UBTECH ROBOTICS(09880.HK):REMARKABLE DEVELOPMENT OF AI TECHNOLOGIES AND HUMANOID ROBOT COMMERCIALIZATION
UBTECH ROBOTICS(09880.HK):REMARKABLE DEVELOPMENT OF AI TECHNOLOGIES AND HUMANOID ROBOT COMMERCIALIZATION
Catalyst: Release of a fully functional industrial humanoid robot.We maintain the investment rating at "Buy" and decrease TP to HK$123.80. Our TP represents 32.0x/ 22.2x/ 15.6x 2024-2026 PS ratio, with a 38.9% upside. Technological developments in humanoid robotics technology have been faster than expected. Therefore, we increase our UBTech Robotics (the "Company") 2024-2026 shareholders' revenue forecasts to be RMB1,616 mn (+9.5%) / RMB2,331 mn (+10.3%) / RMB3,223 mn (+3.9%), respectively.
我們將投資評級維持爲「買入」，並將目標價調低至123.80港元。我們的目標價代表2024-2026年PS市銷率的32.0倍/22.2倍/15.6倍，具有38.9%的上行空間。人形機器人技術的技術發展速度超出預期。因此，我們將UBTech Robotics（以下簡稱「公司」）2024-2026年股東營業收入預測分別調高至人民幣1,616百萬元（+9.5%）/人民幣2,331百萬元（+10.3%）/人民幣3,223百萬元（+3.9%）。
In 1H2024, the Company achieved significant advancements in both Robotics Technologies and Software AI Technologies. In robotics, it improved the efficiency and precision of robot movements with an updated linear servo actuator, released ROSA v2 middleware for enhanced communication and coordination, introduced specialized vision systems, and refined its gait algorithm. UBTech also integrated visual SLAM AI into its driverless logistics vehicles, achieving L4 technology with safe and stable operation in complex environments. Additionally, the Company advanced machine vision for enhanced object recognition and developed higher-order motion control AI using transformer-based learning, culminating in a general-purpose humanoid robot solution for industrial scenarios.
在2024年上半年，公司在機器人技術和軟件AI技術方面取得了重大進展。在機器人領域，它通過升級線性伺服驅動器提高了機器人移動的效率和精度，發佈了ROSA v2中間件以增強通信和協調能力，引入了專業視覺系統，並優化了步態算法。UBTech公司還將視覺SLAm AI整合到其無人駕駛物流車輛中，實現了複雜環境下L4技術的安全穩定運行。此外，該公司通過改進物體識別技術推進了機器視覺，並利用基於變壓器學習的高階運動控制AI開發了通用型工業場景的人形機器人解決方案。
UBTech has begun commercializing the Walker S Series humanoid robot through partnerships with leading NEV manufacturers and companies in the automotive and 3C sectors. UBTech announced collaborations with companies such as Dongfeng Liuzhou Motor, Geely Auto, and Foxconn to develop a humanoid robot application ecosystem and pilot new use cases. The industrial version of Walker S has already been introduced into final assembly training lines of domestic NEV manufacturers, signaling that the physical and mechanical development of the robot is nearly complete. Given that Walker S is currently being trained in real factories, a mass-producible version is expected by mid to late 2025, contingent on the successful development of use cases.
UBTech已經開始通過與領先的新能源汽車製造商和汽車、3C行業的公司合作商業化Walker S系列人形機器人。UBTech宣佈與東風柳州汽車、吉利汽車和富士康等公司合作，共同開發人形機器人應用生態系統並試點新的使用案例。Walker S的工業版已經被引入國內新能源汽車製造商的最終裝配訓練線，表明該機器人的物理和機械研發工作幾乎完成。鑑於Walker S目前正在真實工廠進行訓練，預計可以在2025年中期至晚期推出可大規模生產的版本，前提是成功開發使用案例。
Catalyst: Release of a fully functional industrial humanoid robot.
催化劑：發佈功能齊全的工業人形機器人。
Risk factors: Limited development of industrial use cases, regulatory policy risk.
風險因素：工業應用案例研發有限，監管政策風險。
譯文內容由第三人軟體翻譯。
