[Great Wall Machinery Deng Yuliang] Qiteng Robot President Research Summary 0729

English summary

1. The company is the only one in China to achieve overall explosion-proof robots, and is currently the only enterprise in China to have obtained international explosion-proof certification, with the qualification to undertake overseas projects. 2. Prices: Wheeled robots priced at RMB 600,000-700,000, monthly rental approx. RMB 20,000; wheel-legged robots priced at RMB 1.38 million, monthly rental approx. RMB 50,000. For sale model, net margin is 15%-20%. For rental model, a wheeled robot earns RMB 10,000/month, a wheel-legged robot earns RMB 20,000/month. 3. Shipments: 2026 target 10,000-15,000 units; 2027 target shipment is expected to double. 4. Next year expected revenue RMB 7-8 billion, profit RMB 2-3 billion. 5. Shengtong is Qiteng's only listed platform; Qiteng has no plans for an independent IPO.