Dongwu Securities International: Target price of HK$100.55 for the first “buy” rating from Xiangong Intelligence (06106)
The Zhitong Finance App learned that Dongwu Securities International released a research report stating that it covered Xiangong Intelligence (06106) for the first time and gave it a “buy” rating. The target price for 12 months is HK$100.55, which has room for an increase of about 40% compared to the current HK$71.85. Xiangong Intelligence has completed large-scale commercial verification of third-party robot brains across configurations and scenarios, and about 50,000 actual operating units have further formed a data portal for scarce real machines. The bank believes that the company is evolving from a robotic brain platform to a physical intelligence platform driven by real-world data.
The main contents of Dongwu Securities International are as follows:
Third-party robot brains are at the key point in the transformation of model capabilities to physical execution
Dongwu Securities International pointed out that the third-party robot brain is at the key link in the transformation of model capabilities to physical execution, and cross-configuration reuse and neutral open positioning have made it the core infrastructure for large-scale implementation of artificial intelligence. The robot itself and application scenarios will remain fragmented for a long time, but the robot brain's control, software, and model capabilities have standardized reuse value; neutral third parties are more suitable to undertake common capabilities across vendors with an open ecosystem and economies of scale, and extend to multiple models and scenarios as customers install. In the short to medium term, embodied intelligence can realize a market space of 2.5-8 trillion yuan, and it is expected to reach the level of 10 trillion yuan as model capabilities increase in the long term.
Xiangong robot brain penetrates real machine deployment, data backflow and model iteration
The bank believes that the Xiangong robot brain penetrates real machine deployment, data backflow, and model iteration, so that commercial installations simultaneously become a low marginal cost data production network, and continue to strengthen model capabilities as the installation expands. Currently, 50,000 units of Xiangong have accumulated about 500,000 hours of multi-modal real machine data spanning dozens of robot configurations in operation. The robot brain enables the perception, state, motion, and results of different entities to be collected along a unified control link, improving data consistency and trainability across configurations.
The company further promoted the iteration of models such as VLA, World Model, and WAM using real machine data, adding new installations and increasing return rates to continuously expand data supply, and model capabilities to feed back products and shipments, forming a closed loop of “installation-data-model-product”.
Real project engineering assets continue to be reused, and the replication of new customers is being strengthened simultaneously with the deepening of old customers
Xiangong Intelligence continues to transform the non-standard requirements of real projects into reusable engineering assets, superimposing customer workflow embedding and integrator network expansion, and promoting the replication of new customers and the simultaneous deepening and strengthening of old customers. The company has accumulated 2,500+ customers, covering 20+ industries, and 2000+ integrator partners form a large-scale customer access network; engineering assets such as component adaptation, parameter configuration and standard functions are continuously reused to reduce repeated development of new projects.
In the first half of 2026, the company expanded the number of new customers by about 410, an increase of 60% + over the previous year; the contribution rate of existing customers increased from 50.9% in 2023 to 60.6% in 2025, and the repurchase rate for old customers was about 60% in the first half of 2026, verifying that new customer replication and inventory deepening increased simultaneously.
26H1 robot brain shipments, revenue and gross profit accelerate simultaneously
26H1 achieved revenue of 264 million yuan, an increase of 67.5% over the previous year; the robot brain shipped more than 8,000 sets, an increase of 80% + over the previous year. The comprehensive gross margin increased 1.2 pct to 46.6%, corresponding to gross profit of about 123 million yuan, an increase of about 72% over the previous year.
In the same period, the company obtained new orders of 467 million yuan+, up 60% + year on year; overseas revenue was 66 million yuan, up 197.5% year on year, and gross margin was about 67%. In terms of valuation, the bank estimates that the total revenue of Xiangong Smart in 2026-2028 will be RMB 662 million, RMB 979 million and RMB 1,440 million, respectively. The current market value corresponds to P/S of 10.3 times, 7.0 times, and 4.7 times, respectively. The bank used segment-weighted P/S valuation to give the robot machine and other businesses 7 times and the robot brain 18 times the 2027 P/S forecast, corresponding to the overall 2027 forecast P/S of about 9.8 times, with a target price of HK$100.55 for 12 months.