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<Research>CCBI Lifts UBTECH ROBOTICS TP to HKD115; Rating Kept Outperform
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UBTECH ROBOTICS (09880.HK) has recently unveiled more details about its flagship product, Walker S2, according to CCBI's research report. The Walker S2 will include features like the AI model Co-Agent, a walking speed of 2 meters per second, and a load capacity of 15 kilograms, which the broker believed would meet the demands of various industrial sectors.

In terms of the Walker S2 production, UBTECH ROBOTICS is accelerating production expansion, with an expected monthly capacity of around 200 units starting in August. CCBI, meanwhile, forecasted its delivery volumes to exceed 1,000 units in 2025 and over 3,000 units in 2026, a year ahead of previous estimates.

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With an average selling price of RMB600,000-700,000, the Walker S2 is estimated to generate revenue of RMB500 million to RMB1.5 billion in 2025-26.

CCBI lifted its target price for UBTECH ROBOTICS from HKD100 to HKD115 and kept the Outperform rating unchanged.
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