Open Source Securities: First coverage of ONEROBOTICS (06600) with a "Buy" rating. AI home leader Siasun Robot&Automation.

Open Source Securities issued a research report stating that considering the new product launch and continuous volume increase of ONEROBOTICS (06600), as well as its ecological and technological barriers, the company is expected to have a net profit attributable to shareholders of 480 million/1.90 billion/2.30 billion yuan from 2026 to 2028, corresponding to EPS of 0.2/0.8/1.0 yuan respectively. The current stock price corresponds to a PE ratio of 430.8/107.8/89.4 times. The firm initiated coverage with a "buy" rating. Key points from Open Source Securities are as follows: Global Family Siasun Robot&Automation System Leader Position Remains Solid The company is a global provider of AI-equipped home Siasun Robot & Automation system services, with technology iteration and globalization as core growth drivers. With a market share of 11.9% in 2024, it ranks first in the global industry and has been the number one player in the Japanese market for three consecutive years. The company achieved a revenue CAGR of 49.0% from 2022 to 2024, with adjusted net profit reaching 13 million yuan in 2025, up by 1053.2% year-on-year, indicating sustained improvement in profit quality. Industry Perspective: Intelligent driving industry sees high growth, Family Siasun Robot&Automation System race enters a period of explosive growth The global family Siasun Robot&Automation system industry is in a rapid growth phase, with a market size CAGR of 63.7% from 2022 to 2024. Frost & Sullivan expects the market to reach 70.7 billion yuan by 2029, with a high CAGR of 64.2% from 2024 to 2029. Demand, technology, and products are collectively driving the industry towards systematic, intelligent, and efficient upgrades, with the penetration rate of the racecourse expected to increase from 2.3% in 2024 to 16.2% in 2029, providing ample growth opportunities. Company Strengths: Technology-Product-Ecological Dimension Builds Moat, Significant Competitive Advantages Technology dimension: The company's three core technologies are fully self-controlled, with a CAGR of R&D expenditure of 34.7% from 2022 to 2025, and over 31 R&D projects achieving 100% productization. Product dimension: With a scarce global market share in all categories, several innovative products lead the global market, and the "lossless installation" feature precisely meets core market demands, with a gradientized product structure driving gross profit margin from 34.3% in 2022 to 54.0% in 2025. Ecological dimension: The App has accumulated over 3.6 million registered users, with over 800,000 new registered users expected by 2025, constructing a high-viscosity ecological barrier. Future Outlook: Fundraising projects anchor long-term growth, technology iteration + channel expansion unlocks growth space Of the proceeds from the company's global offering, 66.5% will be used to enhance R&D capabilities, focusing on deploying next-generation products such as the VLA model humanoid household Siasun Robot&Automation, and building data acquisition facilities to create a "data flywheel". 19.8% will be used for global sales channel expansion and brand promotion, deepening core market advantages and exploring new market increments. In the short term, the company's AI tennis Siasun Robot&AutomationAcemate, Onero H1 equipped home Siasun Robot&Automation, and new product iterations in core categories landing in Japan, Europe, and the US, are expected to continue to contribute to performance. In the long term, the positioning of VLA models, Siasun Robot&Automation, core technology in vision control, and ecological layout will further consolidate the company's leading position globally. Risk Warning: R&D landing below expectations, overseas market operations fluctuation, intensified industry competition.