金吾财讯 | 财通证券发研报指，优必选(09880)的工业人形机器人Walker S1、Walker S2和商用人形机器人Walker C等形成较领先的产品矩阵。公司在极氪工厂落地全球首例多机器人协同作业，与居然智家展开深度合作，逐步推动“硬件+大脑+运营”生态闭环。公司人形机器人订单展望乐观，2025年计划量产1000台人形机器人。截至2025年9月，公司工业人形机器人总订单金额已逼近4.3亿元。公司技术全栈自研，牵头参与行业标准制定，完成直线关节的技术验证，压力感知灵巧手迭代至第四代，实现机器人自主换电。公司群脑网络 2.0与Co-Agent构成工业人形机器人AI双循环体系，公司同时利用强化学习实现拟人运动控制。公司作为国产人形机器人龙头之一，商业化拐点临近，最新一轮配售募得约24.10亿港元。该机构预计公司2025-2027年营业收入分别为19.41/27.50/36.27亿元，同比分别增长48.69%/41.67%/31.90%，对应2025-2027年PS为33/23/17倍，首次覆盖，给予“增持”评级。
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