China Leadshine Technology (002979) 中信建投·2025-03-17 12:10Investment Rating - The report maintains a "Buy" rating for the company [4][32]. Core Viewpoints - The company has launched the DH series dexterous hands, which includes models with 11, 20, and 24 degrees of freedom, with the first "popular" model set for trial production and sales starting in Q2 2025. The dexterous hands are designed for various applications beyond humanoid robots, with a long-term market potential exceeding 100 billion [1][3][11]. - The dexterous hands are positioned to leverage the company's existing advantages in motion control, offering high added value and unit price, while being less dependent on distribution channels. This opens up a broader market space as they can be installed on various embodied intelligent agents [2][18]. - The company is transitioning from a "stepping + servo + PLC" model to a "joint module + dexterous hand + brain" model, which is expected to enhance growth opportunities in the humanoid robot sector [4][30]. Summary by Sections Launch of DH Series Dexterous Hands - The DH series dexterous hands were officially launched on March 13, 2025, with the first model, DH116, featuring 11 degrees of freedom and a maximum load capacity of 40 kg, making it suitable for industrial and commercial automation [2][11][15]. Market Potential - The market for dexterous hands is projected to reach 108.73 billion yuan when humanoid robot production reaches 5 million units. The dexterous hands can also be installed on industrial robots and collaborative robots, significantly expanding the potential market [3][19][25]. Strategic Positioning in Humanoid Robotics - The company has established a strong foundation in the robotics sector, with a market share of 3.8% in servo products as of 2024, positioning itself as a key supplier of core components and solutions in the humanoid robotics market [4][30][28]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 215 million, 278 million, and 355 million yuan for the years 2024 to 2026, representing year-on-year growth rates of 54.85%, 29.48%, and 27.62%, respectively. The report continues to recommend a "Buy" rating based on the company's leading position in the industry and extensive layout in humanoid robotics [8][32][33].