Investment Highlights - Company is initiating coverage on Yuejiang (02432) with an "outperform" rating and a target price of HKD 61.00, focusing on its deep engagement in collaborative robots and new product categories [1] - Yuejiang, established in 2015, is recognized as a global innovator in collaborative robots, with a projected revenue compound annual growth rate (CAGR) of 29% from 2021 to 2024 [1] - The company has over 80 Fortune 500 clients and ranks among the top two in the global collaborative robot industry with a market share of 13% based on shipment volume [1] - The global collaborative robot market is expected to see sales reach 200,000 units by 2028, implying a CAGR of 30% from 2024 to 2028 [1] International Business and Product Diversification - By 2024, the company's overseas sales are expected to account for 54%, with branches in the US, Germany, and Japan, leveraging its production base in Shandong to establish a global sales network [1] - The product range covers diverse scenarios including industrial, commercial, and educational applications, supported by self-developed motor and encoder technologies [1] AI Empowerment and Product Expansion - The company is actively expanding its product boundaries with its AI-enabled platform X-Trainer, which allows collaborative robots to operate autonomously, already implemented in companies like BYD and Luxshare Precision [2] - In 2025, the company plans to launch humanoid robots and robotic dogs, including the world's first full-size humanoid robot Dobot Atom, which can learn new skills in just 2 hours with minimal data [2] - The introduction of multiple robot categories is expected to strengthen the company's business moat and enhance growth potential [2] Market Position and Profitability Outlook - The company is optimistic about the penetration rate of collaborative robots and anticipates improved profitability due to economies of scale [2] - Despite a mature domestic competition landscape, Yuejiang is positioned advantageously with overseas sales and consumer-end scenario advantages [2] Earnings Forecast and Valuation - The company forecasts EPS of -0.12 and -0.03 for 2025 and 2026, respectively, with a current stock price corresponding to a 2026 P/S ratio of 27.5x [2] - Using a mid-term valuation method with a 2030 P/S of 13x, the target price of HKD 61 implies a 12% upside from the current stock price, justifying the "outperform" rating [2]

Core Viewpoint - The report from CICC highlights that Yuejiang (02432) is deeply engaged in collaborative robots and is expanding into new product categories, with projected EPS of -0.12 yuan and -0.03 yuan for 2025 and 2026 respectively. The current stock price corresponds to a 2026 P/S ratio of 27.5x, leading to a target price of 61 HKD, indicating a 12% upside potential from the current price, with an initial "outperform" rating assigned [1]. Group 1: Growth Potential - Yuejiang, established in 2015, has shown a remarkable revenue CAGR of 29% from 2021 to 2024. The company specializes in four-axis, six-axis, and composite collaborative robots, serving over 80 Fortune 500 clients. According to ZhiShi Consulting, Yuejiang ranks among the top two in the global collaborative robot industry with a market share of 13% based on shipment volume [2]. - The collaborative robot market is expected to grow significantly, with MIR predicting global sales to reach 200,000 units by 2028, implying a CAGR of 30% from 2024 to 2028 [2]. Group 2: International Business and Diverse Applications - By 2024, Yuejiang's overseas sales are projected to account for 54% of total sales, with branches in the US, Germany, and Japan, leveraging its production base in Shandong to establish a global sales network [3]. - The company's products cater to various sectors, including industrial, commercial, and educational applications, supported by self-developed motor and encoder technologies, as well as integrated joint control systems [3]. Group 3: Product Innovation and Expansion - Yuejiang is actively developing embodied intelligence, with its AI-enabled platform X-Trainer allowing collaborative robots to operate autonomously. This technology has been implemented in several manufacturing companies, including BYD and Luxshare Precision. The company plans to launch humanoid robots and robotic dogs in 2025, with the Dobot Atom being the world's first full-size humanoid robot capable of learning new skills in just two hours [4]. - The introduction of multiple robot categories is expected to strengthen the company's competitive moat and expand its growth potential [4]. Group 4: Market Differentiation - Unlike the market's focus on growth potential, CICC is more optimistic about the penetration rate of collaborative robots and anticipates improved profitability due to economies of scale. Additionally, while the domestic collaborative robot market is maturing, Yuejiang possesses advantages in overseas sales and consumer-end applications [5]. Group 5: Potential Catalysts - Potential catalysts for growth include the unexpected success of new product launches and higher-than-expected sales of humanoid robots [6].

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].

Core Insights - The event "Exploring Yujian Technology, Experiencing the Charm of Intelligent Robots" was successfully held, aiming to enhance communication between listed companies and investors, guiding investors to rationally understand the investment value of listed companies [1] Group 1: Company Overview - Yujian Technology, established in 2015, focuses on the research and application of intelligent robots, having launched over 20 collaborative robot products [3] - The company showcases advanced technologies such as visual and auditory recognition in its robotic arms, which can perform complex tasks like making breakfast and delivering documents [3] Group 2: Investor Engagement - Investors actively participated in hands-on experiences with robotic arms, expressing excitement about their precision and potential applications in industrial fields [4] - The dialogue with executives highlighted Yujian Technology's competitive advantages in overseas markets, emphasizing superior product performance and rapid R&D response compared to foreign brands [6] Group 3: Financial Performance - Yujian Technology projected a revenue of 374 million yuan for 2024, reflecting a year-on-year growth of 30.3%, indicating ongoing optimization of operational efficiency [8] Group 4: Recognition and Future Outlook - The company was awarded the "Investor Education Pioneer" commemorative cup for its exemplary practices in investor relations management [10] - The event aimed to break down information barriers and showcase Yujian Technology's technological strength and strategic ambitions, with plans for continued interaction between listed companies and investors to foster development in the intelligent era [13]

Core Viewpoint - The company, Yujiang Technology, reported a revenue of 374 million RMB for 2024, marking a 30.3% year-on-year increase, while net losses narrowed to 95.36 million RMB, a reduction of 7.6% compared to the previous year. The adjusted net loss was 36.5 million RMB, down 55.4% year-on-year, with a gross margin of 46.6%, up 3.1 percentage points [1][4][11]. Group 1: Revenue and Profitability - Yujiang Technology's revenue growth is driven by significant increases in sales of six-axis and composite robots, with six-axis robot sales reaching 209 million RMB, a 55.5% increase year-on-year, and composite robot revenue at 56.55 million RMB, up 64.8% [4][6][8]. - The commercial application segment saw the most substantial growth, with revenue soaring 111.6% to 25.58 million RMB, attributed to new product launches like automated coffee stations [5][9]. - Despite the overall revenue increase, the company remains in a loss position, indicating ongoing financial challenges [1][3]. Group 2: Market and Product Strategy - The company has strategically focused on six-axis and composite robots, enhancing its product matrix to meet rising market demands in various sectors, including manufacturing and retail [8][9]. - Yujiang Technology's domestic revenue reached 173 million RMB, a 47.4% increase, while overseas revenue was 201 million RMB, up 18.5%, though its share of total revenue decreased by 5.3 percentage points [10]. - The company plans to adopt a dual-driven strategy of upgrading collaborative robots and innovating embodied intelligent robots to establish a new paradigm of human-machine collaboration [15]. Group 3: Expenses and Investments - Total expenses for Yujiang Technology rose to 506 million RMB, a 21.6% increase, with administrative expenses surging 67.2% to 88.82 million RMB, largely due to costs associated with the company's IPO [11][12]. - Research and development expenditures were 71.79 million RMB, a slight increase of 1.8%, reflecting the company's commitment to enhancing collaborative robot efficiency and developing new intelligent robot products [13]. - The company has launched 27 models of collaborative robots, covering a wide range of applications across various industries, and is accelerating its layout in embodied intelligent robots [13][15].