Core Viewpoint - The report from China Merchants Securities highlights the significant presence of robotics companies at the recent Spring Festival Gala, showcasing advancements in motion control and autonomy, indicating a strong governmental support phase for the robotics industry this year [1][2] Group 1: Industry Trends - The Spring Festival Gala featured a notable increase in the number of humanoid robots, reflecting the government's commitment to strengthening the humanoid robotics sector, similar to the initial phase of the new energy vehicle industry [1] - The technology demonstrated this year at the gala was more complex than in previous years, with improved group performance and coordination among robots, showcasing advancements in collective control capabilities [2] Group 2: Investment Opportunities - China Merchants Securities recommends focusing on several companies in the robotics sector, including UBTECH (09880), Yujin (02432), Geek+ (02590), and Minth Group (00425), as well as companies in the broader robotics field such as Hesai Technology (02525), SUTENG (02498), and Horizon Robotics (09660) [1] - The report anticipates a policy environment characterized by national strategic guidance and local support, which is expected to foster growth in the robotics industry [1]

Core Viewpoint - The report from China Merchants Securities highlights the significant presence of multiple robotics companies at the Spring Festival Gala, showcasing advancements in motion control and autonomous operation capabilities. The industry is entering a phase of intensive policy support this year, with a focus on humanoid robots and related technologies [1]. Group 1: Industry Trends - Humanoid robots have become a central theme at the Spring Festival Gala, indicating a shift in national focus towards strengthening the humanoid robotics industry [1]. - The rapid evolution of related technologies suggests that the industry is poised to enter a period of concentrated policy support, similar to the initial phase of the new energy vehicle industry chain [1]. Group 2: Companies of Interest - Key companies to watch in the Hong Kong stock market include UBTECH, Yujian, Jizhijia, and Minshi, along with broader robotics sector players such as Hesai, Suton Juchuang, and Horizon [1]. - The increased number of robotic performances at the gala, up from only Yushu last year, reflects the government's commitment to expanding the humanoid robotics sector [1].

Core Insights - The company, SUTENG, has established itself as the leading supplier of laser radar in the high-potential unmanned delivery vehicle market, with over 90% market share among top players like JD.com and Meituan [1] - SUTENG's recent profit forecast indicates it will achieve its first quarterly profit in Q4 2025, with an expected profit of at least 60 million RMB, significantly exceeding previous break-even expectations [2] - The company's robot business is a key driver of growth, with laser radar sales expected to exceed 303,000 units in 2025, marking an over 11-fold increase year-on-year [2] - SUTENG's proprietary SPAD-SoC and VCSEL digital chip architecture provide significant advantages in integration, cost control, and production efficiency, creating a technological gap that enhances its product uniqueness [3] - The company is transitioning from a laser radar hardware supplier to a core enabler across intelligent driving and robotics sectors, showcasing a clearer growth trajectory [6] Market Position and Performance - SUTENG's laser radar products have achieved global leadership in sales, particularly in robotic applications, including lawn mowing and humanoid robots [2][6] - The company has secured 144 pre-installation orders for ADAS (Advanced Driver Assistance Systems) and anticipates over 2 million new orders in 2025, which will convert into revenue in 2026 [2] - The recent positive market response to SUTENG's profit forecast led to a stock price increase of over 15%, indicating strong investor confidence [2] Strategic Development - The company is focused on enhancing its robot business, aiming to integrate advanced technologies like "hand-eye coordination" to support practical applications in logistics and industrial sectors [3] - Major financial institutions have rated SUTENG with "buy" or "increase" recommendations, with target prices ranging from 47 to 60 HKD, suggesting that the company's market value may still be underestimated [3]

Core Viewpoint - The report from China Merchants Securities highlights the significant advancements in robotics showcased during the Spring Festival Gala, indicating a strong governmental push towards the development of humanoid robots and related technologies this year [1][2]. Group 1: Industry Trends - Multiple robotics companies made a prominent appearance at the Spring Festival Gala, showcasing enhanced motion control and autonomy capabilities [1]. - The event reflects a shift in national policy towards supporting the humanoid robotics industry, similar to the initial phase of the new energy vehicle industry [1]. - The number of robots participating in the gala increased significantly compared to previous years, indicating a growing emphasis on robotics in national strategy [1]. Group 2: Company Focus - Key companies to watch in the robotics sector include UBTECH (09880), Yujian (02432), Geek+ (02590), and Minth Group (00425), along with firms in the broader robotics field such as Hesai (02525), SUTENG (02498), and Horizon Robotics (09660) [1]. - The report notes that the technical difficulty of the robot performances this year was higher than in previous years, with improved group control capabilities and zero-error execution [2]. - For instance, Yushun's robots demonstrated a 5 to 10 times increase in agility compared to last year, laying the groundwork for future service-oriented robots [2].

Core Viewpoint - The human-shaped robot sector is experiencing a shift from speculative hype to a focus on actual performance and order fulfillment, as evidenced by recent market reactions and the upcoming financial reporting season [1][2][3] Group 1: Market Performance - Despite a strong showcase of robotic capabilities during the Spring Festival Gala, A-share robot concept stocks faced significant declines on February 24, with companies like Wuzhou Xinchun dropping 6.9% [1][2] - The market's initial optimism was dampened by concerns over the realization of orders and the certainty of earnings, particularly as the annual report season approaches [2][3] Group 2: Company Performance and Concerns - Leading companies such as Wuzhou Xinchun and Lide Harmony, while integral to the human-shaped robot supply chain, derive a limited portion of their revenue from robotics, raising concerns about their ability to sustain high valuations [5][6] - Wuzhou Xinchun reported a revenue of 2.661 billion yuan, a 7.6% increase year-on-year, with net profit slightly up by 0.25%, indicating that its traditional manufacturing business remains the primary revenue driver [5] Group 3: Future Outlook and Industry Dynamics - The anticipated release of Tesla's third-generation Optimus robot in Q1 2026 is seen as a potential catalyst for the industry, with predictions of a 5%-10% increase in the human-shaped robot sector if key upgrades are achieved [8] - The transition from speculative expectations to tangible order fulfillment is critical, as the market shifts its focus from narrative-driven valuations to performance-based assessments [7][10] - The successful integration of robots into various application scenarios, from industrial to household, will be essential for long-term growth and sustainability in the sector [9][10]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1] Core Insights - The "Trade-in Policy" has shown initial effectiveness, driving automotive consumption exceeding 100 billion yuan, with the average purchase price for trade-in vehicles rising to over 164,000 yuan [4] - As of February 19, 2026, the trade-in policy has benefited 28.88 million people, generating sales of 198.02 billion yuan, with 612,000 vehicles traded in, leading to new car sales of 100.53 billion yuan [4] - The report anticipates a recovery in automotive market consumption post-Spring Festival, supported by the upcoming launch of several flagship new energy products [4] Summary by Sections Automotive Market Performance - In January 2026, China's automotive sales decreased by 3.2% year-on-year to 2.346 million units, with domestic sales down 14.8% to 1.665 million units [4] - Passenger vehicle sales saw a significant decline of 19.5% year-on-year, while commercial vehicle sales increased by 23.4% [4] - Exports of automobiles rose by 44.9% year-on-year to 681,000 units, with passenger vehicle exports increasing by 48.9% [4] New Energy Vehicle Insights - New energy vehicle sales in January 2026 were stable, with a slight increase of 0.1% year-on-year to 945,000 units, achieving a penetration rate of 40.3% [4] - The report highlights that the penetration rate for new energy passenger vehicles is 41.7%, while commercial vehicles stand at 22.6% [4] Investment Recommendations - The report recommends investing in leading passenger vehicle companies, the intelligent manufacturing supply chain, and the humanoid robot industry chain [4] - Specific recommendations include Geely Automobile and Great Wall Motors for vehicle manufacturing, and companies like Desay SV and Horizon Robotics for intelligent components [5]

2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...

Company Overview:速腾聚创 (Suteng Juchuang) Key Points Financial Performance - The company has announced a profit forecast, expecting to achieve its first quarterly profit in Q4 2025, with profits not less than RMB 60 million, significantly exceeding previous breakeven expectations [1] - For the fiscal year 2025, the net loss attributable to shareholders is projected to narrow significantly from RMB 482 million in 2024 to within RMB 180 million, representing a reduction of over 60% [1] Sales and Revenue - Total sales of LiDAR units for the year are expected to reach approximately 912,000 units, with a notable optimization in revenue structure [1] - The robot business has experienced explosive growth, becoming the company's core growth engine, with sales in this sector expected to exceed 303,000 units in 2025, marking an increase of over 11 times year-on-year [1] - In Q4, robot radar sales reached 221,200 units, nearly matching the sales of the automotive sector [1] Strategic Partnerships and Market Position - The company has established deep collaborations with over 20 leading smart clients, including Yushu Technology and Zhiyuan Robotics, as well as with a global top 5 lawnmower manufacturer, maintaining a high gross margin above 40% [2] - The automotive ADAS (Advanced Driver Assistance Systems) segment is leading in scale, with an expected delivery of approximately 609,000 LiDAR units in 2025 [2] - The company has secured over 8 global overseas and joint venture brand contracts, including a significant order from Dongfeng Nissan for one million units expected to commence mass production and delivery in 2026 [2] Product Development and Profitability Outlook - The introduction of self-developed digital SoC chips in new products like MX and EM is anticipated to improve the gross margin of automotive products from approximately 17% in 2024 to over 20% [2] - With the high gross margin contribution from the robot business and the scaling of the automotive sector, the company is expected to enter a full-year profit cycle in 2026 [2]

—————————————— 1. 消息称荣耀将推出首款人形机器人。 【东北计算机】20260223 【消息称荣耀将推出首款人形机器人】 （来源：IT之家） 2. 宇树G1机器人天坛祈福集群演示。 （来源：DoNews） 3. 彭博：机器人再度成为中国春晚焦点 点燃市场科技投资热情 速腾聚创等股票马年首个交易日逆市上扬。 （来源：格隆汇） 4. 法拉第未 【东北计算机】20260223 【消息称荣耀将推出首款人形机器人】 （来源：IT之家） （来源：IT之家） —————————————— 1. 消息称荣耀将推出首款人形机器人。 （来源：IT之家） 2. 宇树G1机器人天坛祈福集群演示。 （来源：DoNews） 3. 彭博：机器人再度成为中国春晚焦点 点燃市场科技投资热情 速腾聚创等股票马年首个交易日逆市上扬。 （来源：格隆汇） 4. 法拉第未来EAI机器人官宣下周开启首批交付。 5. 现代汽车集团将斥资 10 万亿韩元开发人工智能、氢能、机器人。 ...

港股马年首个交易日（正月初四）走出极致割裂行情：恒生科技指数走弱，AI原生模型、人形机器人 全线暴涨，传统互联网巨头集体回调；资金用脚投票，完成一轮新质生产力vs传统平台经济的快速切 换。 一、今日盘面：AI疯涨、互联网下跌，核心原因一目了然 技术催化：智谱GLM-5、DeepSeek新一代模型超预期，企业端调用与付费爆发 上市效应：智谱、MiniMax登陆港股后赚钱效应拉满，资金抱团纯模型标的 产业落地：算力平台升级、大模型规模化商用，估值逻辑从"故事"转向"订单" 2）互联网股票为何下跌？ 盈利预期：广告、电商、游戏等传统变现赛道增长放缓，业绩弹性不足 资金调仓：资金从高权重、高持仓的互联网巨头，流出到AI/机器人/算力硬科技 政策干扰: 国内反垄断，美国上军事清单 1）AI原生模型为何大涨？ 估值重构：市场不再给流量平台高溢价，转向技术壁垒、自研模型、芯片、具身智能 二、百度市值逼近智谱+MiniMax：明显低估？ 今日收盘： 百度≈3500亿港元（盘中下跌） 智谱≈3232亿港元、MiniMax≈3042亿港元 百度已不是单纯搜索公司： 文心大模型：API调用、行业解决方案、智能体落地 昆仑芯：AI训 ...