Core Viewpoint - The report from Dongfang Securities highlights that Lens Technology's robotics business is set to expand significantly, positioning itself to serve leading domestic and international clients in the field of embodied intelligence [1] Group 1: Robotics Business Expansion - Lens Technology has entered the supply chain of top robotics companies in North America and domestically, achieving bulk deliveries of its Yuanlingxi robots while also successfully delivering components such as joint modules, dexterous hands, and structural parts [1] - Recently, the company secured an order for the assembly of 10,000 quadruped robotic dogs from Yujian Robotics, becoming a key supplier of essential components including joint motors and structural parts, thus establishing a closed loop of "R&D - Manufacturing - Supply" [1] Group 2: Future Projections - The company anticipates shipping 3,000 humanoid robots and over 10,000 quadruped robotic dogs by 2025, with expectations for the shipment scale to double by 2026, positioning itself as one of the largest manufacturers of embodied intelligence hardware globally [1] Group 3: Consumer Electronics and AI Hardware - The new product logic in consumer electronics is benefiting from a simultaneous increase in volume and price from major North American clients; the hardware transformation at the AI edge is allowing the platform leader to expand horizontally and vertically, establishing competitive advantages [1] - The technological innovation and manufacturing strength of the company as a platform leader will facilitate growth opportunities across various sectors including consumer electronics, automotive electronics, and embodied intelligence [1] Group 4: Valuation and Rating - Based on comparable companies' 2026 price-to-earnings ratio of 31 times, the target price is set at 40.61 yuan, maintaining a "Buy" rating [1]

Core Insights - The humanoid robot industry is experiencing significant growth, with a reported eightfold increase in order volume compared to previous years, indicating a robust demand for core components [1] - The domestic production rate of core components for humanoid robots in China has surpassed 70%, with the industry scale expected to exceed 37.9 billion yuan this year [1] - The advancement of the humanoid robot industry is closely linked to the maturity of the automotive supply chain, which has contributed to lower costs and improved quality control [2][3] Industry Development - The automotive industry has played a crucial role in the development of humanoid robots, with many components being repurposed from automotive technology [3] - Major automotive manufacturers, including Tesla and NIO, are entering the humanoid robot sector, highlighting the technological convergence between robotics and electric vehicles [3] Challenges and Opportunities - Despite the reduction in supply chain costs, high product prices remain a significant barrier to the widespread application of humanoid robots [5] - The development of core components specifically designed for humanoid robots is still in progress, as existing components are often adapted from other industries [4] - Stability and consistency of humanoid robots are critical concerns for application developers, with ongoing efforts to enhance these aspects for practical use [6][7]

Core Viewpoint - Longsheng Technology has established a three-dimensional matrix of business operations encompassing traditional automotive parts, core products for new energy vehicles, and key components for robotics, marking its evolution from a single component supplier to a system integrator [1][2]. Business Operations - Longsheng Technology's main operations include EGR (Exhaust Gas Recirculation) components, motor iron cores, drive motor assemblies, precision parts, and aerospace business [1]. - The new energy vehicle drive motor iron core business is a significant growth driver, with projected revenue of 1.034 billion yuan in 2024, representing a year-on-year increase of 29.21% [1]. - Longsheng Technology is collaborating with Bosch and Seres on new energy motor assembly projects, with mass production expected in the second half of 2025 [1][2]. Robotics Development - Longsheng Technology is actively developing robotics, particularly humanoid robots, including dexterous hands, harmonic reducers, and joint assemblies [2]. - The "Lansen" humanoid robot, set to launch in June 2024, will perform various tasks on production lines, achieving automation from perception to execution [3]. - The company is integrating its new energy vehicle drive motor technology into robotics, developing high power density and low noise joint motors [5]. Financial Performance - In 2024, Longsheng Technology reported total revenue of 2.397 billion yuan, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million yuan, up 52.81% [6]. - The revenue growth rate is lower than the profit growth rate, indicating an increase in the proportion of high-margin businesses and improved cost control [6]. - For Q1 2025, the company achieved revenue of 606 million yuan, a year-on-year increase of 7.06%, and a net profit of 59 million yuan, up 11.41% [6].

Core Viewpoint - Longsheng Technology is focusing on the aerospace precision manufacturing sector as one of its main business areas for future development, with plans to supply components for electric vehicles by the second half of 2025 [1] Group 1: Business Development - The company has established a certain foundation for industry expansion through its subsidiary, Weiyan Zhongjia [1] - Longsheng Technology is developing third-generation dexterous hands and has officially launched the "Lansen" robot [1] Group 2: Product Supply Timeline - The Bosch sub-assembly project is expected to start supplying in the second half of 2025 [1] - The electric motor sub-assembly project with Seres is also anticipated to begin supply in the second half of 2025 [1]

Group 1: Business Segments and Developments - Aerospace precision manufacturing is a key future business area for the company, with a focus on UAV components and missile precision parts [2][3] - The company is developing the third generation of dexterous hands for humanoid robots, targeting multi-sensor integration and control [3] - The company has established a strong market presence in the new energy electric drive core, with significant supply to leading electric vehicle manufacturers [3][4] Group 2: Strategic Partnerships and Projects - The company is collaborating with Bosch on the new energy commercial vehicle drive motor assembly, with supply expected to start in the second half of 2025 [3][4] - The company has successfully broken the foreign monopoly in the heavy-duty truck EGR valve market and is expanding its customer base [7] - The company has entered into contracts for commercial satellite projects with Galaxy Aerospace, with ongoing cooperation with China Aerospace Technology Group [10][11] Group 3: Market Position and Competitiveness - The company holds a leading position in the domestic EGR system market for passenger vehicles, supplying major clients such as BYD, Chery, and Geely [6][7] - The EGR technology is positioned as a key solution for energy conservation and emission reduction in both commercial and passenger vehicles, aligning with national policies [5][6] - The company is optimistic about the market prospects for EGR systems, leveraging over 20 years of industry experience [5][6] Group 4: Financial Outlook and Growth Drivers - The revenue contribution from satellite products is expected to be 10-15% in 2024 [10] - The company anticipates significant growth in the precision components sector driven by new project mass production and an expanding customer base [7][8] - The copper busbar business is projected to double in 2025, supported by various vehicle models [8]