Goldman Sachs raised Lvde Xiebo’s 12-month target price to 285.1 yuan from 186.7
yuan but kept a MAINTAIN rating, saying the valuation uplift reflects extending
its valuation horizon to 2035 to capture humanoid-robot long-term upside rather
than higher near-term earnings. Goldman forecasts global humanoid-robot
shipments of about 890k by 2030 and 6.5m by 2035; it projects Lvde Xiebo’s
humanoid-robot revenue at 5.7 bln yuan in 2030 and 30.5 bln yuan in 2035,
representing roughly 84% and 94% of total revenue. The bank cut 2026–2030 profit
forecasts and expects margin pressure as the company pursues aggressive price
cuts and rapid capacity expansion, lifting depreciation and pushing long-run
gross margin to about 30%. Goldman says Lvde Xiebo leads in humanoid-robot
harmonic reducers, but its 12-month forward P/E of ~256x versus a historical
average near 183x supports a neutral rating. (Goldman Sachs report, Sept. 10)
