SIASUN(300024) Changjiang Securities·2024-10-23 05:26Summary of Conference Call on Humanoid Robot Industry Industry Overview - The conference focused on the humanoid robot industry and the opportunities arising from the domestic supply chain [1][2]. Key Points 1. Market Sentiment and Expectations - There has been a general disappointment in the market regarding the lack of significant milestones in humanoid robot development, particularly due to Tesla's announcement of limited production targets for 2025, estimated at only a few thousand units [1][2]. 2. Current State of Humanoid Robot Production - Despite the absence of formal milestones, the humanoid robot project is nearing a state of mass production, with some private sector orders already received [1][2]. - The supply chain has shown signs of alignment, with various suppliers' production blueprints converging, indicating a move towards standardization in the industry [1][2]. 3. Technological Advancements - The humanoid robot has undergone significant hardware improvements, with notable advancements in components such as arms and legs, leading to enhanced flexibility and functionality [1][2]. - Tesla's recent WeBotX event showcased a new robot with improved dexterity and capabilities, including better object handling and environmental awareness [1][2]. 4. Future Production Goals - Projections for 2026 indicate a substantial increase in production targets compared to 2025, with expectations of a significant ramp-up in output [1][2]. 5. Investment Opportunities - The analysis suggests a growing number of suppliers entering the humanoid robot market, indicating potential investment opportunities in companies involved in various components of the robots [1][2]. - Key players identified include established companies like Sanhua and Topband, as well as emerging firms in the supply chain [1][2]. 6. Domestic Competitors - Domestic humanoid robot manufacturers, such as UB Tech and Xiaopeng, are making significant strides, with new product launches and advancements in technology [1][2]. 7. Market Conditions - The current market conditions are favorable for investment in the humanoid robot sector, as the industry has seen a decline in stock prices, presenting potential buying opportunities [1][2]. 8. Investor Sentiment - There has been a noticeable decrease in institutional holdings in the humanoid robot sector, suggesting a cautious approach from investors despite the underlying technological advancements [1][2]. Additional Insights - The conference highlighted the importance of continuous monitoring of technological developments and market dynamics in the humanoid robot industry to identify potential investment opportunities [1][2].