优必选发布人型机器人UWORLD U1：新目标价162港元，维持买入评级

UWORLD U1: New PO RMB162, BuyReiterateRating:BUYIPO:162.00HKD/Price:102.80HKD UWORLDUl:full-sizebionichumanoidrobot the companion and services market. The flagship version, U1 Pro, has both male (183cm)and female (168cm) versions. U1 Pro offers 24 active and 64 passive DoFs across 14 body joints, with 33 facial DoFs enabling over 30 micro-expressions. Equipped with eyetracking and sound source localization, it delivers lifelike interactions with humans. U1Pro can also sense pressure and temperature via its electronic skin. On the softwareside, U1 is powered by a fast-slow brain architecture and the Resonance-LM emotionalLLM, supported by 20o TOPS computing power, enabling multi-model processing andefficient real-world deployment of complex Al capabilities. Beyond U1 Pro, UBTECH alsolaunched U1 Ultra (a high-mobility bionic humanoid robot) and U1 Lite (a half-heightbionic humanoid robot).>13k orders on hand; delivery starting in 3Q26 KeyChanges According to UBTECH, the unit price of U1 Pro/Lite is RMB169.8k/119.8k, while that ofU1Ultra is RMB990.0k/880.0k formale/femaleversion.As of30 June,the U1series has Merill Lynch (Hong Kong)minghsun.lee@bofa.comYikai Liu, CFA >>Research Analyst already received 13.4k orders. UBTECH targets U1 series deliveries from 16 Septemberand overseas expansion in2027.Lift 2026-28E sales; new P0 HKD162, reiterate Buy Merrill Lynch (Hong Kong)Fiona Liang >>Research Analyst We lift our2026/27/28E sales by15%/19%/20%on higher expectationsfor UBTECH'shumanoid robot shipment (especially UWORLD).We now expect net loss to narrow to Merrill Lynch (Hong Kong)Summer Wang, CFA >>Research Analyst RMB209mn in2026 and turn profitable in2027.We adjust our P0 to HKD162 (fromHKD160),derived from the average of DCFand P/S valuations,with10x 2027EP/S(unchanged; see details inside) for P/S valuation. We reiterate Buy on UBTECH as weexpect rapid sales growth in its humanoid robot products over 2026-28, which couldsupport strong sales growth and GPM expansion.Estimates (Dec) (HKS)2024A2025A2026E2027E2028E Merill Lynch (Hong Kong) Price DoF: degree of freedomLLM: large language modelAl: artificial intelligenceTOPS:tera operationspersecond >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rulesRefer to'Other Important Disclosuresfor information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 10 to 13. Analyst Certification on page 7. PriceObjective Basis/Risk on page 7.12989393 iQprofile " UBTECHKey Income Statement Data (Dec) Industrials/Multi-lndustry UBTECH is China's market leader in humanoid robot and other smart service robotic products. Its product portfoliocomprises of a wide range of robotics product, includingconsumer robot, education robot, logistic robot, service &humanoid robot. We have a Buy rating on UBTECH as we expect a rapid sales growth of its humanoid robot products in 2026-28E, whichwill support a strong sales growth and GPM expansion. Stock Data Price to Book Value6.4x The male version is 183cm tall The female version is 168cm tall s estimate changesEarningsExhibit 4: New vs. old estimates We lift 2026/27/28E sales by 15%/19%/20% valuation methodologies.(1) DCF-based fair value: A fair value of HKD139.1 (was HKD165.8) is derived from our DCF calculation, with assumptions of 3.0% FCF perpetuity growth rate (unchanged) andgrowth in the long run (from 2030 onwards) as the market becomes more mature.(2) P/S-based fair value: We assign a target P/S multiple of 10x (unchanged) to 2027E sales and derive a fair value of HKD184.7 (was HKD154.0). Our target P/S is based on itsaverage P/S over the past one year, the same as our previous valuation methodologyExhibit 6: Valuation summary UBTECH (UBTRF) Our PO of HKS162 is derived from the average of DCF and P/S valuation methodologies. assumptions of 12.1% WACC and 3% FCF perpetual growth. P/S-based fair value of HKS184.7. Our target P/S of 10x is in line with its average overthe past one year (10x). Downside risks: slower-than-expected development of humanoid robot, intensifyingcompetition, lack of critical components and materials, availability of financial resources. Analyst CertificationI, Ming Hsun Lee, CFA, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. I alsocertify that no part of my compensation was, is, or will be, directly or indirectly, relatedto the specific recommendations or view expressed in this research report. Busi