SANHUA(SZ:002050) Zhi Tong Cai Jing·2025-11-14 06:57Core Viewpoint - Sanhua Intelligent Control (002050) has seen a decline of over 5%, retreating more than 20% from its year-to-date high, with a current trading price of HKD 33.82 and a trading volume of HKD 533 million [1] Group 1: Company Developments - Goldman Sachs conducted a field research report on the Chinese humanoid robot supply chain from November 3 to 6, surveying nine companies, including Sanhua Intelligent Control [1] - The report indicates that these robotic component companies are actively planning production capacity both domestically and internationally, with annual capacity planning ranging from 100,000 to 1 million units of robot equivalents [1] - Sanhua Intelligent Control has recently refuted rumors of securing a significant order worth 5 billion yuan from Tesla and is focusing on its robotics business based on its core "thermal management" technology [1] Group 2: Industry Outlook - Goldman Sachs' report highlights a positive outlook for the industry's growth potential, contrasting with the lack of confirmed large orders or clear mass production timelines from the surveyed companies [1] - The report's projections for global shipments in 2035 are estimated at 1.38 million units, underscoring the optimistic view of the supply chain regarding industry growth prospects [1] - Sanhua Intelligent Control has acquired approximately 200,000 square meters of land in Thailand specifically for the assembly of humanoid robot actuators, with production capacity already initiated at the Thai site [1]