CICC: Initiate coverage on You Bi Xuan (09880) with an outperform rating and a target price of 138 HKD.

According to the Securities Times APP, Zhongjin released a research report stating that for the first time it covered UBTECH (09880) and gave it an outperform industry rating with a target price of HK$138.00, based on the forward valuation method (2027 18x P/S), representing a 26.8% upside potential compared to the current stock price. The current trading is at 27x/18x P/S for 2025/2026, and potential catalysts for the stock price include the launch of new humanoid robots and bulk orders from large customers. The company is a pioneer in humanoid intelligent robots, with the industry expecting revenues of 2-2.7 billion HKD in 2025-2026, believing that UBTECH's humanoid robot technology accumulation will finally pay off, and UBTECH will lead in mass production.