Citigroup: Up UBTECH ROBOTICS (09880) Target Price to 190 Hong Kong Dollars, Rating "Buy"

Citigroup released a research report stating that UBTECH ROBOTICS (09880) is expected to exceed expectations in 2025 and the management officially increased the shipment volume of the Walker S series humanoid Siasun Robot&Automation from 2,000-3,000 units to 5,000 units in 2026, with a gross profit margin target of 43%-45% in 2026. The management believes that 2026 will be the year when UBTECH ROBOTICS transforms its humanoid Siasun Robot&Automation into a commercial product, rather than a validation year. The bank raised its revenue forecasts for UBTECH ROBOTICS for this year and next year by 36% and 52%, raising the target price from HK$155 to HK$190, and maintaining a "buy" rating.