Swancor Advanced Materials (SH:688585) GUOTAI HAITONG SECURITIES·2025-07-09 02:56Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [9]. Core Insights - The acquisition of Shangwei New Materials by Zhiyuan Robotics is expected to accelerate the IPO process for leading humanoid robot companies in China, thereby enhancing the overall industry valuation [3][4]. - Zhiyuan Robotics is adopting a "Huawei ecological strategy" to deeply bind upstream and downstream partners, which is anticipated to accelerate the evolution of the humanoid robot industry [4]. Summary by Sections Acquisition Details - Zhiyuan Robotics plans to acquire at least 63.62% of Shangwei New Materials, with a total of 29.99% being transferred through agreements signed on July 8 [4]. - The company aims to further increase its stake by offering to acquire an additional 37% of shares, with 33.63% already effectively subscribed [4]. Financial Performance - Shangwei New Materials reported a 25% year-on-year growth in net profit for 2024, amounting to 88.68 million [4]. - The company's revenue for 2024 is projected to be 1.494 billion, reflecting a 6.73% increase year-on-year [4]. Industry Outlook - The acquisition is expected to broaden Zhiyuan Robotics' financing channels and facilitate its entry into the A-share market, which may prompt other leading companies like Yushu Technology and Leju Robotics to accelerate their IPO processes [4]. - The report highlights several related companies to watch, including Wolong Electric Drive, Aobi Zhongguang-UW, Lens Technology, Junpu Intelligent, Ningbo Huaxiang, Zhongdali De, Fengli Intelligent, and Fulian Precision [4].