中国电机供应商_宏观驱动的回调带来机遇；结构性催化因素依然存在China Electric Motor Suppliers_ Macro-driven pullback presents opportunity; structural catalysts remain intact

Summary of Conference Call Notes Industry and Companies Involved - Industry: Electric Motor Suppliers in China - Companies: Johnson Electric and Wolong Electric Core Insights and Arguments - Valuation-Driven Correction: The recent share price correction for Johnson Electric and Wolong Electric is viewed as valuation-driven rather than based on the underlying investment thesis [2][8] - Muted Earnings Expectations: Anticipated muted earnings for 3Q25 for both companies, but the long-term structural drivers remain intact [2][8] - Core Structural Drivers: The three main structural drivers identified are: - AI Data Centers (AIDC) - Humanoid/Industrial Robotics - eVTOL (Electric Vertical Takeoff and Landing) and low-altitude economy [2][4] Key Developments - AIDC Developments: - Nvidia's Blackwell Ultra platform deployment is ramping up in October, with the first US-made Blackwell wafer unveiled on October 17 [4] - Alibaba announced a new green AI data center in Dubai expected to be operational by 2026, indicating global AI compute expansion [4] - Robotics Sector Growth: - Zhiyuan launched its Elf G2 and expects robotics revenue to grow more than tenfold YoY in 2025 [4] - Shanghai's AI terminal action plan prioritizes humanoid robots, benefiting companies like Shanghai Electric, a partner of Johnson [4] - UBTECH secured additional orders for its Walker S-series, reinforcing the acceleration of humanoid adoption [4] Policy and Market Indicators - 20th CCP Fourth Plenary Session: Expected to reaffirm national strategic technologies, including AI industrialization and low-altitude economy ecosystems [2][8] - eVTOL as a Strategic Priority: The low-altitude economy and eVTOL are anticipated to be elevated as strategic national development priorities during the Fourth Plenary [8] Investment Outlook - Investment Ratings: - Johnson Electric is rated as Overweight (OW) due to its superior operating leverage in AIDC and humanoid robotics [8] - Wolong Electric is rated Neutral (N) as its structural story remains compelling, but near-term valuation is less favorable [8] - Catalysts to Monitor: Key catalysts include order wins, production ramp updates, and policy support that could influence the investment case for both companies [6][7] Additional Important Points - Market Dynamics: The report emphasizes that the recent pullback in stock prices is driven by macroeconomic factors rather than the companies' fundamental performance [8] - Potential Risks: Risks include faster-than-expected adoption of next-gen cooling technologies that could impact demand for existing products [7] This summary encapsulates the key points from the conference call, focusing on the industry context, company-specific developments, and investment outlook.