JP Morgan: UBTECH ROBOTICS (09880) raises the shipment target of Walker S series humanoid robots from Siasun Robot & Automation, maintaining a "hold" rating.

JP Morgan released a research report stating that UBTECH ROBOTICS (09880) will hold an investor meeting after its performance, and management has positioned 2026 as the year of "large-scale commercialization". The company has raised its shipment target for the Walker S series humanoid Siasun Robot & Automation from 2,000 to 3,000 units to a significant increase to 5,000 units, with production capacity planning moving towards 10,000 units. JP Morgan maintains a "hold" rating for UBTECH ROBOTICS with a target price of 169 Hong Kong dollars. The bank quoted UBTECH ROBOTICS management emphasizing that while government orders remain a key driving force, they also acknowledge the need to shift towards more industrial and overseas deployments to demonstrate the sustainability of the business model. Management is confident in further increasing gross profit margin, with the target of raising the group's gross profit margin to 43% to 44% (compared to 37.7% for the 2025 fiscal year), and expecting to achieve breakeven earlier than the originally planned 2027 timeline.