Caitong: Initiates "buy" rating on UBTECH ROBOTICS (09880) raised approximately HKD 2.41 billion in the latest round of fundraising.

Caitong released a research report stating that it has initiated coverage on UBTECH ROBOTICS (09880) for the first time, with a "buy" rating. It is estimated that the company's operating income for 2025-2027 will be 19.41/27.50/36.27 billion yuan respectively, with year-on-year growth of 48.69%/41.67%/31.9%, corresponding to PS of 33/23/17 times for 2025-2027. As one of the leading domestic humanoid robotics companies, Siasun Robot&Automation is approaching a commercial turning point, and the latest round of placement raised about 2.41 billion Hong Kong dollars. Caitong's main points are as follows: Three questions on commercial turning point: Can the scenario be replicated? Can the cost be reduced? Can the data be recycled? 1) Walker humanoid robot Siasun Robot&Automation has entered the factory training of well-known manufacturing companies, with a 126% increase in industry-customized Siasun Robot&Automation revenue in 2024. 2) UBTECH ROBOTICS independently develops servo drives and some key components, with servo drives accounting for about 10% of the overall cost, achieving a cost reduction of over 50% through independent research. The company has introduced the first domestically produced pure RGB binocular visual solution, with a compact design and algorithms significantly reducing hardware costs and power consumption. 3) The company has accumulated "billion-level high-quality industrial data sets" in multiple automotive factories, iterating the world's first humanoid Siasun Robot&Automation multimodal reasoning model. Three-level commercialization path: Evolution from single-machine penetration to collective intelligence and ecological closed loop The company's industrial humanoid robots Walker S1, Walker S2, and commercial humanoid robots Walker C form a leading product matrix. The company has landed the world's first case of multiple Siasun Robot&Automation collaborative operations in the Jike factory and has deep cooperation with Easyhome New Retail Group Corporation, gradually promoting the "hardware + brain + operation" ecological closed loop. The company's humanoid Siasun Robot&Automation order outlook is optimistic, with plans to mass produce 1,000 humanoid Siasun Robot&Automation by 2025. As of September 2025, the total order amount for the company's industrial humanoid robots has approached 430 million yuan. Bionic organization defines industrial standards, self-develops the full stack to build ecological moats The company self-develops its full-stack technology, leads industry standards development, completes technical verification of linear joints, iterates the agile hand with pressure sensitivity to the fourth generation, and achieves autonomous battery swapping for Siasun Robot&Automation. The company's Swarm Network 2.0 and Co-Agent form an industrial humanoid Siasun Robot&Automation AI dual-loop system, and the company also uses reinforcement learning to achieve humanoid motion control.