Everbright Securities has released a research report stating that DOBOT (ASX: 02432) is a rare investment target that currently holds a leading global position in collaborative robots while also possessing full-stack in-house R&D capabilities in embodied intelligence. Considering the company's collaborative arm business is entering a period of multiple positive resonances in 2026, including new product volume expansion, customer repeat purchases, capacity expansion, and profit improvement, and given its embodied intelligence business has clear shipment targets with accelerating commercial deployment, the firm has raised its revenue forecasts for 2026-2028 to 7.5/10.8/15.3 billion yuan (from previous forecasts of 7.0/9.8/13.7 billion yuan), corresponding to year-on-year growth rates of 52%/45%/41% respectively. The report notes that DOBOT's current valuation shows a significant discount compared to its peer, South Korea's Doosan Robotics. The advancement of its A-share listing is expected to catalyze a valuation re-rating, leading the firm to maintain its 'Buy' rating on the company.

Key Discussion Points

The firm engaged in a systematic discussion with the company's management on June 10, 2026, focusing on core topics such as the strategic layout for embodied intelligence and cutting-edge world model technology. From a strategic positioning perspective, the company has clearly upgraded to an embodied intelligence platform company. Its technical architecture follows a 'one brain, multiple bodies' approach, using a unified brain and cerebellum system to cover various product forms including robotic arms, wheeled robots, humanoid robots, and multi-legged robots, aiming for large-scale deployment across industrial, scientific research, and commercial scenarios. In summary, the core takeaway from this discussion is that the company's foundational collaborative arm business is entering an accelerated realization phase, while its embodied intelligence business has progressed from prototype validation to quantifiable shipment targets and scenario-based volume expansion.

Collaborative Arm Business

The collaborative arm business remains the primary pillar of the company's investment thesis. In 2025, the company achieved revenue of 4.92 billion yuan, a year-on-year increase of 31.7%, with collaborative robot shipments rising to become the global leader, cumulatively exceeding 100,000 units. Looking ahead to 2026, the firm believes the collaborative arm business is entering a period of multiple growth drivers resonating together—new product volume expansion, customer repeat purchases, capacity expansion, and profit improvement—which is expected to further steepen the revenue growth trajectory.

Embodied Intelligence Business

The year 2026 marks the beginning of the volume expansion phase for embodied intelligence, with the commercial loop starting to validate the technological pathway. The company has proposed a 'one brain, multiple bodies' new paradigm based on a world model, using its self-developed embodied large model as the 'brain' integrated with VLA for unified visual, language, and action output, and its self-developed high-precision full-body motion control system as the 'cerebellum'. All products share the same underlying system, enabling reuse of foundational capabilities and cross-scenario migration.

Firstly, shipment targets are clear: the wheeled humanoid robot aims for large-scale deployment in industrial scenarios in 2026 (planning for sustained growth over 1-3 years); the humanoid robot targets obtaining thousand-unit level orders in 2026; the quadruped robot targets sales reaching the ten-thousand-unit level.

Secondly, the commercial loop is beginning to be validated. Currently implemented or validated scenarios include: fully autonomous popcorn making at the Shenzhen K11 cinema, operating continuously for 14 hours; industrial scenarios such as automotive assembly and precision electronic component handling; a procurement contract exceeding 80.5 million yuan signed with Ruidefeng Precision; an order for 1,000 embodied intelligent robots from Lens Technology; and a strategic cooperation with Luyuan Group to promote the application of 5,000 embodied intelligent robotic dogs. These cases indicate the company has chosen a To-B-first, industrial and commercial priority deployment path, which is highly synergistic with its existing collaborative robot customer base and aligns better with the current ROI realization patterns for embodied intelligence.

Thirdly, the ecosystem continues to strengthen. On the ecosystem front, the company joined NVIDIA's Physical AI Global Ecosystem Partners in 2025, signed a three-year strategic cooperation agreement with JD Group in May 2026, and reached a strategic partnership with OPT to create an industrial-grade 'hand-eye-brain' integrated embodied solution.

Progress on A-Share Listing

Progress on the A-share listing is smooth and is expected to enhance liquidity. The company's ChiNext IPO application was accepted by the Shenzhen Stock Exchange on April 27, 2026, with plans to raise 1.2 billion yuan. A successful listing would make it the first embodied intelligence company to list 'H-shares first, then A-shares', carrying policy demonstration significance and potentially improving the company's capital structure.

Risk Factors

Key risks include weaker-than-expected downstream market demand, intensifying industry competition, changes in tariff policies, slower-than-expected global expansion, and risks associated with slower-than-expected technological iteration in humanoid robots.