Tesla(US:TSLA) Guoxin Securities·2025-10-27 03:32Investment Rating - The report maintains an "Outperform the Market" rating for the humanoid robot industry [5][10]. Core Views - The humanoid robot industry is expected to enter a large-scale production era, driven by Tesla's Optimus V3 and the recent launch of Unitree's H2 robot, indicating rapid advancements towards human-like capabilities [2][3]. - The report emphasizes the importance of identifying core suppliers and companies with strong market positions within the humanoid robot supply chain, suggesting a focus on both value and growth potential [2][7]. Summary by Sections Key Events and Commentary - Tesla plans to launch the Optimus V3 in Q1 2026, with a production capacity of 1 million units by the end of next year, aiming for 10 million units in the V4 era and potentially up to 100 million units with the V5 [1][17]. - Unitree Technology has released the H2 humanoid robot, which stands 1.8 meters tall and weighs 70 kg, showcasing advanced movement capabilities and a more human-like design [1][18]. Industry Dynamics & Company News - The production of industrial and service robots has seen significant growth, with output increasing by 29.8% and 16.3% respectively in the first three quarters [3][20]. - Various companies are making strides in the humanoid robot sector, including partnerships and new product launches, indicating a vibrant and evolving market landscape [3][4]. Investment Insights - The report suggests focusing on companies that are key suppliers in the humanoid robot supply chain, such as Feirongda, Longxi Co., and Weiman Sealing, among others, to capture growth opportunities [2][7]. - It also highlights the importance of exploring new investment targets with high certainty in the incremental segments of the humanoid robot market [2][7]. Company Profit Forecasts and Valuations - Several companies in the humanoid robot sector have been rated as "Outperform the Market," with detailed earnings per share (EPS) and price-to-earnings (PE) ratios provided for future projections [10][26].