EB Securities: Maintains "buy" rating on DOBOT (02432) as collaborative arm continues to validate high growth.

EB SECURITIES released a research report stating that DOBOT (02432) is a rare target that currently combines the leading position in global collaboration of Siasun Robot & Automation with the self-developed ability of embodied intelligence full-stack. Considering the multiple resonant periods of the company's collaborative arm business entering a new product volume, customer repurchase, capacity expansion, and profit improvement in 2026, with clear shipping targets for the embodied intelligence business and accelerated commercialization, the revenue forecast for 2026-2028 has been raised to 750 million/1.08 billion/1.53 billion yuan (originally forecasted at 700 million/980 million/1.37 billion yuan), corresponding to year-on-year growth rates of 52%/45%/41%. The bank believes that DOBOT's current valuation is significantly discounted compared to comparable companies such as South Korea's Doosan Siasun Robot & Automation, and the return to the A-share market is expected to catalyze valuation repair, maintaining a "buy" rating on the company. Main viewpoints of EB SECURITIES: Events The bank held a systematic exchange with the company's management on June 10, 2026, focusing on core topics such as the strategic layout of embodied intelligence and cutting-edge world model technology. From a strategic perspective, the company has clearly upgraded to a platform company for embodied intelligence, adopting a "one brain, multi-body" approach in technology architecture, covering various forms of products such as mechanical arms, wheeled robots, humanoid robots, and quadrupeds with a unified brain and small brain system, and promoting the large-scale landing of diversified forms of Siasun Robot & Automation in industrial, research, and commercial scenarios. In summary, the core conclusion of this exchange is that the company's collaborative arm foundation has entered an acceleration realization stage, and the embodied intelligence business has moved from prototype validation to quantifiable shipping targets and scenario volume. Collaborative Arms: Continuously consolidate the leading position globally, entering a period of multiple growth drivers in 2026 The collaborative arm business remains the first pillar of the company's investment logic. In 2025, the company achieved revenue of 492 million yuan, a year-on-year increase of 31.7%. The shipment volume of collaborative Siasun Robot & Automation jumped to the top globally, surpassing 100,000 units cumulatively. Looking ahead to 2026, the bank believes that the collaborative arm business is entering a period of multiple resonance with new product volume, customer repurchase, capacity expansion, and profit improvement, with the potential for further growth in revenue. Embodied Intelligence: Entering the year of volume in 2026, commercial loop verification begins In terms of technology roadmap, the company proposes a new paradigm based on the world model of "one brain, multi-body," with self-developed embodied large models as the "brain," integrating VLA to achieve unified output of vision, language, and motion, and using self-developed high-precision whole-body motion control system as the "small brain," with all products sharing the same underlying system to achieve bottom-up capability reuse and cross-scenario transfer. 1) Clear shipping targets: In 2026, wheeled humanoid Siasun Robot & Automation is committed to realizing large-scale landings in industrial scenarios (with continued growth planned for 1-3 years); humanoid Siasun Robot & Automation aims to obtain orders in the thousands in 2026; quadruped Siasun Robot & Automation aims for sales volume to reach tens of thousands. 2) Commercial loop verification begins: Current grounded or verified scenarios include: Shenzhen K11 Cinema achieving fully autonomous popcorn production, running continuously for 14 hours; industrial scenarios such as automobile assembly, precision electronic component handling; signing over 80.5 million yuan procurement contract with Reedfeng Precision, receiving orders for 1000 units of embodied intelligent Siasun Robot & Automation from Lens Technology, and reaching strategic cooperation with Green Source Group to promote the application of 5000 units of embodied intelligent robotic dogs. These cases indicate that the company chooses a To B-first, industrial and commercial priority landing path, which is highly synergistic with its original collaborative Siasun Robot & Automation client base and more in line with the ROI landing laws of the current embodiment intelligence stage. 3) Continuous ecological investment: On the ecological side, the company joined NVIDIA Physics AI's global ecosystem partner in 2025, signed a three-year strategic cooperation agreement with JD.com in May 2026, and reached a strategic cooperation with Opt Machine Vision Tech Co., Ltd. to create an industrial-grade "hand-eye-brain" integrated embodiment solution. A-share progress is smooth and liquidity is expected to improve The company's ChiNext IPO was accepted by the Shenzhen Stock Exchange on April 27, 2026, with a planned fundraising of 1.2 billion yuan. If successfully listed, it is expected to become the first "H-share-followed-by-A-share" embodied intelligence listed company, with policy demonstration significance and the potential to improve the company's capital structure. Risk Warning: Downstream market demand is lower than expected, intensified industry competition, risks of changes in tariff policies, global expansion falling short of expectations, risks of technological iterations of humanoid Siasun Robot & Automation, etc.