SIASUN(300024)2024-11-06 16:34Summary of Conference Call on Humanoid Robots Industry Industry Overview - The conference focused on the humanoid robot sector, particularly updates related to the Huawei supply chain and the performance of secondary listed companies in the mechanical sector [1][11]. Key Insights and Arguments 1. Positive Outlook for Q4 2023: The company is optimistic about the technology growth trend in November and December, following the completion of Q3 earnings reports in the A-share mechanical sector [1]. 2. Mechanical Sector Performance: In Q3 2023, the mechanical sector saw a revenue growth of 6% year-on-year, with the general and automation segments leading at 13% and 10% growth, respectively [2]. 3. Challenges in Automation Sector: Despite revenue growth, the automation segment faced declining gross margins and net flow rates, with a gross margin drop of over 1% year-on-year in Q3 [2][3]. 4. Market Sentiment: The stock market has not aligned with Q3 performance, as the market had already priced in poor earnings from the automation sector [3]. 5. Liquidity Improvement Expected: The company anticipates liquidity improvements and a rise in risk appetite in November and December, which could benefit the automation sector [4][11]. 6. Industrial Base Localization: The localization rate of industrial robots reached 52% in Q3, marking a significant increase from 30% over the past seven to eight years [5]. 7. Mergers and Acquisitions: A notable acquisition was reported where Shanghai Electric acquired 50% of Fan Da Ke Robot for approximately 3.1 billion yuan, indicating consolidation in the sector [6][5]. 8. Huawei's Role in Humanoid Robotics: Huawei is expected to play a significant role in the humanoid robotics industry, focusing on ecosystem development through its operating systems and cloud platforms [12][15]. 9. Emerging Partnerships: Several companies, including TOSDA and Zhaowei, are collaborating with Huawei to develop intelligent manufacturing solutions and humanoid robots [20][21]. Additional Important Points 1. Technological Advancements: The introduction of Huawei's HarmonyOS and its cloud platform is expected to enhance the capabilities of humanoid robots and related applications [12][15]. 2. Market Dynamics: The humanoid robot market is projected to see significant developments in 2025, with ongoing hardware solution validations expected by the end of 2023 and early 2024 [22][23]. 3. Investment Recommendations: The company suggests focusing on the humanoid robot sector, particularly companies involved in the Huawei supply chain and those adapting to new market dynamics [23]. This summary encapsulates the key points discussed during the conference call, highlighting the current state and future outlook of the humanoid robot industry, particularly in relation to Huawei's strategic initiatives and market trends.