Investment Rating - The report maintains a "Buy" rating for the robotics industry, indicating a strong expectation for returns exceeding 15% relative to market benchmarks [4][9]. Core Insights - The report highlights that the financing projects in the robotics primary market are increasingly favoring humanoid robots, suggesting an acceleration in project implementation that may exceed market expectations [4][9]. - It notes a convergence in the components supply chain, which is expected to enhance the industry's moat and lead to valuation improvements [4][9]. - The report emphasizes the importance of focusing on specific application scenarios and key regional companies, recommending short-term attention on components and long-term focus on complete machine manufacturers [4][9]. Summary by Sections Investment Recommendations and Targets - The report suggests monitoring the following categories: 1. Complete machines and assemblies: Companies such as UBTECH, Yujian, Estun, Tosida, Efort-U, Zhongjian Technology, Yijiahe, Yongchuang Intelligent, Jack, Linyi Intelligent Manufacturing, Top Group, Sanhua Intelligent Control, and Xinzhi Group [4][10]. 2. Components: Companies including Wuzhou Xinchun, Zhenyu Technology, Jinwo Shares, Riying Electronics, Zhongxin Fluorine Materials, Saimo Intelligent, Kangping Technology, Zhejiang Rongtai, Rongtai Shares, Green Harmonic, Siling Shares, Jiechang Drive, Zhaowei Electromechanical, Xiangxin Technology, Buke Shares, Weike Technology, Nanshan Zhishang, Hanwei Technology, Lingyun Light, and Huayi Technology [4][10]. 3. Scenarios and Applications: Companies such as Zhongyou Technology, Dema Technology, Yinfeng Storage, Anhui Hefei, Hangcha Group, Nuoli Shares, and Shoucheng Holdings [4][10]. Industry Dynamics - The report indicates that the financing situation in the robotics sector from January to June 2025 shows a stable monthly financing quantity, with a notable increase in humanoid robot financing in June, suggesting an expansion phase for the industry [10][11]. - It highlights that the proportion of complete machines (humanoid robots, quadrupeds, specialized robots, industrial robots) is continuously rising, with specialized robots maintaining the highest proportion, indicating a strong market focus on vertical applications and commercial closures [13][14]. - The report also notes that the maturity of financing enterprises is increasing, with a shift towards more established companies, which is expected to lead to a convergence in the supply chain and enhance the valuation of companies that maintain their position within the industry [9][10].
机器人产业跟踪:人形机器人将加速落地,零部件估值有望提升
Orient Securities·2025-07-06 01:44