Core Viewpoint - The humanoid robot industry is experiencing significant growth, with a notable increase in the number of concept stocks and a strong performance in the capital market, indicating a promising investment landscape [2][4]. Group 1: Market Performance - As of September 4, 2023, there are 172 humanoid robot concept stocks in the A-share market, with only 12 experiencing a decline in stock price this year. Nearly 70 stocks have increased by over 50%, and 25 have doubled in value, showcasing a strong upward trend [2]. - Over 60% of the concept stocks reported improved performance in their semi-annual reports, with companies like Aobo Zhongguang, Keli Sensor, and Lide Xiebo achieving profitability, marking the first wave of industry benefits [4][5]. Group 2: Profitability and Key Players - The year 2025 is anticipated to be the "year of mass production" for humanoid robots, with upstream companies providing essential components and sensors being the primary beneficiaries rather than the front-line manufacturers [7]. - Among the 172 humanoid robot concept stocks, 114 reported a year-on-year increase in net profit, with 25 companies exceeding 100% growth and 38 surpassing 50% growth, particularly in sectors like reducers, controllers, and servo motors [8]. - Aobo Zhongguang reported a revenue of 435 million yuan, a 104% increase year-on-year, and a net profit of 60.19 million yuan, marking a turnaround with over 200% growth [9]. - Keli Sensor achieved a revenue of 685 million yuan and a net profit of 173 million yuan, reflecting year-on-year growth of 23.4% and 47.9%, respectively [10]. - Lide Xiebo's revenue reached 251 million yuan, with a net profit of 53.42 million yuan, both showing nearly 46% growth [10]. Group 3: Major Contracts and Developments - Leading manufacturers like Ubtech have secured significant contracts, including a nearly 1 billion yuan order and a 250 million yuan contract for humanoid robot products, indicating a shift from concept to commercial application [11][12]. - In the first half of 2025, over 83 humanoid robot projects were disclosed in China, with total contract amounts nearing 330 million yuan, a significant increase from the previous year [14]. Group 4: New Entrants and Industry Expansion - The humanoid robot sector is attracting new players, with traditional automotive parts companies like Top Group and Junpu Intelligent entering the market, leveraging their existing business advantages [16][17]. - Tianqi Co. has established a humanoid robot division and signed an investment agreement to advance the development of humanoid robots in industrial applications [17]. - The number of companies entering the humanoid robot concept stock category is rapidly increasing, reflecting growing interest and investment in this sector [18].

Core Viewpoint - Tongchuan Technology, a core component supplier for robots, has recently completed A+ round financing, indicating strong investor interest and confidence in the company's growth potential [1]. Company Overview - Founded in 2012, Tongchuan Technology (Shenzhen Tongchuan Technology Co., Ltd.) is a national high-tech enterprise focused on core components for robots [1]. - The company operates two main business brands: "Tongchuan Precision TC drive," which focuses on harmonic reducers, robot joints, and mechatronic actuators, and "Tongchuan TCR," which specializes in automation equipment for automotive, 3C, and motor assembly and testing [1][3]. Team and Technical Expertise - Tongchuan Technology has assembled a professional R&D team of nearly 100 members, including senior experts and PhDs from Japan, Europe, and China, providing a solid foundation for technological innovation [3]. - The team's expertise spans various fields, including material processing, precision structural design, software simulation, lubrication and friction, motion control, motors and drives, and magnetic and optical sensors [3]. Product Development and Market Position - The main products include harmonic reducers, mechatronic actuators, collaborative robot joint modules, and humanoid robot joint modules [3]. - As a national-level specialized and innovative "little giant" enterprise, Tongchuan Technology ranks among the top tier in the domestic harmonic reducer industry [3]. Technological Breakthroughs - In 2017, Tongchuan Technology developed an advanced reducer tooth profile—3D curved conjugate double arc tooth profile—breaking Japan's monopoly and achieving a technological breakthrough in domestic harmonic reducers [4]. - The domestic market share of harmonic reducers has reached over 15%, with the company's technology and product parameters leading globally [4]. Application and Customization - The harmonic reducers play a crucial role in humanoid robots, enabling precise control of joint movements, which is essential for complex actions [6]. - Tongchuan Technology customizes harmonic reducers for various applications, ensuring flexibility and adaptability across multiple industries, which has garnered high customer recognition [7]. Financing and Growth Strategy - Tongchuan Technology has completed a total of five financing rounds, receiving support from well-known enterprises and investment institutions, with funds primarily allocated for expanding harmonic reducer production capacity, new product development, and market expansion [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Viewpoints - The company is a leading domestic manufacturer of harmonic reducers, holding approximately 21% of the domestic market share in 2023, second only to the global leader Harmonic Drive [3][9]. - The demand for harmonic reducers in China's industrial robot market is expected to reach 783,700 units in 2024, representing a year-on-year growth of 17.1%. By 2026, the total demand for reducers in the domestic industrial robot market is projected to exceed 2.7 million units [3]. - The company benefits from trends such as domestic substitution and downstream cost reduction, along with its technological, cost, and capacity advantages, positioning it as a key player in the domestic harmonic reducer market [3][9]. Summary by Sections Company Overview - The company has over 20 years of experience in the harmonic transmission field, with its main products including harmonic reducers, precision components, mechatronic actuators, and intelligent automation equipment. In 2023, harmonic reducers accounted for 89.09% of its revenue [9][27]. Financial Performance - In 2023, the company faced performance pressure, with a projected revenue of 386 million yuan in 2024, reflecting an 8.34% year-on-year increase. However, the net profit attributable to shareholders is expected to decline by 32.29% to 57 million yuan [9][29]. - The company's revenue growth is expected to improve in 2024, with a relatively stable operating situation in the first half of the year and a recovery trend in the third quarter [9][29]. Market Dynamics - The harmonic reducer market is expanding, with the company expected to benefit from the increasing demand for humanoid robots. The global humanoid robot market is anticipated to see significant growth, with major companies planning mass production by 2025 [10][11]. - The company has established a strong customer base, including well-known domestic and international brands, which enhances its market position [45]. Technological and Competitive Advantages - The company has developed its own P-type gear theory, allowing it to bypass foreign technology barriers and achieve competitive product parameters comparable to international standards. Its gross margin has consistently exceeded that of Harmonic Drive by over 10% in recent years [11][39]. - The company is expanding its production capacity, with plans to increase harmonic reducer capacity to 1 million units per year and mechatronic actuator capacity to 200,000 units per year [11][55]. Future Outlook - The company is expected to achieve net profits of 83 million yuan and 137 million yuan in 2025 and 2026, respectively, corresponding to price-earnings ratios of 323 and 195 times [11].