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《大行》大和首予優必選(09880.HK)「買入」評級 目標價114元
大和發表研究報告,認為智能機械人公司優必選(09880.HK)擁有尖端技術,在工業用人形機械人領域具有強大的市場領導地位,首次覆蓋予優必選「買入」評級,目標價114元,基於預測2025至2026年平均市銷率19倍,與其2024年上市以來均值相若,但由於曾進行多輪股本融資,估值較同業呈達五成大幅折讓。大和預計,即使優必選在2025至27年間料續錄虧損,其在2024至2027年間收入年均複合增長率料約70%近乎行業領先。 報告指,根據優必選管理層表示,公司目前擁有超過1,000台用於工業應用(Walker S)和人工智能訓練(TKXZ)的人形機械人訂單,並於2025年推出了一款先進的人形機器人UNA,適用於商業和消費應用。 此外,憑藉其自主研發的核心技術和早期商業用例訓練,優必選於2024年開發了一套成熟的工廠環境箱體搬運解決方案,該行相信這最終將實現大規模生產,用於工廠環境中的勞動力替代。 大和認為,隨著其最新人形機械人功能的不斷進化(分揀功能可能是下一個能力),它將日益取代人力勞動,預計公司的人形機械人出貨量將從2025年預估的500台增加至2027年預估的超過10,000台。此外,該行預計隨著優必選大規模生產使平均售價(ASP)可能減半,優必選人形機器人的需求將顯著增加,認為,2026至2027年期間,隨著成本降低速度超過平均售價下降,其人形機械人的毛利率將擴大。 大和表示,優必選憑藉來自汽車原始設備製造商如吉利(00175.HK)、比亞迪(01211.HK)及東風集團(00489.HK)的確認訂單,處於有利地位。該行預計,2026至2027年期間,人形機械人的收入將對其總收入貢獻顯著,短期內的盈利則由其其他產品支撐。
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