《大行》東吳證券:優必選(09880.HK)機械人商業化進程加速 維持「買入」評級
東吳證券發表研究報告指出,優必選(09880.HK)中標覓億(上海)汽車科技有限公司逾9,051萬元人民幣機器人設備採購項目,此次中標訂單是目前全球人形機器人金額最大的採購訂單。此外,公司今年3月聯合北京人形機器人創新中心推出的172cm全尺寸科研教育人形機器人——天工行者,已獲得超百臺訂單,預計今年交付將突破300臺。
東吳證券表示,優必選的羣體智能技術是工業場景下人形機器人規模化落地的關鍵。優必選創新提出了人形機器人羣腦網絡(BrainNet)軟件架構,並設計人形智能網聯中樞Internet of Humanoids(IoH),爲羣體智能的軟硬件實現提供了可借鑑的路徑,通過雲端協同的基於多模態推理大模型的「超級大腦」和基於Transformer模型的「智能小腦」的有機結合,攻克了複雜工業場景下的協同決策與控制難題。目前該技術已在協同分揀、搬運和精密裝配三大典型場景取得突破,這一突破展現了優必選在羣體智能領域的技術領先優勢。
另一方面,公司的Walker S2使用了全球首創人形機器人熱插拔自主換電系統,令其具備一週24小時不間斷工作能力。
東吳證券維持優必選2025至2027年收入預測分別爲20.16億、28.23億、37.05億元人民幣,當前市值對應市銷率爲17倍、12倍、9倍,維持公司「買入」評級。
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