SIASUN(300024) 中信证券经纪(香港)·2025-01-08 05:32Summary of the Conference Call on the Robotics Industry Industry Overview - The report focuses on the robotics industry, particularly the humanoid robot sector in China, highlighting the emergence of various industry chains and key players driving growth in this space [2][4]. Key Points and Arguments 1. Emergence of Multiple Industry Chains - The humanoid robot industry is experiencing a surge, driven by multiple leading players across different chains: - Huawei Chain: Huawei has signed agreements with 16 companies to establish a global embodied intelligence innovation center, marking a significant step in building a self-sufficient ecosystem [2][4]. - Automotive Chain: Major automotive companies like BYD, Changan, Jianghuai, and GAC are entering the humanoid robot market, with plans for product launches by 2027 [4][15][18]. - Internet Chain: Leading internet firms are accelerating their investments and applications in humanoid robotics, leveraging AI models and strategic investments [2][25]. 2. Performance of Key Companies - Notable stock performance from companies involved in the Huawei chain: - Tuosda: Stock price increased by 164% - Zhaowei Electromechanical: Increased by 131% - Zhongjian Technology: Increased by 114% from September 24 to December 31, 2024 [4][12]. 3. Investment Recommendations - The report recommends investing in key companies within the C Chain (domestic chain), including: - Zhaowei Electromechanical (003021.SZ): Targeting an EPS of 1.54 by 2026 with a PE ratio of 45 [6]. - Hao Neng Co., Ltd. (603809.SH): Expected EPS of 1.37 by 2026 with a PE ratio of 8 [6]. - Blue Dai Technology (002765.SZ) and Fulin Precision (300432.SZ) are also highlighted for their growth potential [4][36]. 4. Risks Identified - Several risks could impact the humanoid robot industry: - Policy Support: Lower than expected government support could hinder growth [4][35]. - Market Demand: If market demand for humanoid robots falls short of expectations, it could slow down industry adoption [4][35]. - Technological Changes: Significant shifts in mainstream technology solutions could adversely affect smaller manufacturers [4][35]. 5. Future Outlook - The humanoid robot sector is expected to see significant growth by 2025, with a new wave of catalysts anticipated [4][36]. The ongoing trend of AI applications will continue to support the robotics sector as a vital sub-sector [4][36]. 6. Noteworthy Developments - BYD is actively recruiting for its humanoid robot research team, indicating a strong commitment to developing humanoid robotics [15][17]. - Changan plans to invest over 500 billion RMB in new technologies, including humanoid robots, by 2027 [18]. - GAC has introduced its third-generation humanoid robot, GoMate, which features innovative design elements [23][24]. Additional Important Content - The report emphasizes the collaborative efforts among various sectors, including automotive and internet companies, to foster innovation in humanoid robotics [2][4][25]. - The establishment of new companies, such as Ant Group's subsidiary focused on intelligent robotics, signifies the growing interest and investment in this field [32]. This comprehensive overview highlights the dynamic landscape of the humanoid robotics industry in China, showcasing the interplay between technology, investment, and market demand.