Orient Securities·2025-06-15 04:12Investment Rating - The report maintains a "Buy" rating for the humanoid robot industry, indicating a strong potential for returns exceeding 15% relative to market benchmarks [4][9]. Core Insights - The humanoid robot industry is at a critical juncture with capacity ramp-up, accelerated mass production, and significant catalysts from major manufacturers, making it an opportune time for investment [4][9]. - The report emphasizes the importance of solid-state batteries in driving the commercialization of humanoid robots, addressing safety concerns and enhancing user confidence [9][13]. Summary by Sections Investment Recommendations and Targets - The report suggests focusing on three investment lines: companies with Q2 performance exceeding expectations, those integrated into leading manufacturers' supply chains, and firms innovating in components like screws, dexterous hands, motors, sensors, and reducers [4][9]. - Recommended companies include: 1. Complete machines and assemblies: UBTECH, Xinjian, Estun, Tosida, Efort-U, Zhongjian Technology, Yijiahe, Yongchuang Intelligent, Jack Shares, Lingyi Intelligent Manufacturing, Top Group, Sanhua Intelligent Control, Xinzhi Group, Junpu Intelligent [4][9]. 2. Components: Wuzhou Xinchun, Zhenyu Technology, Jinwo Shares, Riying Electronics, Zhongxin Fluorine Materials, Saimo Intelligent, Kangping Technology, Zhejiang Rongtai, Rongtai Shares, Green Harmonics, Siling Shares, Jiechang Drive, Zhaowei Electromechanical, Xiangxin Technology, Buke Shares, Weike Technology, Nanshan Zhishang, Hanwei Technology, Lingyun Light, Huayi Technology [4][9]. 3. Scenarios and applications: Zhongyou Technology, Dema Technology, Yinfeng Storage, Anhui He Li, Hangcha Group, Noli Shares, Shoucheng Holdings [4][9]. 4. Solid-state battery-related: Xian Dao Intelligent, Naconoer, Honggong Technology, Haimu Star [4][9]. Key Developments - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs have initiated a pilot program for intelligent elderly care service robots from 2025 to 2027, focusing on application scenarios and standard construction [10]. - Major technological advancements are being led by tech giants, with Tesla announcing the delivery of its first fully autonomous vehicle, marking a significant shift in the global mobility ecosystem [9][12]. - The report highlights the establishment of the world's first embodied intelligent robot 4S store in Beijing, which aims to integrate sales and after-sales services, creating a standardized commercial model [9][10]. Solid-State Battery Innovations - Solid-state batteries are expected to revolutionize the humanoid robot industry by overcoming traditional limitations in battery life and safety, thus facilitating the commercial deployment of robots in various applications [9][13]. - Companies involved in solid-state battery technology include: 1. Tsinghua Unigroup, which has established partnerships with leading firms for mass production and application in robots [13]. 2. Other notable firms include Naconoer, Honggong Technology, and Haimu Star, which are advancing solid-state battery technologies and applications [13].