Citibank raises Ubot Optoelectronics’ target price by approximately 23%, as the company increases guidance on humanoid robot shipments, which is expected to drive revenue growth.

Citigroup raises the target price for UBTECH to HKD 190 and increases its annual revenue forecast, as management raises shipment guidance for the Walker S series humanoid robots. Analysts Jamie Wang and others stated in the report that UBTECH’s management has raised the shipment guidance for the Walker S series humanoid robots in 2026 from 2,000-3,000 units to 5,000 units, and expects a gross profit margin of 43%-45% in 2026. Management is confident that 2026 will be the year UBTECH’s humanoid robots achieve commercialization. Citigroup has raised the company’s revenue forecasts for 2026 and 2027 by 36% and 52%, respectively, to reflect the upward guidance. UBTECH may launch the next-generation industrial humanoid robot Walker S3 in Q2 2026, which is 15% lighter and cheaper than the S2; the buy rating is reaffirmed.