SIASUN(SZ:300024)2025-07-29 02:31Summary of WAIC 2025 Takeaways Industry Overview - The conference showcased significant advancements in the AI and robotics industry, with a 35% increase in venue size to 70,000 sqm and a 31% increase in ticket prices to Rmb168 per day, featuring 800 exhibitors (up 60% year-over-year) and over 1,200 speakers [1][2]. Core Insights 1. Application Scenarios: There was a more targeted exploration of application scenarios across various sectors including manufacturing, logistics, retail, and elderly care, indicating a shift towards early commercialization [2][7]. 2. Product Improvements: Humanoid robots demonstrated meaningful product improvements, moving from static displays to engaging in interactive task demonstrations [2][8]. 3. Prototype Trends: A noticeable shift towards AGV-style wheeled bases was observed, suggesting a pragmatic approach to achieving near-term commercial viability, which may negatively impact stocks related to planetary roller screw components [2][9]. 4. Cost Trends: Cost curves for humanoid robots are decreasing but not significantly, with the lowest ASP reported at Rmb40,000 for Unitree's new model [2][14]. 5. Manipulation Challenges: Manipulation remains a core challenge, with issues around success rates, robustness, and reliability still prevalent [2][12]. Notable Exhibitors and Innovations - Noematrix: Showcased wheel-based prototypes performing various tasks, indicating a focus on practical applications [7][18]. - Galbot: Demonstrated retail automation robots capable of complex tasks, achieving efficiency levels comparable to human workers [17][18]. - AgiBot: Introduced multiple humanoid robots targeting various applications, including logistics and customer interaction [17]. - Unitree: Highlighted advancements in dynamic locomotion with their humanoid robots, showcasing improved autonomous capabilities [20]. Future Outlook - The exhibition reinforced a constructive view on humanoid robots as a long-term technology trend, with expectations for a technology inflection point approaching, although not yet realized [3][12]. - Upcoming updates from Tesla's Gen 3 Optimus are anticipated to be significant for the sector [3]. Investment Recommendations - Sanhua Intelligent Controls: Rated as a Buy due to growth potential in auto/EV thermal management and HVAC systems [21]. - Zhejiang Supcon Technology Co.: Also rated as a Buy, with strong market share in process automation and potential for vertical expansion [22]. - Best Precision: Neutral rating, with expectations of becoming a competitive supplier for humanoid robots [23]. - Leader Harmonious Drive Systems: Neutral rating, with potential growth in harmonic reduction gear applications [26]. - Shanghai Baosight Software: Neutral rating, with concerns over reliance on related-party transactions [27]. Conclusion The WAIC 2025 highlighted significant advancements in humanoid robotics, with a clear trend towards practical applications and commercialization. The investment landscape appears promising for select companies within the sector, although challenges remain in manipulation and cost efficiency.