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 ...

Group 1 - The export value of machine tool products in Taizhou reached 430 million yuan from January to May this year, representing a year-on-year increase of 33% [1] - Taizhou is a significant machine tool production base in China, with local companies increasing their efforts in exporting innovative precision machine tools [1] - Zhejiang Beiyi Electromechanical Co., Ltd. has received over 10 intention orders for machine tools valued at more than 10 million yuan after participating in overseas trade fairs [2] Group 2 - The general manager of Beiyi Electromechanical stated that their five-axis precision machine tools have over 20 patented technologies and have improved efficiency by 15% and processing accuracy by 8% compared to traditional mechanical spindles [2][4] - Taizhou Xiaojian Ren Precision Machine Tool Co., Ltd. has shifted focus to overseas markets, exporting over 100 small precision CNC machine tools this year, particularly favored by clients in India and Russia [2] - The local machine tool companies are actively innovating and expanding their overseas market presence, with support from Taizhou Customs in providing facilitation policies for smoother export processes [4]