金吾财讯 | 东吴证券发研指，优必选(09880)创立于2012年，以先进的感知、交互、分析等人工智能技术为核心，提供“软硬件结合+运营服务”的智能服务机器人解决方案。该行指，人形机器人作为“具身智能”最理想载体，站在多重产业共振的交汇点，有望引领未来产业变革。国家高度重视机器人行业，相继出台了多项政策，其中重磅的是工信部等多部门发布《人形机器人创新发展指导意见》，计划到2025年初步建立人形机器人创新体系。长期来看，若各应用场景渗透顺利，该行预计市场规模累计可达十万亿。该行续指，据测算，国内2025/2030年新能源汽车行业对人形机器人的需求量约为5625/62500台，公司作为国内目前唯一具备成熟落地人形机器人的厂商有望获得较高市场份额。该行表示，受益于人形机器人产业化进程加速，服务机器人渗透率提升，该行预计公司2024-2026年收入分别为16.8/23.6/32.1亿元，当前市值对应PS为19/14/10倍，首次覆盖给予“增持”评级。
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