Guoxin Securities·2025-06-05 10:50Investment Rating - The report maintains an "Outperform" rating for the humanoid robot industry [4]. Core Insights - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, and with the continuous layout of major players both domestically and internationally (such as Figure, Zhiyuan, Huawei, Yuzhu, Xiaomi), the humanoid robot industry is expected to accelerate its implementation, with 2025 likely marking the industry's explosive growth point [3]. - Investment opportunities are identified in various segments: assembly segment (Top Group, Sanhua Intelligent Control), reducer segment (Shuanghuan Transmission, Precision Forging Technology, Zhongding Holdings), sensor segment (Lingyun Shares), and other related companies (Yinlun Shares, Junsheng Electronics, Ruihu Mould, Meili Technology) [3]. Market Performance - The Guosen humanoid robot index fell by 3.88% during the week of May 26-30, underperforming the CSI 300 index by 2.79 percentage points and the Shanghai Composite Index by 3.85 percentage points, while year-to-date it has risen by 8.4% [1][11]. - Key companies such as Top Group, Sanhua Intelligent Control, and Zhongding Holdings experienced declines of 3.95%, 4.58%, and 5.6% respectively, while Beite Technology saw an increase of 2.99% [1][11]. Industry Dynamics - Elon Musk announced that the Optimus humanoid robot is expected to walk on Mars by 2027, with SpaceX planning to launch a spacecraft carrying the robot next year [21]. - Yuzhu Technology has changed its name and is set to launch a new robot with 26 degrees of freedom, priced below $10,000 [25]. - Various companies, including Tesla and Xiaoma Zhixing, are releasing plans related to Robotaxi, indicating a growing interest in autonomous vehicle technology [22][23]. Key Company Earnings Forecast and Investment Ratings - Top Group (601689.SH): Outperform, last closing price 49.30 CNY, market cap 85.7 billion CNY, EPS 1.78 for 2024A, PE 28 for 2024A [4]. - Sanhua Intelligent Control (002050.SZ): Outperform, last closing price 25.85 CNY, market cap 96.5 billion CNY, EPS 0.83 for 2024A, PE 31 for 2024A [4]. - Shuanghuan Transmission (002472.SZ): Outperform, last closing price 31.83 CNY, market cap 27 billion CNY, EPS 1.21 for 2024A, PE 26 for 2024A [4]. - Zhongding Holdings (000887.SZ): Outperform, last closing price 17.19 CNY, market cap 22.6 billion CNY, EPS 0.95 for 2024A, PE 18 for 2024A [4].