SIASUN(SZ:300024) Hua Er Jie Jian Wen·2025-12-03 10:36Core Insights - Morgan Stanley's survey reveals a strong interest among Chinese enterprises in deploying humanoid robots, with 62% planning to implement them within three years, indicating significant market potential. However, only 23% of respondents are satisfied with current products, highlighting a critical need for improvements in flexibility, functionality, and pricing [1][4][14]. Deployment Plans - Among 86 surveyed companies, 62% are categorized as "potential adopters," with plans to initiate humanoid robot pilot projects or major deployments within three years. Specifically, 12% plan to invest in 2025, 29% in 2026, and 21% in 2027 [4][3]. - The adoption rate for composite robots (mobile base + robotic arm) is expected to be the fastest, with 21% of companies planning deployment by 2025, increasing to 64% by 2027. In contrast, wheeled humanoid robots will see deployment rates of 8% in 2025, 37% in 2026, and 58% in 2027, while bipedal robots will have rates of 6%, 17%, and 41% respectively [3][7][9]. Product Maturity and Satisfaction - Despite strong market demand, product maturity is a significant constraint on the large-scale application of humanoid robots. Only 23% of respondents express satisfaction with current products, while 53% are neutral and 25% dissatisfied [14][16]. - Satisfaction levels vary by industry, with manufacturing firms showing relatively higher satisfaction compared to industrial and service sectors, which exhibit net dissatisfaction [16]. Performance Expectations - Among potential adopters, only 42%-57% rated various performance indicators as "excellent/good," indicating substantial room for improvement. The most anticipated enhancements include human-robot collaboration (70%), IoT integration (57%), fine manipulation (57%), and self-learning capabilities (49%) [18][24]. - Cost remains a critical barrier, with 92% of respondents believing that the price of humanoid robots must drop below 200,000 RMB (approximately 28,000 USD) for widespread adoption, and 40% identifying the ideal price range as 100,000-200,000 RMB [18]. Market Landscape - Chinese brands dominate the market, with Yushutech being the most engaged integrator, having contact with 60% of potential adopters, followed by Yundongchu (28%), UBTECH (23%), and Midea (17%) [20][22]. - The current brand preferences reflect visibility and media exposure rather than actual performance, as evidenced by Yushutech's high visibility despite lacking manufacturing capabilities [25]. Investment Recommendations - Morgan Stanley maintains a positive long-term outlook for humanoid robots but emphasizes that the market is still in its early stages, with scaling requiring time. The firm suggests prioritizing investments in component suppliers, as these companies are expected to benefit earlier from industry growth [27]. - The anticipated drivers for market interest in 2026 include new product launches by tech giants like Tesla, expanded government subsidies, and IPOs of related companies [27].