卧安机器人-W(6600.HK)首次覆盖报告:全球家庭机器人龙头 全渠道动能强劲

国泰海通证券
Mar 12

公司作为全球家庭机器人系统龙头,凭借 “感知 - 决策 - 执行” 一体化产品矩阵覆盖多元家庭场景,依托高毛利 DTC 渠道占比提升与规模效应,叠加研发投入巩固核心技术壁垒,2025 年上半年成功扭亏,在低渗透高增长赛道中成长动能持续释放。投资要点:投资建议:首次覆盖,给予“增持”评级。预计 2025-2027 年归母净利润79/146/212 百万元,收入分别为1016/1501/1966 ...

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