SANHUA(SZ:002050) Zhi Tong Cai Jing·2025-11-04 06:33Core Viewpoint - Goldman Sachs has downgraded the rating of Sanhua Intelligent Control to "Neutral," citing overly optimistic market expectations regarding the revenue scale and timeline for humanoid robot actuators [1] Company Summary - Sanhua Intelligent Control's stock price has dropped by 6.03%, trading at HKD 36.14, with a trading volume of HKD 640 million [1] - The downgrade by Goldman Sachs indicates that the recent outperformance of Sanhua's A-shares has partially priced in expectations for its robotics business [1] Industry Summary - According to Goldman Sachs' estimates, the current valuation of Sanhua's A-shares implies expectations of 900,000 to 2 million units of Tesla's Optimus robots being shipped, assuming a market share of 30%-70% for Sanhua's actuators [1] - Tesla has set a target to achieve 1 million robot shipments by 2030, which appears challenging to meet in the short term (next 12 months) [1]