SIASUN(SZ:300024)2025-10-09 02:39Summary of the Conference Call on China Industrials - 3Q25 Preview Industry Overview - The focus is on the China Industrials sector, specifically in Automation, Robotics, and General Industrials [1][4] - The overall industry view is In-Line, indicating expectations for performance to align with market consensus [4][6] Key Insights - 3Q25 Results Expectations: Most companies are anticipated to report results that are largely in line with expectations, with a positive outlook for the domestic automation market recovery in 4Q25 and 2026 [1][6] - Growth Drivers: The growth is attributed to: - Replacement cycles - New capital expenditures in AI - Solid domestic and overseas demand from multiple downstream sectors such as NEV (New Energy Vehicles), battery, and PCB (Printed Circuit Board) [1][6] - Future Demand Outlook: Continued demand momentum is expected into 4Q25, with most companies likely to meet their annual targets [6] Company-Specific Highlights 1. Shenzhen Inovance Technology (300124.SZ): - Expected 14% year-on-year revenue growth in 3Q25, up from 9% in 2Q25 - NEV powertrain business projected to grow 35% year-on-year [8] - Estimated net profit growth of 11% year-on-year to approximately Rmb1.4 billion [8] 2. Zhejiang Shuanghuan Driveline Co. Ltd. (002472.SZ): - Anticipated NEV gear sales growth to decelerate to the mid-teens from 30% in 1H25 due to overall NEV sales growth slowing to 8-12% [8] - Expected net profit of Rmb320 million, a 21% year-on-year increase [8] 3. Han's Laser (002008.SZ): - Projected 20% year-on-year revenue growth, primarily driven by a 60% increase in PCB segment revenue [8] - Estimated net profit growth of 35% year-on-year to around Rmb270 million [8] 4. Hongfa Technology Co Ltd (600885.SS): - Forecasted 13% year-on-year growth in relay products sales, supported by demand in new energy and NEV sectors [8] - Expected net profit of Rmb509 million, a 20% year-on-year increase [8] 5. Leader Harmonious Drive Systems (688017.SS): - Anticipated 35% year-on-year revenue growth due to increased humanoid orders [8] - Expected net profit of Rmb25 million, a 12% year-on-year increase [8] 6. Estun Automation Co Ltd (002747.SZ): - Projected 12% year-on-year growth in industrial robot segment sales [9] - Estimated net profit of approximately Rmb13 million in 3Q25 [9] 7. Centre Testing International Group (300012.SZ): - Expected 10% year-on-year revenue growth, driven by demand recovery and a low base effect [13] Market Sentiment and Catalysts - The sentiment around humanoid theme stocks is expected to improve due to several catalysts in 4Q25, including: - Tesla's Annual General Meeting (AGM) - Unitree IPO progress - New orders in the humanoid sector [6] Conclusion - The China Industrials sector is poised for continued growth, driven by strong demand across various segments, particularly in automation and robotics. Companies are expected to meet or exceed their targets, with a positive outlook for the remainder of 2025 and into 2026 [1][6][8]