Core Viewpoint - Sanhua Intelligent Control (02050) has seen a decline of over 5%, retreating more than 20% from its year-to-date high, with a current trading price of 33.82 HKD and a transaction volume of 533 million HKD [1] Group 1: Company Performance - Sanhua Intelligent Control's stock dropped by 5.05% as of the latest report [1] - The company has recently been involved in rumors regarding a significant order from Tesla, which it denied, stating it has not secured any large orders [1] Group 2: Industry Insights - Goldman Sachs conducted a field research report on the Chinese humanoid robot supply chain from November 3 to 6, surveying nine companies, including Sanhua Intelligent Control [1] - The report indicates that these companies are actively planning production capacity both domestically and internationally, with annual capacity planning ranging from 100,000 to 1 million units of robot equivalents [1] - Goldman Sachs forecasts a global shipment of 1.38 million units by 2035, reflecting an optimistic outlook on the industry's growth potential [1] - None of the surveyed companies confirmed any substantial orders or provided a clear mass production timeline [1] Group 3: Strategic Developments - Sanhua Intelligent Control is focusing on its "thermal management" core technology to expand into the robotics business [1] - The company has acquired approximately 200,000 square meters of land in Thailand specifically for humanoid robot actuator assembly, and has initiated production capacity at this site [1]

三花智控（002050）(02050)跌超5%，较年内高点已回撤逾两成。截至发稿，跌5.05%，报33.82港元， 成交额5.33亿港元。 据悉，今年10月才辟谣"获特斯拉50亿元机器人大单"传言的三花智控，正在基于其"热管理"核心技术布 局机器人业务。据高盛研报，三花智控在泰国购买了约20万平方米土地，专项用于仿人机器人执行器组 装，目前公司已启动泰国基地产能用于人形机器人。 消息面上，高盛近期发布一份针对中国人形机器人供应链的实地调研报告。该机构称在11月3日至6日调 研了九家中国机器人产业链企业，其中包括三花智控等多家市场热门公司。报告指出，这些机器人零部 件公司正积极规划中国及海外产能，年化产能规划区间约10万至100万台机器人当量。对比高盛对2035 年全球出货量138万台的预测，这一规划凸显出供应链对行业增长前景的乐观看法。报告也指出，其所 调研的九家产业链公司，尚无任何一家证实获得确定性大额订单，也未能提供清晰的量产时间表。 ...

Core Insights - The human-shaped robot sector is experiencing a clash between optimistic expectations and the current reality of order shortages, as highlighted by a recent Goldman Sachs report on the Chinese supply chain [1][2] Industry Overview - Goldman Sachs conducted a survey from November 3 to 6, involving nine Chinese companies in the robot supply chain, revealing that none confirmed receiving large orders or clear mass production timelines [2][3] - The surveyed companies are planning annual production capacities ranging from 100,000 to 1,000,000 units, indicating a positive outlook on industry growth despite the lack of confirmed orders [2][3] Company Responses - Companies like Top Group and Sanhua Intelligent Control have stated that their production capacity planning is based on guidance from major clients, despite not having received specific orders [5][6] - Sanhua Intelligent Control is focusing on technological improvements and product development, while Top Group is preparing capacity in anticipation of future demand [5][6] Capacity Expansion Plans - Top Group plans to establish production lines in Thailand, Mexico, and the U.S., with a projected annual capacity of 1,000,000 units and an investment of approximately 7 to 8 billion yuan [3] - Sanhua Intelligent Control has acquired land in Thailand for assembling humanoid robot actuators and has initiated capacity for humanoid robots [3] - Minth Group has completed a production line with an annual capacity of 10,000 sets for head and facial assemblies, expecting to achieve mass production by Q1 2026 [4] Market Sentiment - There are concerns about potential overcapacity in the robot supply chain due to the aggressive capacity expansion without confirmed demand [2][6] - Industry analysts suggest that the current order vacuum should not lead to premature conclusions about overcapacity, as it is typical for emerging industries to experience initial trial and error phases [7]