Guosen Securities: First coverage of Wah Yan Robotics (01021.HK) with a "buy" rating. Increasing volume anticipated for seven-axis humanoid arm.

Zhifinance APP learned that Guotai Junan Securities released a research report stating that China Yan Robot (01021.HK) is a leading global collaborative robot company, mainly used in the industrial field, with advantages in product and technology + landing scenarios + customer and channel resources, benefiting from the prosperity of the collaborative robot race track; at the same time, the company's seven-axis humanoid arms, axial magnetic flux motors and other motion components are expected to increase in volume. It is estimated that the company's revenue for 2026-2028 will be 590 million, 888 million, and 1.326 billion yuan (RMB), respectively, with year-on-year growth rates of +52.6%, +50.4%, and +49.4%; adjusted net profit (Non-IFRS) will be 42 million, 84 million, and 148 million yuan, respectively, with year-on-year growth rates of +62.7%, +100.9%, and +76.5%; as of the closing on May 22, 2026, the company's stock price corresponds to PS multiples of 17.7x, 11.8x, and 7.9x respectively. The company is given an "accumulate" rating for the first time, and investors are advised to pay attention.