机械设备行业点评报告：智元与宇树拿下1.24亿订单，人形机器人商业化加速

Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The recent order of 124 million yuan for humanoid robots from China Mobile marks a significant step in the commercialization of humanoid robots, with Zhiyuan winning 78 million yuan for a full-size humanoid package and Yushun winning 46.05 million yuan for a smaller humanoid package [1] - Both Zhiyuan and Yushun have secured multiple large orders since 2025, indicating a growing trend in the humanoid robot market, particularly in performance display and data collection applications [2] - Yushun's recent C-round financing led by a fund from China Mobile, with a pre-financing valuation exceeding 10 billion yuan, highlights the increasing investment interest in the robotics industry [3] - The acceleration of robot commercialization is evident in various sectors, including automotive, pharmaceuticals, and infrastructure inspection, with notable applications in quality inspection, logistics, and service industries [4] Summary by Sections - Recent Orders: China Mobile's 124 million yuan order for humanoid robots, with Zhiyuan and Yushun as the main winners [1] - Market Activity: Yushun and Zhiyuan have secured several significant contracts in 2025, showcasing the initial commercialization of humanoid robots [2] - Investment Trends: Yushun's C-round financing led by China Mobile's fund, indicating strong market confidence and potential leadership in humanoid robot commercialization [3] - Application Expansion: Robots are being integrated into various industries, enhancing efficiency and safety, with expectations for further application expansion as intelligence improves [4] - Investment Recommendations: The report suggests focusing on the supply chain of Zhiyuan and Yushun, including companies like Green Harmonics, Zhongdali De, and others [5]