SIASUN(SZ:300024)2025-05-12 03:14Investment Rating - Industry View: In-Line [6] Core Insights - Humanoids can address pain points by providing lower deployment costs for long-tail cases where industrial robots are not economically viable. They are expected to deliver emotional value over the next decade [2] - Initial adoption scenarios for humanoids include box picking and 3C assembling, where they can help manufacturers reduce costs without competing with other robots like AGVs and AMRs. Delivery applications may also see humanoid integration within the next five years [3] - Key differentiators among integrators will be supply chain management and integration capabilities. A thorough understanding of components, whether through self-development or customization, is crucial for effective model development. Poor quality inputs can hinder humanoid performance [4][9] Summary by Sections - Humanoid Adoption: Humanoids are expected to adapt to complex environments and automate advanced tasks, solving many corner cases for broader applications. The U.S. has advantages in synthetic data and algorithms, while China's supply chain and government support may provide a long-term edge [9] - Industry Players: Insights from speakers from companies like UBTECH, Dobot, EngineAI, Flexiv, and Meritco Services highlight the importance of data collection from popular products to enhance generalization capabilities [9] - Investment Opportunities: The report covers various companies in the industrial sector, with ratings indicating potential investment opportunities. For example, China State Construction Engineering and Sany Heavy Industry are rated Overweight, suggesting expected performance above the average [57][59]