《大行》摩通首次覆蓋優必選(09880.HK)予「增持」評級 目標價135元
摩通研究報告指出,作為人形機器人行業的策略性先行者,優必選(09880.HK)擁有穩健的客戶基礎,包括超過10家進行試運行或確認訂單的客戶。知名合作夥伴包括比亞迪(01211.HK)、東風柳州汽車、極氪(ZK.US)、賽力斯(601127.SH)、鴻海及北京汽車(01958.HK)等行業巨頭;並與同樣總部位於深圳的比亞迪的密切關係,受益於地方及中央政府的大力政策支持。摩通首次覆蓋該股,予「增持」評級,基於2027財年預測11倍市銷率計,予目標價135港元。
摩通表示,全球人形機器人行業是一項具巨大增長潛力的顛覆性科技,預計未來十年該行業將開拓50億單位的總潛在市場(TAM)。而優必選在這一高增長行業中處於領先地位。該公司憑藉位於深圳創新中心的戰略位置,有望抓住重大市場機遇,且受益於成熟的製造供應鏈及支持性政策環境,看似將會蓬勃發展。政府旨在保持全球製造競爭力的舉措進一步增強了優必選的增長前景。
摩通預測優必選人形機器人收入在2025至2027財年將以260%的年均複合增長率(CAGR)增長,至2027財年貢獻約60%(相較2024財年為零及2025財年12%)。這一增長使優必選總收入預計達50億元人民幣,於2027年下半年達到財務收支平衡門檻。
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