Daiwa lowered the target price for DOBOT to 62 yuan and maintained a "Buy" rating

Daiwa published a research report stating that DOBOT (02432.HK) had an adjusted net loss of RMB 50 million last year, mainly due to R&D costs of RMB 115 million. Excluding these costs, DOBOT could have approached breakeven last year.

Additionally, DOBOT's management aims for a 30% increase in collaborative robot revenue this year and plans to launch a small humanoid robot in the second quarter of this year, with an annual target of shipping 300 to 500 full-sized humanoid robots. Daiwa predicts related revenue to be around RMB 100 million.

The firm expects that due to persistently high R&D costs, DOBOT will continue to record a net loss this year (previously expected to record a net profit) and anticipates that the company's gross margin will remain at 46% for the years 2026 to 2027. The firm reiterated the company's "Buy" rating but lowered the target price from HKD 68 to HKD 62 to reflect current market investment sentiment fluctuations