Ge Long Hui·2025-09-30 02:44Core Viewpoint - The report from China Merchants Securities International highlights the increasing interest in AI-driven robots and intelligent driving technologies during a recent roadshow in South Korea, with a ranking of focus areas being robots > intelligent driving > complete vehicles and components [1] Group 1: Robotics Sector - The humanoid robot chain recommends UBTECH as the top pick, with a target price raised from HKD 155 to HKD 172, reflecting a projected price-to-sales ratio of 26.7 times for the fiscal year 2026, driven by sustained order catalysts [1] - UBTECH's Walker series humanoid robots have accumulated contract amounts nearing CNY 430 million, with a recent CNY 250 million order being the largest humanoid robot order globally [1] - The company is expected to accelerate technology iteration due to continuous order fulfillment and delivery, with BOM costs projected to decrease by 20-30% by year-end and an additional 30-50% reduction anticipated next year [1] Group 2: Intelligent Driving Sector - The intelligent driving chain prioritizes recommendations for Horizon Robotics, Hesai Technology, and SUTENG Juchuang, focusing on SoC chips and LiDAR technologies [1] - The automotive sector recommendations include Geely Automobile, Xpeng Motors, and Fuyao Glass, indicating a strong outlook for these companies in the context of intelligent driving advancements [1]