SIASUN(300024) 高盛·2025-02-24 16:41Investment Ratings - Sanhua is rated as Buy, LeaderDrive and Moons' Electric are rated Neutral, and Best Precision is downgraded to Neutral from Buy [2][4][5][20]. Core Insights - The report updates market share expectations for key humanoid robot supply chain stocks, reflecting a more optimistic outlook for Sanhua, while indicating increased competition for Best Precision [1][4]. - Sanhua is expected to achieve a market share of 70% in the high-spec humanoid robot actuator assembly business by 2025E-30E, up from a previous estimate of 50% [2]. - LeaderDrive's net income forecasts for 2024E-30E have been revised up by up to 21% due to its entry into the PRS business, projecting a 5% global market share [4]. - Best Precision's long-term global PRS market share forecast has been revised down to 10% from 15% due to anticipated competition [4][21]. - Moons' Electric is expected to see an 8% increase in net income forecasts for 2024E-30E, driven by potential upgrades in content value [5]. Company Summaries Sanhua - Sanhua is a leader in HVAC control and thermal management components, with a strong growth potential in the auto/EV sector [33]. - The 12-month target price for Sanhua is set at Rmb36.5, based on a 21x 2030E P/E [34]. LeaderDrive - LeaderDrive is recognized as a domestic leader in China's harmonic reduction gear market, with a focus on expanding its applications [41]. - The 12-month target price for LeaderDrive is Rmb134.6, based on a 45x 2030E P/E [42]. Best Precision - Best Precision aims to become a competitive supplier of planetary roller screws for humanoid robots, with a projected 10% global market share starting in 2027E [37]. - The 12-month target price for Best Precision is Rmb28.2, based on a 32x 2030E P/E [38]. Moons' Electric - Moons' Electric is positioned to become a key player in the humanoid robot coreless motor supply chain, with expectations for increased revenues from coreless motor applications [45]. - The 12-month target price for Moons' Electric is Rmb53.3, based on a 37x 2030E P/E [46].