Summary of Key Points from the Conference Call Industry Overview - **Construction Machinery**: - According to the China Construction Machinery Association (CCMA), domestic excavator shipment/export volume increased by **61%** and **40%** year-over-year (YoY) in January 2026, attributed to a low base effect from January 2025 [1][4][11]. - The tower crane leasing rate index decreased by **6%** week-over-week (WoW) as the Chinese New Year (CNY) low season approaches, but remains **15%** higher than the same period last year, marking the third consecutive week of YoY increase [1][12]. - **Factory Automation**: - Ta Liang Technology (3167.TW), a Taiwanese peer of Han's CNC, reported a **120%** YoY revenue growth in January 2026, up from **61%** and **53%** in December 2025 and November 2025 respectively, indicating strong demand for PCB drilling equipment from AI PCB manufacturers [1][8][10]. Company Insights - **Top Picks in Construction Machinery**: - Recommended companies include: - Zoomlion (1157.HK) - Sany Heavy (6031.HK) and Sany Heavy Equipment International Holdings Company Ltd (631.HK) - In the AI PCB and Apple equipment theme: - Han's Laser (002008.SZ) and Han's CNC (301200.SZ) - For humanoid robots: - Hengli Hydraulic (601100.SS) [1]. - **Price Adjustments**: - THK (6481.T) announced a **10%** increase in the average selling price (ASP) of all ball screw products effective from February 2, 2026, to reflect rising raw material and operating costs. This follows similar price hikes by SKF and Schaeffler in January 2026 [2]. Upcoming Events - A business update call with Sany International (631.HK) is scheduled for **10 AM HKT on February 12, 2026**, focusing on how rising commodity prices may benefit mining equipment [1]. Additional Notes - The ball screw is estimated to account for approximately **2%** of total revenue in 2026E for THK [2]. - The report emphasizes the importance of monitoring the construction machinery and factory automation sectors for potential investment opportunities, especially in light of the recent positive data points and company performance metrics [1][2].

Vi e w p o i n t | 26 Jan 2026 06:05:22 ET │ 11 pages Joyson (600699.SS / 0699.HK) 2025 Core NP In Line; Buy CITI'S TAKE Joyson released its 2025 preliminary results on 26 January, indicating that 2025 net profit could rise by 40.56% YoY to Rmb1.35bn. Excluding the one- off expense of Rmb160mn relating to (i) asset disposal by its subsidiary Guangdong Senssun and (ii) disposal of overseas factory, 2025 core NP came at Rmb1.5bn (+17.02% YoY), meeting the low-end of investor expectations between Rmb1.5-1.6bn. ...

Summary of Hengli Hydraulic (601100.SS) Conference Call Company Overview - **Company**: Hengli Hydraulic - **Industry**: Hydraulic components and systems, humanoid robots, aerospace, and agricultural machinery Key Points Growth Drivers - **Revenue Growth**: Expected to accelerate to **20%-30% YoY** in 2026, up from mid-teens in 2025, driven by strong demand for excavator components and favorable product mix changes [1][1] - **New Business Contributions**: Anticipated revenue contributions from: - Aerospace - Brain-computer interface - Humanoid robots - **Revenue Contribution Order**: Aerospace > Brain-computer interface > Humanoid robot [1][1] Financial Guidance - **4Q25 Revenue Guidance**: Expected to exceed **Rmb3.0 billion**, with at least **30% YoY** growth. Management anticipates a **Rmb200 million** foreign exchange loss due to Rmb appreciation, but expects bottom-line growth to outpace top-line growth due to gross profit margin (GPM) expansion [1][1] - **2026 Product Revenue Growth**: - Excavator components: **40% YoY** - Pumps and valves: **~20% YoY** - Non-excavator components: **20%-30% YoY**, with pumps and valves potentially exceeding **30%** and cylinders at **10%** [1][1] Humanoid Robot Business - **Mexico Plant**: Set to be ready by March or April 2026, with production starting in **3Q26**. Expected revenue from humanoid robots to exceed **Rmb100 million** in 2026 [2][2] Aerospace Business - **Current Operations**: Supplies hydraulic systems for launch pads and rockets, with an average selling price (ASP) of **~Rmb15 million**. GPM for this segment is over **50%**. Expected revenue growth from less than **Rmb50 million** in 2025 to over **Rmb100 million** in 2026 [3][3] Brain-Computer Interface - **Revenue Forecast**: Expected to reach **Rmb100 million** in 2026, based on an ASP of **Rmb10,000** and **10,000 shipments** [6][6] Agricultural Machinery - **New Orders**: Secured orders from a global leader, increasing revenue by **Rmb500 million-600 million** in 2026. The total addressable market (TAM) for global mid-to-high-end agricultural machinery components is estimated to exceed **Rmb20 billion**. A new factory in Brazil is planned to mitigate high import tariffs [7][7] Ball Screw and Linear Guide - **Revenue Expectations**: Combined revenue was **~Rmb100 million** in 2025, lower than expected. Management believes revenue could reach **Rmb300 million-500 million** in 2026, with recent monthly shipments at **Rmb15 million** [8][8] Valuation and Risks - **Target Price**: Set at **Rmb135.00**, based on a **52x 2026E P/E**, which aligns with its average P/E since 2021 plus **2.0x** standard deviation [12][12] - **Risks**: Include weaker demand for excavator and non-excavator components, lower profitability from ball screw and Mexico plants, and lower-than-expected GPM due to product mix changes [13][13] Market Metrics - **Current Price**: **Rmb121.120** - **Expected Share Price Return**: **11.5%** - **Expected Dividend Yield**: **0.7%** - **Expected Total Return**: **12.1%** - **Market Cap**: **Rmb162.4 billion** (approximately **US$23.33 billion**) [4][4]

Tesla's (TSLA) CEO Elon Musk on Tuesday sought to manage investor expectations around two of the company's most anticipated future products, warning that early production of the Cybercab robotaxi and Optimus humanoid robot will be significantly slower than many anticipate. "The speed of the production ramp is inversely proportionate to how many new parts and steps there are," Musk wrote on X (formerly Twitter). He emphasized that for Cybercab and Optimus, “almost everything is new,” so the early productio ...

Tesla (TSLA) shares are trending down on Jan. 20 after the company’s chief executive, Elon Musk, started a poll on X asking whether he should buy Ireland-based Ryanair (RYAAY). The billionaire’s social media poll is an extension of his public spat with the airline’s CEO, Michael O’Leary, over the cost and value of teaming up with Starlink for in-flight WiFi. More News from Barchart Following today’s decline, Tesla stock is down nearly 13% versus its 52-week high. www.barchart.com Why Is the Ryanair N ...

Summary of Moons' Electric (603728.SS) Conference Call Company Overview - **Company**: Moons' Electric (603728.SS) - **Industry**: China Industrial Technology & Machinery Key Points and Arguments 1. **Rating Downgrade**: Moons' Electric has been downgraded from Neutral to Sell with a target price of Rmb41.40, indicating a potential downside of 43.5% from the current price of Rmb73.26 [1] 2. **Market Share Revision**: The expected global market share for Moons' humanoid robot coreless motor product has been revised down from 43% to 23% by 2030E, reflecting a narrowed opportunity due to evolving dexterous hand technology [1][18] 3. **Earnings Forecast Adjustment**: Earnings forecasts for 2026-2030E have been lowered by 22%-38%, indicating a significant reduction in expected profitability [1][21] 4. **Competitive Landscape**: The market is expected to adjust its expectations downwards, particularly due to the upcoming launch of Tesla's Optimus Gen3, which is likely to adopt tendon-driven hands, and increased competition from new entrants in the coreless motor supply chain [1][31] 5. **Stock Performance**: Moons' Electric's stock price increased by 35% over the past year, attributed to competitive products and alignment with humanoid robot technology trends, but the current valuation implies unrealistic shipment expectations of 1.2 million units of robots in the next 12 months [1][35] Financial Data 1. **Revenue Projections**: - 2024: Rmb2,415.9 million - 2025E: Rmb2,764.9 million - 2026E: Rmb3,193.9 million - 2027E: Rmb3,612.6 million [3][14] 2. **Earnings Per Share (EPS)**: - 2025E: Rmb0.22 - 2026E: Rmb0.47 - 2027E: Rmb0.70 [3][21] 3. **Valuation Ratios**: - P/E Ratio for 2026E: 154.9 - P/B Ratio for 2026E: 9.7 [3][9] Industry Dynamics 1. **Dexterous Hand Technology**: The industry is witnessing a coexistence of various dexterous hand technologies, including fully actuated direct-driven hands, tendon-driven hands, and under-actuated linkage hands, which are impacting the market for coreless motors [1][30][33] 2. **Supply Chain Competition**: Increasing competition from domestic automation companies entering the dexhand supply chain is intensifying the market landscape, with several companies already in product verification stages [1][31][34] 3. **Market Share Expectations**: The forecast for Moons' coreless motor market share has been adjusted to 25% for high-spec, 20% for mid-spec, and 20% for low-spec humanoid robots from previous estimates of 50%/33%/33% [1][27] Risks and Upside Potential 1. **Risks**: A slower-than-expected timeline for humanoid robot shipments and intensified competition could pose significant risks to Moons' Electric's market position [1][38] 2. **Upside Potential**: Positive developments in humanoid robot applications or faster-than-expected progress in robotic AI could lead to upside in estimates and market share [1][40][44] Conclusion Moons' Electric is facing significant challenges due to evolving technology and increased competition in the humanoid robot market. The downgrade in rating and revised earnings forecasts reflect a cautious outlook for the company's future performance in this rapidly changing industry.

Ac t i o n | 18 Dec 2025 11:38:03 ET │ 15 pages Hengli Hydraulic (601100.SS) Raise TP to Rmb135 on Stronger Core Business Guidance and Humanoid Robot Rerating CITI'S TAKE We increase our 2025/26/27E earnings forecasts by 2%/7%/11% as mgmt. turned more bullish than before on 2026 outlook due to recent strong order wins on components for both excavator and non-excavator such as agricultural machinery. For excavator components, the orders are mainly from Chinese OEM's overseas sales and the leading US excavato ...

Summary of Jiangsu Hengli Hydraulic Co., Ltd (A) Conference Call Company Overview - **Company**: Jiangsu Hengli Hydraulic Co., Ltd - **Sector**: Industrials/Multi-Industry - **Description**: Leading hydraulics supplier in China, focusing on mobile machinery hydraulic components such as excavator hydraulic cylinders, pumps, and valves [doc id='12'][doc id='28']. Key Points Sales Growth and Financial Performance - **Sales Growth**: Expected to accelerate in 2026 with a projected growth rate of 16% YoY, up from 13% YoY in 2025E, driven by: 1. Continued demand growth from mid-to-large excavators 2. Robust demand from overseas markets, particularly Europe 3. Market share gains in overseas construction and agricultural machinery brands [doc id='1'][doc id='3']. - **Earnings Forecast**: 2026/27E earnings raised by 5%/7% due to higher revenue forecasts from traditional business [doc id='3']. - **Net Income Projections**: - 2026E: RMB 3,438 million - 2027E: RMB 3,897 million - EPS for 2026E: RMB 2.56, up from RMB 2.44 [doc id='4'][doc id='15']. Humanoid Robot Component Expansion - **New Business Segment**: Expected ramp-up in humanoid robot-related business starting from 2026, including linear actuators and dexterous hand actuators, with anticipated revenue contribution of RMB 200-300 million in 2026 [doc id='2']. - **Market Share Goals**: Targeting 20% market share in linear actuators and dexterous hand actuators by 2030, contributing earnings of RMB 2.2 billion [doc id='2']. Valuation and Price Objective - **Price Objective**: Raised to RMB 130 from RMB 111, based on SOTP valuation reflecting competitive edge in humanoid robot actuator manufacturing [doc id='18'][doc id='21']. - **Valuation Metrics**: - Hydraulic components: 30x P/E for 2026E net profit - Humanoid robot components: 50x P/E for 2030E net profit [doc id='19']. Risks and Opportunities - **Upside Risks**: 1. Better-than-expected excavator sales volume 2. Successful market share gain in pumps and valves 3. Expansion into new products like ball screws [doc id='22']. - **Downside Risks**: 1. Slowdown in excavator sales volume 2. Impact of China-US trade conflicts on overseas performance 3. Failure to penetrate medium and large pump and valve markets [doc id='22']. Financial Metrics - **Key Financial Estimates**: - 2026E Revenue: RMB 12,310 million - 2026E Gross Profit: RMB 5,435 million - 2026E Operating Profit: RMB 3,461 million [doc id='4'][doc id='11']. - **Cash Flow**: Expected free cash flow of RMB 2,168 million in 2026 [doc id='11']. Conclusion - **Investment Rating**: Reiterated Buy rating based on strong growth prospects in both traditional and new business segments, with a favorable outlook for the company's financial performance and market position [doc id='3'][doc id='13'].

The race to get in on the humanoid robot boom is heating up. In a research note released earlier this month, analysts at Morgan Stanley broke down a list of the 25 companies best positioned to dominate the market for humanoid robots, which the investment bank estimates will be worth more than $5 trillion by 2050.The list focuses on companies with expertise in AI and computing chips, cameras and perception, and sensors and movement technology, the analysts said. They added that the list is intended to help ...

Group 1 - The article highlights significant announcements in the stock market, including "suspension and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events [1] - The article emphasizes the importance of timely information for investors to discern and find suitable listed companies [1] Group 2 - A company is noted for its technological reserves in the 6G field, possessing self-developed aerospace-grade chips that have been successfully applied [1] - Another company is recognized for its products related to storage chips and PCB, with a self-developed liquid cooling solution already supplied to Alibaba [1] - A company associated with Huawei has achieved mass supply of its electronic skin products [1]