SIASUN(SZ:300024) Zhi Tong Cai Jing·2025-10-11 08:12Core Viewpoint - Luoshi Robotics is positioning itself as a leader in the global smart robotics market by leveraging its unique "industrial + collaborative" robot production capabilities and aims to become the first stock of a full range of intelligent robots in China [1][13]. Group 1: Company Overview - Luoshi Robotics, founded in 2014 by Tuo Hua, has developed a self-researched underlying control system that allows it to compete in the robotics market dominated by international giants like Fanuc and ABB [2][3]. - The company has received significant backing from prominent investors, including the National Manufacturing Transformation and Upgrade Fund, which holds a 9.67% stake, enhancing its credibility in the high-end manufacturing sector [2]. Group 2: Product and Technology - Luoshi Robotics has established a comprehensive self-researched technology system, achieving performance metrics in precision, speed, and force control that match top international competitors [3]. - The company offers over 50 models of robots, with payload capacities ranging from 3 to 220 kilograms, and its products are widely used in sectors such as automotive, 3C electronics, and new energy [5]. Group 3: Market Position and Growth - According to a report, Luoshi Robotics ranks third among domestic manufacturers in multi-joint robot sales in China and has the highest growth rate in sales for two consecutive years starting from 2023 [5]. - The company is projected to become the dual champion in the domestic flexible collaborative robot and lightweight robot markets by 2024, with a market share of 34% in flexible collaborative robots [5]. Group 4: Global Expansion and Client Base - Luoshi Robotics has expanded its operations to approximately 40 countries and regions, serving over 1,000 clients, including major partnerships with Xiaomi and Valeo [7]. - The company has established a global service network with five major spare parts warehouses and 18 service points in China, as well as seven core parts warehouses and 16 service points worldwide [7]. Group 5: Financial Performance - From 2022 to 2024, Luoshi Robotics' revenue is expected to grow from 153 million RMB to 325 million RMB, with a compound annual growth rate of 45.75% [8]. - The gross profit margin has increased from 7% in 2022 to 22.3% in the first half of 2025, indicating improved profitability [8]. - The adjusted net loss has been narrowing, with a reduction of approximately 46.67% from 2022 to 2024, reflecting a trend towards profitability [10][11]. Group 6: Future Outlook - Luoshi Robotics is well-positioned to capitalize on the expected growth in the multi-joint robot market, projected to reach 45.3 billion RMB by 2029, with a compound annual growth rate of 15.7% from 2024 to 2029 [12]. - The company aims to transition from "import substitution" to "international competition," contributing to the advancement of China's robotics industry [13].