HAIER SMART HOME(SH:600690) NORTHEAST SECURITIES·2025-03-31 02:29Investment Rating - The industry investment rating is "Outperform the Market" [10] Core Viewpoints - The humanoid robot market is undergoing a transformation, with a potential market size of 12.8 trillion to 115.6 trillion, driven by long-term development trends and commercial applications [18][19] - Major international players are nearing mass production, with Tesla's Optimus expected to achieve small-scale production by 2025, indicating a significant industry breakthrough [18] - Domestic companies are expected to rise in the humanoid robot sector, with Huawei's technology capabilities positioning it as a strong competitor against international firms [19] Summary by Sections Market Review - The Wind humanoid robot index underperformed the market, declining by 4.12%, lagging behind the Shanghai Composite Index by 3.72 percentage points [15][16] - Key stocks in the humanoid robot sector, such as Reddick and Zhongdali, saw declines exceeding 10% [15] Industry Dynamics - Magic Atom announced plans to produce 400 humanoid robots this year and aims to establish 1,000 application scenarios through partnerships [20][22] - Audi FAW has begun trial operations of the humanoid robot Walker S1 in its production base for quality control tasks [24] - Haier Smart Home signed a strategic cooperation agreement with Star Motion Era to jointly develop household service robots [25] Financing Dynamics - Beijing Yunji Technology submitted a prospectus for an IPO, aiming to become the first publicly listed company in the robot service sector [29] - TARS completed a $120 million angel round financing, marking a record in China's embodied intelligence sector [29][30] Key Company Announcements - Sanhua Intelligent Control is focusing on electromechanical actuators in the bionic robot field, which is a core strategic area for the company [31] - Huapei Power has developed MEMS pressure chips and is seeking to extend its technology into six-dimensional torque sensors [32]