金吾财讯 | 东吴证券发研指，2025年3月3日，优必选(09880)发布视频，展示了优必选机器人在极氪5G智慧工厂开展全球首例多台、多场景、多任务的人形机器人协同实训的成果。协同作业的能力是最大化人形机器人在工业场景工作效率的核心，为实现高质量的协同作业能力，人形机器人产业需要实现群体智能技术攻关。该行指出，基于超级大脑和智能小脑的架构，优必选机器人实现了协同分拣、协同搬运和精密装配等任务。1）协同分拣：采用跨场域纯视觉感知技术与智能混合决策技术，实现动态目标的跨场连续感知、跟踪、决策；2）协同搬运：通过多机协同控制技术，构建了联合规划控制系统，实现轨迹规划、负载辨识与柔顺控制的多机协同，确保搬运过程中动态调整；3）精密装配：依靠带触觉的五指灵巧手和自适应技术，实现动态调整和灵活抓取。该行表示，受益于人形机器人产业化进程加速，核心产品服务机器人渗透率提升，该行维持公司2024-2026年收入分别为16.8/23.6/32.1亿元，当前市值对应PS为28/20/15倍，考虑到公司群脑网络助力人形机器人协同工作能力提升，商业化落地有望加速，上调至“买入”评级。
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