Shenwan Hongyuan Securities·2025-07-15 03:43Investment Rating - The report rates the robotics industry as "Overweight," indicating an expectation for the industry to outperform the overall market [3]. Core Insights - The trend of robot companies achieving securitization is gaining momentum, with companies like UBTECH and Yujian listed on the Hong Kong stock exchange, and several component companies being acquired by listed firms [3]. - The transition from research and development to small-scale production is underway, with batch orders being placed, reversing previous pessimistic expectations regarding the commercialization of humanoid robots [3]. - Recent procurement results from China Mobile indicate significant orders for humanoid robots, totaling approximately 124.05 million yuan, aimed at various applications including education and healthcare [3]. - The report highlights the stabilization and recovery of the sector, with domestic robotics chains like Zhiyuan and Yujian leading the market [3]. Summary by Sections Industry Overview - The robotics industry is witnessing a shift towards commercialization, with several companies making significant progress in securing funding and orders [3]. - The report notes the involvement of major tech players like Huawei in promoting AI and robotics innovation [3]. Key Companies and Valuations - The report provides a valuation table for key companies, including UBTECH, Yujian, and others, detailing their earnings per share (EPS) and price-to-earnings (PE) ratios for the upcoming years [4]. - For instance, UBTECH's stock closed at 77.10 HKD with a projected EPS of -2.54 for 2024, while Yujian's stock closed at 58.35 HKD with a projected EPS of -0.24 for the same year [4]. Investment Recommendations - The report suggests focusing on domestic robotics chains, including main players like UBTECH and Yujian, as well as component suppliers such as Zhongdali and Shangwei New Materials [3]. - It also highlights the importance of the screw and reducer industry chain, recommending companies like Sanhua Intelligent Control and Siling Co., Ltd. for potential investment [3].