——机器人行业点评报告：Google DeepMind加大布局机器人项目，软硬件同步发力

Investment Rating - The report rates the robotics industry as "Overweight," indicating that the industry is expected to outperform the overall market [8]. Core Insights - Google DeepMind is significantly increasing its investment in robotics, focusing on both hardware and software development. The CEO, Hassabis, aims to create a universal AI system based on Gemini that can be configured into various physical forms, predicting a breakthrough in AI-driven robotics technology in the coming years [2]. - The Gemini Robotics project has been initiated within DeepMind, aiming to directly output action tokens using multimodal large models. The Gemini Robotics series was launched in March 2025, with subsequent releases enhancing the capabilities of robots [2]. - The Gemini Robotics 1.5 system features two collaborative models: a coordinator model for higher-level reasoning and a motion model that translates natural language instructions into robotic actions. This system includes three major technological innovations that enhance the performance and adaptability of robots [2]. - DeepMind's advancements in embodied intelligence, previously focused on research, are now moving towards commercialization, with notable models released in recent years demonstrating significant improvements in multimodal capabilities [2]. - The introduction of a former Boston Dynamics CTO to DeepMind signifies confidence in embodied intelligence models and the anticipated turning point in the industry. Key beneficiaries of this trend include major robotics manufacturers and component suppliers [2]. Summary by Sections Company Valuation - The report provides a valuation table for key companies in the robotics sector, including their earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for the years 2024 to 2027. For instance, the company UBTECH is projected to have an EPS of -2.4 in 2024, with a PE ratio of -41.6 [3]. - Other companies listed include Hengli Hydraulic, Zhejiang Rongtai, and Huichuan Technology, with varying EPS and PE ratios indicating their financial performance and market expectations [3].