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摩根士丹利:人形机器人-订单已公布;预计 2025 年下半年将有更多订单
SIASUNSIASUN(SZ:300024)2025-07-15 01:58

Investment Rating - The industry investment rating is "In-Line" [6] Core Insights - The humanoid robot market is experiencing strong demand, with companies like UBTECH, Agibot, and Unitree announcing significant orders and contracts [2][3][8] - There is an expectation for more adoption announcements in the second half of 2025, driven by advancements in technology and a push from both companies and government for humanoid adoption [8] Summary by Relevant Sections - UBTECH's Tiangong Walker: Received orders for approximately 100 units and expects to deliver over 300 units in 2025, with over 60% of orders for premium versions [2] - Agibot and Unitree Contract: Awarded a Rmb124 million humanoid robot contract from China Mobile, with Agibot receiving Rmb78 million for full-size robots and Unitree Rmb46 million for smaller robots and accessories [3] - Market Trends: The focus is shifting from new model announcements to tracking adoption progress, indicating a maturation of the market and a potential for a virtuous cycle in humanoid technology [8]