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2026-07-03 11:15:27 Citi issued a research report stating that, following UBTECH ROBOTICS (09880.HK)'s humanoid robot launch event held on Tuesday (30 Jun), it has initiated a 90-day negative catalyst watch on the company. The broker noted that the market appeared disappointed due to the gap between the actual U1 humanoid robot product and the pre-sale advertisements. In addition, the broker is concerned that Unitree's expected A-share IPO in Jul 2026 will weaken UBTECH ROBOTICS (09880.HK)'s "scarcity premium" as the only listed humanoid robotics stock currently in the Hong Kong and China markets. Given Unitree's larger humanoid robot shipment volume and better profitability, this is expected to pressure UBTECH ROBOTICS (09880.HK)'s share price and valuation. Citi said that although the U1 series launched by UBTECH ROBOTICS (09880.HK) could expand the potential total addressable market (TAM) from industrial to consumer applications, the high pricing (U1 Lite priced at RMB119,800, U1 Pro at RMB169,800, and U1 Ultra male/female versions at RMB990,000/RMB880,000 respectively) and insufficiently realistic quality have raised concerns over initial market feedback. Citi maintained its earnings forecasts for UBTECH ROBOTICS (09880.HK) for 2026 to 2027 unchanged, expecting humanoid robots to become the company's next major growth driver, contributing about 69% and 78% of total revenue in FY2026 and FY2027 respectively. However, to reflect valuation pressure, the broker lowered its projected 2026 price-to-sales ratio from 20x to 13x, thereby cutting the TP by about 34% from HKD190 to HKD125, while maintaining the Buy rating. (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |