BOCOM International·2025-04-03 02:44Humanoid Robot Industry - The humanoid robot industry is expected to experience exponential growth post-2030, with global shipments projected to reach between 4 million and 10 million units by 2035, reflecting a compound annual growth rate (CAGR) of 70.6% to 84.9% from 2024 to 2035, with service humanoid robots accounting for 84% of the market share [1] - In China, the shipment CAGR for humanoid robots from 2024 to 2035 is anticipated to exceed 75%, capturing 45% of the global market share by 2035, driven by policy support and capital investment [1] - China is expected to replicate the success of the electric vehicle industry in humanoid robot manufacturing, leveraging its experience in system integration from the autonomous driving sector to accelerate research and development while reducing costs [1][2] Internet and Education Industry - Companies with strong commercial capabilities and industry space showed impressive revenue growth in 2024, primarily driven by cost reduction and efficiency improvements [3] - In 2025, companies are expected to focus on enhancing monetization capabilities and innovation while exploring overseas growth opportunities to drive revenue [3] Delivery and Logistics Industry - SF Express's revenue for the second half of 2024 is projected to grow by 34% year-on-year, exceeding the expected 30%, with significant contributions from last-mile delivery services [7] - The company anticipates a continued revenue growth rate of 23% and 21% for 2025 and 2026, respectively, driven by demand for same-city delivery [8] AI and Traditional Chinese Medicine - The company is expected to achieve a strong revenue growth of 30% in 2024, driven by both internal growth and acquisitions, with a focus on expanding into overseas markets [10] - AI is projected to significantly enhance the productivity of traditional Chinese medicine practitioners, with a potential revenue increase of 100 million yuan for every 10% improvement in productivity [11] New Energy Industry - The company reported a loss of 3.91 billion yuan in 2024, slightly better than expected, with a significant recovery in polysilicon prices in the fourth quarter [12] - The company maintains an attractive valuation with a projected price-to-book ratio of only 0.20 times for 2025, despite recent stock price declines [12] Home Appliances Industry - Midea Group's revenue and net profit for 2024 are expected to grow by 9.5% to 409.1 billion yuan and 38.8 billion yuan, respectively, with a stable gross margin of 26.4% [13] - The company is set to benefit from the continuation of the old-for-new policy, which is expected to support consumer demand in 2025 [14] Automotive Industry - In March, several automakers reported continued growth in delivery volumes, with BYD's passenger car sales reaching 371,419 units, reflecting a year-on-year increase of 23.1% [15][16] - The introduction of new models at the Shanghai Auto Show is expected to further enhance market supply and support the growth of the new energy vehicle sector [18]