Core Viewpoint - Zhaowei Electromechanical (003021.SZ) aims for a dual listing in Hong Kong to raise funds for the development of its self-branded products, particularly in the field of dexterous robotic hands, amidst a competitive landscape in the humanoid robotics sector [2][3][8]. Company Overview - Zhaowei Electromechanical is recognized as the leading provider of integrated micro-drive systems in China and the fourth globally, with significant sales in sectors such as smart vehicles, embodied robotics, consumer and medical technology, and advanced manufacturing [2][4]. - The company has established long-term partnerships with major industry players like Bosch, BYD, Li Auto, and Changan [2]. Financial Performance - Zhaowei's revenue from sales in the new energy vehicle sector reached approximately 683 million yuan, accounting for 44% of its total revenue [2]. - The company has shown steady financial growth, with a compound annual growth rate (CAGR) of 15% in revenue over the past three years, projecting a revenue of 1.525 billion yuan in 2024, a year-on-year increase of 26.42% [11]. Market Trends - The market for embodied robotics is expected to grow significantly, with a projected CAGR of 77%, reaching a market size of 162 billion yuan by 2029 [2]. - The humanoid robotics sector has seen increased competition, with several companies, including Zhaowei, launching their own dexterous hands, which are critical components in humanoid robots [9][10]. Product Development - Zhaowei launched its first-generation dexterous hand product in November 2024, featuring 17 degrees of freedom, which garnered significant industry attention [6][7]. - The company has developed a second-generation dexterous hand with 20 degrees of freedom, designed for complex gripping actions and high reliability over extended use [7]. Funding and Expansion Plans - The funds raised from the Hong Kong listing will primarily be used for the development of dexterous hands and other platform products, as well as for expanding production capacity and establishing a global sales network [3][8]. - Zhaowei aims to enhance its global competitiveness in humanoid robotics through strategic partnerships and potential acquisitions [8]. Competitive Landscape - The dexterous hand market is becoming increasingly crowded, with numerous companies entering the space, which raises commercialization uncertainties for Zhaowei [9][10]. - Major players in the humanoid robotics sector are leaning towards in-house development of dexterous hands, which may impact Zhaowei's market opportunities [10].
灵巧手的野望：兆威机电以具身机器人敲门港交所