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<Research>CMS Keeps UBTECH ROBOTICS TP as Industry Top Pick; TP Raised to HKD172
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China Merchants Securities released a report noting that during the recent roadshow in South Korea, AI-driven robotics and autonomous driving drew massive attention, with the ranking of interest being robots > smart driving > complete vehicles and components. In terms of the smart driving supply chain, the order of focus was smart driving SoC chips > LiDAR > other components.

The broker highlighted UBTECH ROBOTICS (09880.HK) as its top pick in the humanoid robot segment. Regarding the supply chain, it favored MINTH GROUP (00425.HK). For the smart driving chain, it strongly recommended HORIZONROBOT-W (09660.HK), Hesai (HSAI.US), and ROBOSENSE (02498.HK). In the complete vehicle and auto parts space, it suggested GEELY AUTO (00175.HK), XPENG-W (09868.HK), and FUYAO GLASS (03606.HK).

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UBTECH ROBOTICS' target price was lifted from HKD155 to HKD172, equivalent to 26.7 times its forecasted FY26 P/S ratio, reflecting valuation upgrades driven by sustained order momentum.
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