美股IPO·2025-08-27 21:10Core Viewpoint - HSBC predicts that 2027 will mark the year of large-scale commercialization for humanoid robots, with the investment return period shortening to approximately 2 years [1][4]. Group 1: Industry Progress - Chinese humanoid robot manufacturers are accelerating their commercialization process, surpassing overseas competitors despite concerns raised by Tesla's production target adjustments for its Optimus robot [2]. - Major Chinese manufacturers like UBTECH and Unitree plan to produce over 1,000 robots by 2025, while most overseas companies are still in the training phase [3]. Group 2: Competitive Advantages - Chinese companies benefit from proximity to the supply chain, competitive pricing, substantial government orders, and supportive government policies [4][10]. - The cost of humanoid robots is expected to decrease to around 100,000 RMB per unit, driven by rising labor costs and declining robot costs [4]. Group 3: Market Dynamics - The report highlights that upstream core component suppliers, such as Sanhua Intelligent Controls and Huachang Technology, are likely to achieve better profitability compared to downstream manufacturers due to higher market concentration and lower operational costs [7]. - The annual market size for humanoid robot actuators, sensors, and software is projected to reach approximately 68 billion RMB, 28 billion RMB, and 17 billion RMB respectively from 2025 to 2035 [8]. Group 4: Supply Chain and Pricing - Chinese manufacturers dominate the global supply of humanoid robot components, providing them with advantages in procurement costs and product development timelines [9][10]. - For instance, Unitree's general-purpose humanoid robot is priced at only $5,600, significantly lower than Tesla's Optimus, which ranges from $25,000 to $30,000, enhancing user acceptance and shortening return cycles [10].