高盛：料人形机器人公司出货量目标可增长数倍 予三花智控“买入”评级

Core Insights - Goldman Sachs estimates that global humanoid robot shipments reached approximately 15,000 to 20,000 units last year, with a majority coming from Chinese manufacturers [1] - The firm projects that enterprise shipment targets could reach thousands to tens of thousands of units by 2026 and 2027, recommending selective investment in the sector [1] - Goldman Sachs has given a "buy" rating to Sihua Intelligent Control (002050) with a target price of HKD 43.1 [1] Industry Trends - The humanoid robot industry is moving towards "specialized purpose" commercialization, focusing on achievable task planning, mobility, and interaction capabilities [1] - Specific vertical applications are expected to see reliable and immediate deployment, including security patrols, guidance, reception services, and logistics tasks such as picking and simple item classification within factories [1] - The industry's pragmatic development direction, combined with encouraging advancements in motion control technology and rapid product iteration cycles, is enhancing the ability of humanoid robots to perform specialized tasks [1] Future Projections - The anticipated growth in enterprise shipment targets over the next two years could result in several-fold increases in shipment volumes [1]