金吾财讯 | 兴业证券发研报指，越疆(02432)是全球协作机器人龙头，技术优势突出，并据此切入具身智能赛道，发布人形机器人产品。技术进步、人口老龄化、用工成本提升等刺激协作机器人、人形机器人在工业、商业、医疗等场景持续落地或释放；公司协作机器人竞争优势持续，人形机器人Dobot Atom2025年有望小批量落地，长期空间广阔。该行预计公司2025-2027年营业收入分别为5.13、7.02、9.50亿元，分别同比+37.4%、+36.8%、+35.3%；截至2025年4月11日收盘，公司股价对应2025-2027年的PS分别为49.4x、36.1x、26.7x；首次覆盖该行给予公司“增持”评级，建议投资者关注。
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