Orbbec (SH:688322) Jian Yin Guo Ji·2025-09-19 06:07Investment Rating - The report maintains an "Outperform" rating for several companies in the high-end manufacturing sector, particularly those involved in robotics [5]. Core Insights - The market is currently experiencing a strong upward trend driven by positive news flow, particularly in the robotics sector, with the Wind Robotics Index rising by 18.2% in September [1]. - There is a notable divergence between current valuations and financial conditions, suggesting that while the market remains optimistic, the potential for correction exists as the sector approaches previous highs [2][3]. - The report emphasizes the cyclical nature of the robotics theme, indicating that short-term trading strategies should include profit-taking rather than simple holding [3]. Summary by Sections Market Performance - The robotics theme stocks have shown strong performance, with significant gains in various companies, such as Hanwei Technology up 27.5% and Wolong Electric up 39.8% [1]. - The report notes that many high-end manufacturers have not yet surpassed their March peaks, indicating potential for further gains [2]. Financial Analysis - The financial conditions of robotics manufacturers have shown resilience, with actual order acquisition and technological advancements driving recent market increases [2]. - The report highlights that the current market valuation may not be sustainable without further financial improvements, as the sector is experiencing high premiums [2][3]. Long-term Outlook - The long-term prospects for the robotics industry remain positive, driven by strong policy support, talent influx, and significant R&D investments [3]. - The report suggests that the emergence of fully autonomous humanoid robots and a new robotics industry could occur in the future, although current applications are limited to industrial and logistics sectors [3].