机构：中金公司 潜在催化剂：新产品开拓超预期；人形机器人销量超预期等 盈利预测与估值 风险 研究员：郭威秀/张怡康/刘中玉/彭虎/贾顺鹤/王梓琳 投资亮点 首次覆盖越疆（02432）给予跑赢行业评级，目标价61.00 港元。越疆深耕协作机器人，并在新品类延 展。我们基于中期P/S 估值法，理由如下： 全球协作机器人创新者，成长潜力突出。越疆2015 年成立，2021-2024年营收复合增速29%。公司主营 涵盖四轴、六轴、复合协作机器人，已有超过80 家全球500 强客户。根据灼识咨询，2023 年越疆在全 球协作机器人行业中排名前二（市占率13%，按照出货量）。协作机器人基于人机交互的优势方兴未 艾，根据MIR 预测，2028 年全球协作机器人销量有望达到20 万台，隐含2024-2028E 复合增速为30%。 国际化业务布局，多元场景并举。1）2024 年公司境外销售占比为54%，公司在美国、德国以及日本等 国家设有分支机构，依托山东生产基地，布点全球销售网络。2）公司产品覆盖工业、商业、教育等多 元化场景，自研电机和编码器技术、驱控及一体化关节技术。 积极布局具身智能，拓宽产品边界。公司AI 赋能平台X ...

公司AI赋能平台X-Trainer实现协作机器人自主操作能力，在比亚迪（002594）、立讯精密（002475） 等多家制造业企业落地应用。2025年公司发布人形机器人、机器狗等新品。全球首款直膝行走的全尺寸 人形机器人Dobot Atom，仅需2小时采集少量数据即可掌握新技能。该行认为多品类机器人有助于巩固 公司业务护城河，打开发展上限。 中金主要观点如下： 全球协作机器人创新者，成长潜力突出 越疆2015年成立，2021-2024年营收复合增速29%。公司主营涵盖四轴、六轴、复合协作机器人，已有 超过80家全球500强客户。根据灼识咨询，2023年越疆在全球协作机器人行业中排名前二(市占率13%， 按照出货量)。协作机器人基于人机交互的优势方兴未艾，根据MIR预测，2028年全球协作机器人销量 有望达到20万台，隐含2024-2028E复合增速为30%。 国际化业务布局，多元场景并举 中金发布研报称，越疆(02432)深耕协作机器人，并在新品类延展，预计公司2025/2026年EPS分别 为-0.12元、-0.03元。当前公司股价对应2026P/S为27.5x。该行基于中期估值法(2030年13x P/S ...

Core Viewpoint - The leading global collaborative robot company, Yujian Technology, announced a significant financing plan to raise over HKD 1 billion through a discounted share placement to accelerate technology research and global market expansion [1][2]. Financing Plan - Yujian plans to issue 19.1 million new H-shares at a price of HKD 54.3 per share, representing a discount of approximately 9.5% from the last closing price of HKD 60 [1]. - The share placement will dilute the existing share capital by about 4.73%, with a projected net fundraising amount of approximately HKD 1.022 billion after expenses [1]. Strategic Focus - The raised funds will be allocated to four strategic areas: increasing investment in core technology research, seeking opportunities for industry chain integration, expanding global sales channels, and supporting operational funding for emerging application scenarios [1][2]. Financial Performance - For 2024, Yujian reported a revenue of HKD 374 million, a year-on-year increase of 30.3%, but still recorded a net loss of HKD 103 million [2]. - The adjusted loss narrowed significantly by 55.4%, with a gross margin improvement to 46.6% [2]. Product and Market Position - Yujian's core product, the six-axis collaborative robot, contributed 55.9% of total revenue, with a strong year-on-year growth of 55.5% [2]. - The company has a self-research rate of over 90% for key components and has accumulated 961 patents [2]. Market Expansion - Yujian's products are currently available in over 80 countries and regions, serving more than 80 Fortune 500 companies, with overseas revenue accounting for 59% [3]. - The capital injection is expected to enhance competitiveness against international giants in terms of R&D speed, production capacity, and market coverage [3]. Market Reaction - Following the announcement, Yujian's stock price fell by 2.67% to HKD 58.4, but has seen a cumulative increase of 146.41% this year [3][4]. - Analysts believe that while the discounted placement may cause short-term stock volatility, the funding is likely to accelerate the company's path to profitability [3]. Challenges Ahead - Yujian faces ongoing profitability pressures, with R&D expenses reaching HKD 77.52 million in 2024, necessitating broader scale applications to dilute high costs [3]. - The economic viability of new commercial service robots will be crucial for large-scale market adoption [3].

Core Viewpoint - Company is recognized as a global leader in collaborative robots and embodied intelligence solutions, with a strong outlook for continued commercial validation and growth [1][2] Group 1: Market Position and Performance - Company holds a 13% market share in the global collaborative robot shipment, ranking second globally and first in China, with over 80,000 units shipped across more than 15 industries [2][4] - Expected revenue for 2024 is projected at 374 million yuan, representing a year-on-year growth of 30.3%, while adjusted net loss is anticipated to narrow by 55.4% to 36.5 million yuan [2][5] Group 2: Industry Trends and Opportunities - The collaborative robot industry is poised for significant growth driven by the "AI + flexible manufacturing" trend, with a projected market size of $5 billion by 2028 and a compound annual growth rate (CAGR) of 37% from 2023 to 2028 [3] - Emerging applications in commercial, medical, and educational sectors are expected to grow faster than traditional industrial applications [3] Group 3: Competitive Advantages - Company boasts a comprehensive technology stack, achieving 100% localization of core components, and has significantly improved training efficiency for AI tasks [4] - Product offerings include a wide range of robots, with the humanoid robot Dobot Atom set to launch at a starting price of 199,000 yuan in 2025 [4] - Production capacity is robust, with a facility capable of producing 100,000 units annually and achieving high quality standards [4] Group 4: Financial Projections and Valuation - Revenue forecasts for 2025-2027 are 500 million, 670 million, and 890 million yuan, with respective year-on-year growth rates of 34%, 33%, and 33% [5] - Current stock price is projected to be in the range of 48.50 to 98.77 HKD based on relative and absolute valuation metrics [5]

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].