SIASUN(SZ:300024)2025-02-13 10:52Summary of Conference Call Notes Industry Overview - The focus is on the smart cleaning industry, which is expected to see significant growth and investment opportunities. The overall market capitalization of this sector still has room for upward movement, with leading companies like Sanhua Top potentially valued at around 200 billion using the auction method, and between 100-150 billion using the overall valuation method [2][3]. Key Investment Opportunities - Research and Development Capabilities: Companies in the smart cleaning sector, such as Sanhua Top and others, possess strong R&D, customer engagement, and supply chain integration capabilities, with valuations ranging from 1-2 billion and low price-to-earnings ratios, indicating substantial upside potential [2][4]. - Joint Assemblies: This segment is highlighted as a promising investment area, with companies like Zhongding showing low valuations around 13 times earnings, suggesting significant future valuation increases as the industry develops [4]. - T Chain: This part of the supply chain is crucial, with key capacity release dates in June and December 2025, and early 2026. As output increases, supplier shares will become clearer, emphasizing the need to identify reliable companies in this space [5][8]. Supply Chain Dynamics - Tesla's Power System: Key suppliers include Schaeffler and Sanhua Top, with domestic companies like Sasa International and Wuzhou New Spring emerging as potential import substitutes [6][8]. - Technological Partnerships: Companies like Huawei and ByteDance are influencing market dynamics, with ByteDance focusing on algorithms and models, while Huawei collaborates with firms like Jianghuai to enhance hardware capabilities [7][8]. Robotics Industry Trends - The robotics sector is evolving with a focus on AI integration, where hardware integration and supply chain capabilities are becoming increasingly important. The launch of Deepseek is expected to diversify the industry, with companies like Chery projected to exceed 1,000 units in output this year [11][12]. Key Components and Challenges - Critical Components: Four key components, including gear reducers, are positioned favorably in the market, directly impacting joint output volumes. Companies with adequate production capacity for these components will have a competitive edge [13][20]. - Sensor Technology: The six-dimensional force sensor is a high-barrier area with challenges in precision and durability. Companies like Keli Sensor are making strides, but domestic capabilities still lag behind international standards [14][19]. Future Considerations - Investment focus should also include slope reducers and other emerging technologies, with a long-term view on which sectors and companies will maintain competitive advantages. The influence of large enterprises like Tesla on supply chain dynamics is a critical factor for future growth [20]. Conclusion - The smart cleaning and robotics industries present numerous investment opportunities, particularly in joint assemblies, T Chain components, and sensor technologies. Stakeholders should remain vigilant about market dynamics and technological advancements to identify valuable investment prospects [9][10].