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<Research>CMS: CN Robot Firms Show off at Spring Festival Gala; Focus on UBTECH, Dobot, Geek+, Minth
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Last Monday (16th), the eve of the Lunar New Year (LNY), several Chinese robot companies were prominently featured at the Spring Festival Gala, showcasing exceptional motion control and autonomous operation capabilities of their robots, China Merchants Securities (CMS) said in its report. The advancements in balance control, dynamic response, and stability were immense, and this year marked a phase of intensive policy support for robotics, opined the broker.

For the Hong Kong stock market, attention should be paid to UBTECH ROBOTICS (09880.HK), DOBOT (02432.HK), GEEKPLUS-W (02590.HK), and MINTH GROUP (00425.HK), as well as the broader robotics sector including HESAI-W (02525.HK), ROBOSENSE (02498.HK), and HORIZONROBOT-W (09660.HK).

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CMS stated that this year's Spring Festival Gala demonstrated robots with higher technical difficulty than in previous years, with more complex formations but still ensuring zero errors. The number of group performance robots increased, and their multi-machine coordination capabilities were stronger, reflecting an upgrade in group control capabilities.

Taking Yushu as an example, compared to last year, its robots remarkably improved in balance control, dynamic response, and stability, with agility expanded by 5-10 times, paving way for the future launch of more practical service robots.

The broker's ratings and target prices for the related stocks are listed as follows:

Stock | Investment Rating | Target Price (HKD)
UBTECH ROBOTICS (09880.HK) | Overweight | 172
DOBOT (02432.HK) | Overweight | 76
HORIZONROBOT-W (09660.HK) | Overweight | 13.8
XPENG-W (09868.HK) | Overweight | 115
Hesai (HSAI.US) | Overweight | USD40
GEEKPLUS-W (02590.HK) | Overweight | 35
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