协作机器人锻造卓越，具身智能拓土开疆

公司评级增持（维持） 协作机器人锻造卓越，具身智能拓土开疆 报告日期2025年8月8日 投资要点： ⚫我们的观点：越疆是全球协作机器人龙头，布局具身智能拓展长期空间。公司协作机器人技术水平领先、落地场景多元、竞争优势持续、规模效应逐显，打造强劲的业绩基本盘；同时构筑“机械臂+人形+六足”具身智能机器人平台，人形机器人已实现量产和全球交付。我们战略看多协作机器人和具身智能机器人行业，亦看好公司发展前景，不排除后续公司技术、产品、商业化进展超预期的可能，但同时提醒投资者关注2025年12月公司港股解禁带来的抛压；当前我们维持公司“增持”评级。我们预计公司2025-2027年营业收入分别为5.10、7.04、9.69亿元（（无额外外注注，本报告种为为人币种），分别同比+36.6%、+38.0%、+37.7%；截至2025年8月7日收盘，公司股价对应2025-2027年的PS分别为40.4x、29.3x、21.3x。 相关研究 【兴证海外高端制造】越疆首次覆盖报告：协作机器人龙头，人形机器人增长可期-2025.04.14 ⚫协作机器人赛道景气，越疆占据龙头，业绩基本盘稳固： 分析师：余小丽S0190518020003AXK331yuxiaoli@xyzq.com.cn ➢赛道景气：相较于传统工业机器人，协作机器人注重人机安全交互、协同工作，在工业柔性产线、商业、教育、医疗等细分场景占优，受技术进步+规模经济降本+劳工成本上涨并短缺等驱动，灼识咨询预测2023-2028年全球协作机器人市场年复合增长36.6%至49亿美元。 ➢越疆具备技术+产品+渠道+落地场景优势：2023年越疆协作机器人全球出货量市占率13.0%，排名第二。1）技术先进：公司全栈技术自研，覆盖产品开发周期所有重要环节，包括关键部件+通用控制平台+安全技术+机器人技术+AI技术五大集群，电机、编码器、伺服器、控制器及传感器等关键部件国产替代率可达100%。2）产能保障充足：公司日照基地协作机器人最大年产能10万台，全球第一。3）产品矩阵丰富：CR、Nova、Magician、M、复合机器人等多系列数十款协作机器人产品在售，四轴或六轴设计，负载能力0.25-30kg，满足多元需求。4）落地场景丰富：工业场景在自动化焊接、码垛、上下料、额序分拣、点涂胶、视觉检测、装配、PCB插件、打磨抛光等多领域落地；商业场景探索额人冰琪淋、数字咖啡站、额人饮吧等模式；医疗健康领域在行业内率先实现手术机器人应用数量超200台。5）渠道优势渐显：兼顾直销与经销渠道，触达全球80多个国家和地区，高毛利的海外市场占比高，受超80家500强公司青睐。 分析师：张忠业S0190522070004请注意:张忠业并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管的活动。zhangzhongye@xyzq.com.cn ⚫多为具身智能产品形态，人形已量产交付，拓展长期空间：越疆凭借在协作机器人领域的技术及经验积累（硬件工程、机械结构、闭环反馈、场景落地等）丝滑切入具身智能赛道，并与腾讯云、药师帮等上下游公司战略合作。公司构筑“机械臂+人形+六足”具身智能机器人平台，多产品形态驱动商业化落地。其中AI赋能平台X-Trainer已在比亚迪、立讯精密、创元等多家制造业龙头企业商业化落地；起售价19.9万元/台的全尺寸人形机器人Dobot Atom2025年6月开始面向全球批量交付，有望在车厂、3C电子、物流、商业等场景陆续落地。 ⚫风险提示：技术风险、协作机器人出货不及预期、具身智能机器人量产进度不及预期、海外政策风险、市场竞争加剧、存货及资产减值、港股解禁风险、公司经营风险等。 DOBOT（02432.HK） Leaderin Collaborative Robots,PromisingFuture for Embodied Intelligence Robots Report DateAugust8, 2025 Investment Highlights: ⚫Investment View:DOBOT is the global leader in collaborative robots, with advancedtechnology,diverse application scenarios,sustained competitive advantages,andemerging scale effects that build a strong performance foundation. At the same time,DOBOT is developing an "arm + humanoid + six-legged" embodied intelligence robotplatform, with humanoid robots already achieving mass production and global delivery. Weare strategically optimistic about the collaborative robot and humanoid robot industries andbelieve in the company's growth prospects. We do not rule out the possibility of thecompany'stechnological,product,and commercialization advancements exceedingexpectations in the future; however, we also remind investors to pay attention to the sellingpressure that may arise from the company's stock lock-up expiration in December 2025.Considering all factors, we maintain a " outperform" rating for the company. We expect thecompany's revenue for 2025-2027 to be 510 million, 704 million, and 969 million yuan,respectively, representing year-on-year growth of 36.6%, 38.0%, and 37.7%. As of themarket close on August72025, the company's stock price corresponds to PS ratios of40.4x,29.3x, and21.3xfor 2025-2027, respectively. Related Report 《Dobot(02432.HK)：CollaborativeRoboticsLeader,Humanoid RobotsExpected to Grow》-April 14, 2025 Analyst：Xiaoli Yuyuxiaoli@xyzq.com.cnSFC：AXK331SAC：S0190518020003 Analyst：Zhongye Zhangzhangzhongye@xyzq.com.cnSAC：S0190522070004 ⚫Collaborative robot sector thriving, DOBOT takes the lead with a solid performancefoundation:➢Sector Overview:Compared to traditional industrial robots, collaborative robots focus on Notice: Zhongye Zhang is not a licenseholder registered at the Securities andFutures Commission (SFC), and is notallowed to engage in regulated activitiesin Hong Kong. safehuman-robot interaction and collaborative work,excelling in industrial flexibleproduction lines, business, education, healthcare, and other segmented scenarios. Drivenby technological advancements, cost reductions from economies of scale, and rising laborcosts and shortages, Zhifeng Consulting predicts a compound annual growth rate of 36.6%for the global collaborative robot market from 2023 to 2028, reaching$4.9 billion. ➢DOBOT'sadvantages in technology, products, channels, and application scenarios:In 2023, DOBOT held a 13.0% market share of global shipments of collaborative robots,ranking second. ✓Advanced Technology:The company has developed a full-stack technologyapproach that covers all key stages of the product development cycle, including fivemajor clusters: critical components, general control platform, safety technology,robotics technology, and AI technology.The localization rate of key components suchas motors, encoders, servos, controllers, and sensors can reach 100%.✓Sufficient Production Capacity:The company’s production base in Rizhao has themaximum annual capacity of 100,000 collaborative robots, ranking first globally.✓Rich Product Matrix:Multiple series of collaborative robots, including CR, Nova,Magician, M, and composite robots, are available, featuring both four-axis and six-axis designs with load capacities ranging from 0.25 to 30 kg to meet diverse demands.✓Diverse Application Scenarios:In industrial settings, applications sp