多项新产品即将发布：中国工业人工智能基础设施与机器人之旅最新动态

UBTECH Robotics (9880.HK) What’s New from China Industrial AI Infra & Robotics Tour – MultipleNew Products to Launch CITI'S TAKE We visited UBTECH on 9 June as part of Citi’s China industrial AI Infra &Robotics Tour. Key takeaways from mgmt. are:1)UBTECH will soon debutseveral new robot products, including bionic robots, industrial humanoidrobotWalker S3, commercial humanoid robotnew Walker C, and wheel-basedCruzr Y1to drive its top line growth;2)total robot delivery will reach10k in 2026, including 5k from Walker S2, S3, and wheel-based robots andthe other 5k from Walker C + bionic robots; and3)its recently publishedworld model Thinker-WM is evaluated by LIBERO – a benchmark forevaluating lifelong robot manipulation and knowledge transfer – as highlyas Nvidia GROOT and Physical Intelligence, showcasing UBTECH’s strongmodel developing capability. Mgmt. is also confident that UBTECH will Price (10 Jun 26 16:10)HK$112.40Target priceHK$190.00Expected share price return69.0%Expected dividend yield0.0%Expected total return69.0%Market CapHK$56,582MUS$7,222M Walker S3 vs. S2 –S3 is 10kg lighter than S2 and the BOM of S3 will be 20%-30%lower than that of S2. In addition, S3 will be equipped with Nvidia’s Jetson Thor GPU(2070 FP4 TFLOPS) vs. S2’s Jetson AGX Orin (275 TOPS). In short, the upcomingWalker S3 will be cheaper, lighter, and 7.5x smarter than S2. Pre-orders of bionic robot –The pre-orders of bionic robot U1 further increased to3,000 on the eighth day after the pre-sale began. The bionic robot has 88 DoF(Degree of Freedom) and most of them concentrate on the face as it will mainlyprovide emotional value to users. This shows that UBTECH focuses on not onlyhumanoid robot’s industrial applications but also consumer usage. We think that the 2026 revenue guidance –With above mentioned new product launches, mgmt.guided that 2026 revenue could reach Rmb4.5bn. However, the breakeven is morelikely to occur in 2027 as the total humanoid robot delivery increases to 30k-50k. Self-developingGPU?–UBTECH recently established a JV with MetaX(688802.SS)to co-develop edge GPU used on humanoid robots in case of potentialgeopolitical risk escalation. For wheel-based robots, UBTECH also uses domesticchips from D-Robotics (地瓜机器人, unlisted). Jamie WangAC+852-2501-2772jamie.ck.wang@citi.com Eric Lau+852-2501-2726eric.h.lau@citi.com UBTECH Robotics Company description Founded in 2012, UBTECH is a robotics company engaged in R&D, design,production, commercialization, sales and marketing of smart service robots,smart service robotics solution, and R&D of humanoid robots. In 1H24, theconsumer-level robots and other hardware devices (consumer-level robots)made up the largest business at 36% of revenue, followed by education smart Investment strategy We rate UBTECH at Buy, believing that humanoid robots will become the nextmain growth driver for the company, contributing ~69%/78% of total revenuein 2026E/27E, up from ~39% in 2025. We also forecast UBTECH’s netloss/operating cash outflow to shrink significantly in 2026E vs. 2024, Valuation We value loss-making UBTECH using P/S. Our target price of HK$190.0 isbased on 20x 2026E P/S, similar to its average P/S since 2024. Risks Downside risks that could prevent the stock from reaching our target priceinclude: 1) weaker-than-expected revenue growth, 2) slower-than-expectedhumanoid robot development, and 3) worse-than-expected profitability due If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the Appendix A-1 ANALYST CERTIFICATIONThe research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts or Markets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES The Firm has made a market in the publicly traded equity securities of Ubtech Robotics Corp Ltd on at least one occasion since1 Jan 2025. Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from UBTECH Robotics in the past 12 months.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and these