NJEC(SH:600699) GUOTAI HAITONG SECURITIES·2025-10-20 07:23Investment Rating - The report assigns an "Accumulate" rating for the humanoid robot industry [1]. Core Insights - The humanoid robot industry is witnessing rapid commercialization, with leading domestic companies launching new products and securing significant orders. The focus should be on event-driven fluctuations in industry sentiment in the short term, while long-term attention should be on high-quality companies with a clear position in the supply chain [5][6]. - The launch of the ZhiYuan Robot's G2 model marks a significant step in the application of interactive embodied intelligence technology in the automotive parts manufacturing sector, enhancing the industry's smart upgrade [5][6]. - The first batch of G2 robots will be deployed in the production line of Junsheng Electronics, aiming to improve production efficiency and reduce operational errors through human-machine collaboration [5][6]. Summary by Sections Recent Developments - ZhiYuan Robot and Junpu Intelligent held a launch event for the G2 robot, which is set to transform automotive manufacturing with its interactive capabilities [3][5]. - UBTECH secured a major contract worth 126 million yuan for the Walker humanoid robot, bringing its total orders for the year to over 630 million yuan, leading the global commercialization of humanoid robots [5][6]. Company Performance Forecast and Financial Valuation - The report includes performance forecasts and financial valuations for several companies in the humanoid robot sector, all rated as "Accumulate": - Meihu Co., Ltd. (603319.SH): EPS forecast for 2025E is 0.75 yuan, with a PE ratio of 48 [6]. - Ningbo Huaxiang (002048.SZ): EPS forecast for 2025E is 0.55 yuan, with a PE ratio of 57 [6]. - Top Group (601689.SH): EPS forecast for 2025E is 1.88 yuan, with a PE ratio of 35 [6]. - Zhaomin Technology (301000.SZ): EPS forecast for 2025E is 0.78 yuan, with a PE ratio of 56 [6]. - Junsheng Electronics (600699.SH): EPS forecast for 2025E is 1.12 yuan, with a PE ratio of 26 [6]. - Xinquan Co., Ltd. (603179.SH): EPS forecast for 2025E is 2.37 yuan, with a PE ratio of 28 [6].