of humanoid robots in industrial settings [3] - The Walker S2 robot features a pioneering hot-swappable autonomous battery replacement system, enabling continuous operation [4] Financial Projections - Revenue forecasts for the company are set at 20.16 billion yuan for 2025, 28.23 billion yuan for 2026, and 37.05 billion yuan for 2027, with corresponding price-to-sales ratios of 17, 12, and 9 times [5] - The company is projected to have a net profit of -1.03 billion yuan in 2025, improving to -0.74 billion yuan in 2026 and -0.23 billion yuan in 2027 [5] - The earnings per share (EPS) is expected to improve from -2.33 yuan in 2025 to -0.52 yuan in 2027 [5]