Hangzhou Shenhao Technology (SZ:300853) Dong Jian Yan Bao·2025-03-03 14:20Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company, Shenhao Technology, is currently developing flexible tactile sensors aimed at non-contact obstacle avoidance, which are in small-scale trial applications for operational robots [17]. - The company is exploring humanoid robot applications based on its accumulated technology and industry understanding, although this project is still in the research and development phase [17]. - The company has a robust order backlog with new orders showing a positive trend, although specific revenue forecasts are not provided [17]. - The company offers a combination of hardware and software solutions, providing intelligent hardware products and software platforms based on customer needs [17]. - The company has faced a decline in performance due to market conditions affecting downstream customer investments in robotics, slow project delivery, and the early commercialization stage of new business sectors [19]. - Despite challenges, the company remains optimistic about the future of AI and robotics in industrial applications and continues to invest in emerging sectors like energy storage and intelligent computing [19]. - The company has completed a share buyback in the first half of 2024, with plans for potential employee stock ownership plans or equity incentives in the future [17]. Summary by Sections 1. Basic Information - The report focuses on Shenhao Technology, which operates in the general equipment industry, and the analyst meeting took place on February 28, 2025 [13]. 2. Participating Institutions - The institutions involved in the research include HSBC Jintrust, Fidelity Management & Research, Changjiang Securities, Debon Securities, and Yinhua Fund [14]. 3. Main Content - The company is currently testing electronic skin sensors for operational robots, with a focus on safety through non-contact sensing [17]. - The company is actively researching humanoid robots, leveraging its expertise in robotics [17]. - The order situation is strong, with a positive trend in new orders, although detailed revenue expectations are not disclosed [17]. - The company provides integrated solutions combining hardware and software tailored to client needs [17]. - The decline in performance is attributed to market conditions and slow project delivery, but the company is optimistic about future growth in AI and robotics [19]. - The company is considering future stock incentive plans following a completed share buyback [17].