Zhongshan Securities: Upgraded the target price of Yongbixuan by 27%, expecting total deliveries to exceed 800 units for the entire year.

Jin10 data reported on September 5th that China Merchants Securities International issued a report indicating an upward revision of the revenue forecast for UBTECH (09880.HK) for 2025-2027 by 5%/4%/7%, and a narrowing of the loss forecast by 4%/2%/22%. At the same time, the group raised its target price by 27%, from HKD 110 to HKD 140, corresponding to a price-to-sales ratio of 21.7 times for 2026. The report maintains a “Buy” rating. It states that UBTECH's losses significantly narrowed in the first half of this year, with small-scale deliveries of Bots, and it is expected that there will be higher trade volumes starting in the second half of the year. Additionally, with strong orders for Bots, it raised its shipment guidance, expecting total deliveries to exceed 800 units for the year. Furthermore, the group indicated that its operating cash flow target will turn positive by 2026, with conservative financial estimates predicting a return to profitability by 2027.