Guotai Haitong Securities issued a research report stating that UBTECH ROBOTICS (09880) achieved high revenue growth last year, with sales of embodied intelligent humanoid robots exceeding 1,000 units. The company secured humanoid robot orders totaling nearly RMB 1.4 billion last year. The firm is optimistic about UBTECH's leadership in the humanoid robot industry and its future performance progress. Guotai Haitong raised its net profit attributable to shareholders forecasts for UBTECH for 2026 and 2027 by RMB 5 million and RMB 502 million, respectively, and introduced a new 2028 net profit forecast of RMB 799 million. The target price was increased to HK$184.77, implying a projected price-to-sales ratio of 22 times, while the "Overweight" rating was maintained.