SIASUN(SZ:300024)2025-03-11 07:35Summary of the Conference Call on the Robotics Industry Industry Overview - The robotics industry is expected to enter a "mass production year" in 2025, with significant market interest but a recent decline in heat after a period of continuous growth. Investors are advised to maintain a certain position and focus on the industry's value chain positioning [1][2][4]. Key Points and Arguments - Four Keywords for Market Understanding: The market dynamics can be understood through four keywords: "hugging the big leg" (main manufacturers), "information density," "mass production logic," and "positioning" within the industry. Following companies with strong intelligent capabilities is crucial [1][6]. - Core Components in 2025: The core component of the robotics industry in 2025 is expected to be the dexterous hand, while the brain and cerebellum will become focal points by 2026. Only robots with strong intelligent capabilities can achieve large-scale applications in home settings, indicating significant market potential [1][9]. - Initial Companies and Market Positioning: Domestic robotics startups have unique characteristics, but the brain remains the core competitive advantage. Companies like Tesla's supply chain have their market value reflecting their production capacity and valuation, while Zhaowei Electromechanical is expected to see market growth through changes in positioning and value enhancement [1][17]. - Importance of OEM in Robotics: Original Equipment Manufacturing (OEM) plays a vital role in the robotics industry, similar to the 3C chain. Companies that partner with various main manufacturers and have equity agreements are preferred investment choices, such as Zhongjian Technology and Junpu Jingye [1][13]. - Cost Reduction and Lightweighting: Reducing costs and achieving lightweight designs are critical for enhancing competitiveness in the robotics sector. Specific measures include using harmonic reducers, planetary gears, six-dimensional force sensors, magnesium alloys, aluminum-magnesium alloys, and 3D printing technologies [3][14][15]. Market Performance and Trends - Current Market Performance: The robotics sector has shown strong performance in 2025, with many companies reaching the mass production stage. However, market heat has decreased, possibly due to investor expectations for stable pricing and valuation increments [2][3][4]. - Investment Strategies: Investors are advised to maintain a certain level of investment and focus on the company's positioning within the industry rather than solely on fundamentals. Understanding a company's specific market position is crucial [5][18]. - Future Development Expectations: The future of the robotics industry will continue to focus on the previously mentioned four keywords. Despite the emergence of many startups, the complexity of hardware remains a significant challenge, with the brain being the most difficult aspect to conquer [7][8]. Notable Companies and Innovations - Tesla Supply Chain: Companies within Tesla's supply chain, such as Hengli, Sanhua Top, and Wuzhou Mingzhi, reflect Tesla's production capacity and valuation. Zhaowei Electromechanical is highlighted for its potential market growth based on component value rather than just production capacity [17]. - Emerging Domestic Companies: New Era Robotics, founded by a Tsinghua University graduate, focuses on advanced robotics with significant academic backing. Other notable companies include Galaxy General and Resource Chain, which emphasize technological innovation and R&D [19][20][23][26]. - Huawei's Robotics Initiatives: Huawei has made substantial investments in robotics, including the establishment of a subsidiary and the launch of the Kuafu robot. The company is actively expanding its ecosystem and collaborating with various partners to enhance its robotics capabilities [28][29]. Risks and Challenges - Investment Risks: The current market is characterized by volatility and significant news-driven price movements, making stock price predictions challenging. Investors are advised to remain cautious and focus on low-growth stocks that show potential signals [18]. - Short-term Challenges: The robotics industry faces high costs, with individual robotic arms priced between 40,000 to 50,000 yuan, and the need for lightweight designs to improve operational safety and efficiency [16]. This summary encapsulates the key insights and developments within the robotics industry as discussed in the conference call, highlighting the importance of strategic positioning, technological advancements, and market dynamics.