As a strategic pioneer in the humanoid robot industry, UBTECH ROBOTICS (09880.HK)  -1.650 (-1.833%)    Short selling $17.54M; Ratio 2.966%   has a solid customer base, including over 10 customers conducting trial runs or confirming orders, according to JPMorgan's research report.

Notable partners include industry giants such as BYD COMPANY (01211.HK)  +0.800 (+0.693%)    Short selling $620.96M; Ratio 13.748%   , Zeekr (ZK.US)      , SERES (601127.SH)  +1.540 (+1.213%)   and BAIC MOTOR (01958.HK)  -0.010 (-0.465%)    Short selling $3.13M; Ratio 16.689%   . The Company benefited from its close relationship with BYD COMPANY, also headquartered in Shenzhen, and strong policy support from local and central governments.

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Therefore, the broker initiated coverage on UBTECH ROBOTICS, with rating at Overweight and a target price of $135, based on a projected FY2027 PS ratio of 11x.

JPMorgan said that the global humanoid robot industry is a disruptive technology with significant growth potential, and expected the industry to develop a total addressable market (TAM) of 5 billion units over the next decade.

UBTECH ROBOTICS is positioned as a leader in this high-growth industry. With its strategic location at Shenzhen, an innovation center, the Company is poised to seize major market opportunities and benefit from a mature manufacturing supply chain and supportive policy environment, appearing set for thrive. Government initiatives aimed at maintaining global manufacturing competitiveness further enhance UBTECH ROBOTICS' growth prospects.
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