UBTECH ROBOTICS(09880.HK):CONTINUING ITS MISSION TO BECOME A HUMANOID ROBOT PRODUCER INITIATE WITH "BUY"
UBTECH ROBOTICS(09880.HK):CONTINUING ITS MISSION TO BECOME A HUMANOID ROBOT PRODUCER INITIATE WITH "BUY"
Initiate with "Buy" and a TP of HK$171.20. We forecast the Company's revenue in 2024-2026 to be RMB1,476 mn, RMB2,113 mn, RMB3,102 mn, respectively. Our TP represents a 45.0x, 31.5x, 21.4x 2024-2026 PSR.
建議"買入"，目標價HK$171.20。我們預測，公司2024-2026年的營業收入分別爲人民幣1,476百萬元、人民幣2,113百萬元、人民幣3,102百萬元，2024-2026年的PSR分別爲45.0倍、31.5倍、21.4倍。
The humanoid robotics industry is emerging as a highly promising sector, comparable to the early days of the electric vehicle (EV) industry. It addresses critical labor shortages caused by an aging workforce and declining birth rates, creating substantial demand across various industries. In China, the government has launched supportive policies to accelerate industry growth, highlighted by the "14th Five-Year Plan for Development of Chinese Robotics Industry". Key technologies that enable this industry are rapidly advancing towards commercial viability.
人形機器人行業正在崛起，成爲一個非常有前途的板塊，與電動汽車（EV）行業的早期相當。它解決了人口老齡化和出生率下降所引起的關鍵勞動力短缺問題，在各個行業中創造了巨大的需求。在中國，政府推出了支持行業增長的政策，其中最突出的是《中國機器人產業十四五發展規劃》。支撐這個行業發展的關鍵技術正在快速推向商業化。
Given the high and rigid demand along with advancing technology, this sector is poised to be one of the fastest-growing industries.
鑑於高度僵化的需求以及不斷進步的技術，該行業有望成爲增長最快的行業之一。
UBTech leads the emerging humanoid robot sector, distinguished by comprehensive commercial and technical capabilities. It possesses a full spectrum of core technologies, essential for developing advanced robotic models, and has effectively marketed its products to a wide audience, partly through ties with major firms such as BYD. The Company stands out as a key player in an industry recognized by the government as part of the "New Quality Productive Forces," ensuring access to significant government support. Such positioning enhances UBTech's prospects for growth and influence within the robotics market.
UBTech引領着新興的人形機器人板塊，其綜合商業和技術能力得到了區別對待。公司擁有全方位的核心技術，這是開發先進機器人模型的關鍵，通過與比亞迪等大公司的聯繫，已經成功地將其產品推向廣泛的觀衆群體，成爲該行業的關鍵參與者，得到了政府認定爲“新質量生產力”的行業支持，這種定位增強了UBTech在機器人市場的增長和影響力前景。
UBTech also leverages its technologies in consumer markets to sustain revenue while its primary industry matures. It has developed various products, including assistance solutions for retirement homes, educational and logistics robots, and smart appliances for pets. The Company's ability to meet high consumer standards indicates both its immediate financial potential and its long-term viability in the robotics industry. This reflects the strength and adaptability of UBTech's research and development capabilities, essential for its continued success.
UBTech還利用其在消費市場中的技術，以維持營業收入，同時其主要產業成熟。它已經開發出各種產品，包括養老院的輔助解決方案、教育和物流機器人以及寵物智能電器。公司滿足高度標準消費者的能力表明了其短期的財務潛力，以及其在機器人行業的長期生存能力。這反映了UBTech在研發能力上的強大和適應性，是其持續成功的關鍵。
Catalysts: 1) Release of new humanoid robotics products demonstrating commercial viability. 2) Improvements in core technologies for the industry.
催化劑：1）推出新的人形機器人產品，證明商業化可行性。2）該行業的核心技術得到改善。
Risks: 1) Intensified competition within the Chinese market as the industry matures. 2) Policy risk preventing technologies developed abroad from disseminating into the Chinese Market.
風險：1）中國市場內部競爭的加劇，隨着行業的成熟。2）政策風險阻止國外開發的技術向中國市場傳播。
譯文內容由第三人軟體翻譯。