JPMorgan Chase: UBTech, the "first stock of humanoid robots," is the industry leader with a target price of HK$135.
On July 28, JPMorgan Chase released a research report, initiating coverage on Ubtech, the "first stock in the humanoid robot industry," and giving it an "overweight" rating with a target price of HK$135. The report pointed out that as a pioneer in the humanoid robot industry, Ubtech has built a solid customer base, including many leading enterprises such as BYD, Foxconn, Geely Automobile, Dongfeng Liuzhou Motor, and BAIC New Energy. Through a series of collaborations, Ubtech has obtained a certain number of confirmed orders and has become a leader in the rapidly developing humanoid robot industry.
Covered and Followed by Multiple Brokerages, Massive Placement Sought after by Multiple Leading Institutions
The research report also noted that the Greater Bay Area where Ubtech is located has a strong innovation foundation and industrial chain advantages, which will also help Ubtech seize opportunities and achieve breakthroughs during the industry development process. Based on this, the report estimated that the annual compound growth rate of Ubtech's humanoid robot business revenue is expected to reach 260% from 2025 to 2027, and it will account for 60% of the company's total revenue in 2027, helping Ubtech achieve an annual revenue of about 5 billion yuan and break even in 2027.
Before JPMorgan Chase released its report, since its listing, Ubtech has been covered and followed by multiple domestic and overseas brokerages, including Citigroup, Daiwa, Changjiang Securities, GF Securities, Shenwan Hongyuan, Huatai Securities, Soochow Securities, China Merchants Securities, Guotai Junan, Western Securities, Zhongtai Securities, Zheshang Securities, Northeast Securities, Shanxi Securities, Great Wall Securities, CMB International, and CCB International.
On the same day, Ubtech announced that the placement was completed, with a total of 30,155,450 shares placed, raising a total of HK$2.41 billion (approximately US$315 million). More than HK$1 billion of the funds raised from this placement will be used to pay suppliers and service providers. It is understood that the total amount of funds raised from this placement by Ubtech exceeds the sum of the previous four placements, making it the largest stock placement financing for a humanoid robot listed company in the history of the capital market. It has been warmly sought after by sovereign wealth funds, important industrial capitals, long - term funds, and multi - strategy funds, providing strong financial support for the large - scale delivery and rapid expansion of production capacity of humanoid robots in the future.
Accelerated Application of Humanoid Robots, Ubtech Wins Nearly 100 - Million - Yuan Order
Since this year, the application process of humanoid robots in China has accelerated, and leading enterprises represented by Ubtech have won multiple large - value orders. According to the "Winning Bid Announcement for the Robot Equipment Procurement Project" released by the China Tendering and Bidding Public Service Platform on July 18, Ubtech won the bid for a 90.5115 - million - yuan robot equipment procurement project of Miyi (Shanghai) Automotive Technology Co., Ltd., which is currently the largest procurement order won by a global humanoid robot enterprise.
Earlier, on April 24, Ubtech officially signed a procurement contract for large bipedal humanoid robots with the purchaser. This is the first small - batch procurement contract for humanoid robots signed by a humanoid robot enterprise in the factory manufacturing scenario globally. It is reported that Ubtech plans to deliver 500 industrial humanoid robots for the intelligent manufacturing industry this year. In addition, on July 13, Ubtech officially announced that its Tianggong Xingzhe robot for scientific research and education has received orders for 100 units, and it is expected to deliver more than 300 units this year.
While the application is accelerating, Ubtech is also achieving technological breakthroughs through product iterations to better meet the usage needs of customers in industrial scenarios. Not long ago, Ubtech newly launched the full - scale industrial humanoid robot Walker S2 for the intelligent manufacturing scenario. Through the iterative group brain network 2.0 (BrainNet 2.0) and equipped with the self - developed Co - Agent, the world's first intelligent agent technology dedicated to the industrial humanoid robot body, it has built an AI dual - cycle for industrial - grade humanoid robots, realizing the spiral evolution of the single - machine autonomy and group collaboration of humanoid robots. Standing at 1.76 meters tall, Walker S2, with its breakthrough hardware body design, perfectly replicates human - like gait walking and fine - operation capabilities. Moreover, with the world's first self - powered battery swapping technology, it can operate continuously 24/7, creating a new type of productive force that never stops.
As the world's only self - powered battery swapping solution that can achieve 24/7 continuous operation, Ubtech's world - first hot - swapping self - powered battery swapping system for humanoid robots is not only an innovative solution to the battery life problem but also a key body ability for the commercial implementation of humanoid robots. In the future, with large - scale application, self - powered battery swapping may become a standard configuration for humanoid robots.
The humanoid robot industry is entering an explosive period, and the level of commercial application will be a key factor in determining whether humanoid robot enterprises can seize the development opportunity. Ubtech, with its full - stack self - developed technology advantages and forward - looking industrial scenario application layout, has won the recognition of multiple leading institutions for its corporate fundamentals and development prospects.