方正证券发布研报称，首程控股(00697)依靠"资产运营+融通"模式多点发力。该行预测2025-2027年营收 分别达港元16.64亿元/20.69亿元/26.36亿元，归母净利润分别为港元5.29亿元/7.05亿元/10.17亿元，对应 PE倍数为31.25X/23.43X/16.24X。该行选择地方国企转型为"投资+资产运营"的衢州发展（600208） (600208.SH)、张江高科（600895）(600895.SH)和上海临港（600848）(600848.SH)为可比公司。首程控 股2025-2027年PE估值低于可比公司均值，具备估值优势。首次覆盖，给予"推荐"评级。 2025年12月24日，公司重点投资的云深处科技股份有限公司向浙江证监局提交IPO辅导备案，此前已经 完成9轮融资，总金额超15亿元，公司深耕四足机器人，逐步拓展至人形机器人、轮足机器人等，产品 覆盖电力巡检、应急救援、工业运维、安防巡逻等场景。2025年7月18日，浙江证监局披露杭州宇树科 技股份有限公司已进入上市辅导阶段，辅导周期安排在2025年7月至12月。此外公司还投资了星海图、 加速进化、松延动力、微分智飞、泉智博等核心 ...

智通财经APP获悉，方正证券发布研报称，首程控股(00697)依靠"资产运营+融通"模式多点发力。该行 预测2025-2027年营收分别达港元16.64亿元/20.69亿元/26.36亿元，归母净利润分别为港元5.29亿元/7.05 亿元/10.17亿元，对应PE倍数为31.25X/23.43X/16.24X。该行选择地方国企转型为"投资+资产运营"的衢 州发展(600208.SH)、张江高科(600895.SH)和上海临港(600848.SH)为可比公司。首程控股2025-2027年 PE估值低于可比公司均值，具备估值优势。首次覆盖，给予"推荐"评级。 方正证券主要观点如下： 机器人领域运营加速推进，线下机器人门店快速布局 2025年10月，首程控股正式推出全国首个常态化运营的机器人消费场景门店"陶朱新造局"机器人科技体 验店，汇聚旗下多家明星企业的机器人产品，集中展示具身智能、工业制造、科研教育等应用场景下的 技术最新进展。未来一年，首程控股计划在全国逐步开设20家"陶朱新造局"门店。线下门店的布局，为 公司开辟了全新的业务贡献渠道，也能通过销售数据反馈消费偏好以提供产品改进方案。 REITs全周期管理能 ...

Core Insights - The "I AM HERE Spring Xiyu Intelligent Manufacturing Driving Future" immersive robot interactive experience exhibition has launched in Chengdu's Chunxi Road business district, attracting significant public interest and participation [1][3] - The event features the debut of "Tao Zhu Xin Zao Ju," a new brand from Shoucheng Holdings, showcasing over 20 cutting-edge robotic products and technologies [3][4] - Shoucheng Holdings plans to open 20 "Tao Zhu Xin Zao Ju" stores nationwide within the next year, aiming to integrate technology into everyday life [3] Company Highlights - Shoucheng Holdings is a key player in the domestic robotics industry, focusing on humanoid robots, intelligent perception, and AI foundational models [3] - The "Tao Zhu Xin Zao Ju" store offers a one-stop experience for consumers, combining immersive interaction, on-site experience, and instant purchasing [3] - The store features products from six leading robotics companies, covering various applications such as family companionship, interactive exhibitions, and educational sports [4] Industry Trends - The event marks a significant trend towards integrating robotics into consumer experiences, with a focus on immersive and interactive technology [1][3] - The Chunxi Road business district is positioned as a prime location for brand launches and first stores in Southwest China, enhancing its commercial influence [3] - The robotics sector is witnessing rapid advancements in technology and applications, as evidenced by the diverse range of products showcased at the exhibition [4]