CICC: Initiate coverage on Optimal Selection with Outperform rating, target price of HK$138.

Zhongjin released a research report stating that for the first time covering UBTech, it was given an outperform rating in the industry with a target price of 138.00 Hong Kong dollars. Based on the forward valuation method, there is a potential upside of 26.8% compared to the current stock price. Currently trading at 27 times/18 times P/S for 2025/2026, potential catalysts for the stock price include the release of new humanoid robot products and bulk orders from major customers. The company is a pioneer in anthropomorphic intelligent robots, with the bank forecasting revenue of 2-2.7 billion yuan for the years 2025-2026, believing that the technology accumulation of humanoid robots will eventually lead to mass production.