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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 31 to 33.Analyst Certification on page 28.Price Objective Basis/Risk on page 28.12893388 UBTECH New Buy:pioneer player in humanoid robot with AI integration Initiating Coverage:BUY|PO:187.00 HKD|Price:140.00 HKD The era of humanoid robot is coming;initi

4、ate at Buy We expect global humanoid robot(HR)units sales to 1mn in 2030(Who Makes the Humanoid Robot),thanks to:1)robust AI development worldwide;2)more advanced 3D perception and control technologies;and 3)computing power/robot component cost decline.In conjunction with our positive view on HR dev

5、elopment,we initiate coverage on UBTECH at Buy with a PO of HK$187(34%upside potential).UBTECH is a leading player in Chinas humanoid robot and smart service robot market,with products spanning across industrial,logistics,commercial and education applications.Its also one of the few companies global

6、ly that fully integrates AI technologies and hardware technologies in humanoid robots.We forecast a strong 57%total revenue CAGR over 2025-28E,supported by sales growth of HR,and expect it to achieve break-even by 2028E.Our PO of HK$187 is based on the average of DCF and P/S valuation,with 15x P/S o