Jinwu Financial News | According to Zhongtai Securities Research, in 2023, the main business revenue of Premium Choice (09880) reached 1.06 billion yuan, up 4.7% year on year, loss of 1.26 billion yuan, an increase of 270 million yuan over the previous year's loss; adjusted EBITDA was -520 million yuan, narrower than the previous year's loss by 0.2 billion yuan. The main business revenue for the second half of the year alone was 800 million yuan, an increase of 9.8% over the previous year.
According to the bank, in 2023, the company made significant progress in all three areas of robotics, artificial intelligence, and robot-artificial intelligence fusion technology. ① In terms of robotics technology, the company has developed a variety of servo drivers, and continues to improve operation/torque control technology and end-to-end gait planning algorithm research; ② in artificial intelligence technology, the company continues to break through in lightweight high-performance visual models, multi-modal fusion sensing, and offline voice full-link interaction technology; ③ In terms of robot and artificial intelligence fusion technology, the company continues to upgrade its self-developed USLAM positioning and navigation system to achieve the implementation of multi-modal language large model technology, so that robots can effectively improve multi-task decision-making and execution capabilities such as human-machine interaction. By the end of 2023, the company had the most effective patents for humanoid robots in the world, with a cumulative total of more than 2,100 patents, an increase of 31.25% over the end of 2022. Continued and efficient R&D investment has established a moat for the company in humanoid robot technology.
The bank said that considering the pressure on the domestic economic environment, the industrialization of humanoid robots has yet to be accelerated. Based on the 2023 annual report disclosed by the company, the bank lowered the company's profit forecast, and the company's revenue for 2024-2026 is 17.1/25.1/3.9 billion yuan, respectively (the previous value of 2024-2025 was 22.8/3.74 billion yuan, respectively), up 62%/47%/55% year-on-year respectively; net profit was -6.2/-4.7/30 billion yuan, respectively). According to the latest closing price, the corresponding PS is 50/34/22 times, respectively, maintaining the “gain” rating.