2025-11-13 02:49Summary of the Conference Call on Asia Emerging Robotics Industry Overview - Industry: Humanoid Robotics - Growth Forecast: The humanoid robot industry is expected to grow significantly, with annual shipments projected to reach approximately 1 million units by 2031 (Total Addressable Market: ~USD 20 billion) and around 50 million units by 2050 (Total Addressable Market: ~USD 800 billion) [2][34] Key Companies Covered - Shuanghuan: Rated Outperform, recognized as a global leader in gears and reducers, well-prepared for the humanoid era [8][20] - Hesai: Rated Outperform, a frontrunner in "laser eyes" technology, expected to benefit from intelligent vehicles and robotics [11][20] - Tuopu: Rated Outperform, a leading auto parts supplier with strong capabilities in robotics [11][20] - Sanhua: Rated Market-Perform, has a high-quality core business but limited robotics experience [11][20] - Leader Drive: Rated Underperform, concerns over long-term market share and margins [11][20] Core Insights - Investment Strategy: Emphasizes investing in companies with broad robotics exposure, proven expertise expansion, and high-quality core businesses. The overarching theme is to "Make No Bet" on specific humanoid robots due to the industry's early-stage nature [4][7][64] - China's Advantage: China is positioned as a leader in the humanoid robot industry, benefiting from rapid product iteration, a broad user base, and a well-established supply chain. The approach contrasts with Western companies, which often pursue idealistic solutions [3][34][48] Market Dynamics - Technological Maturity: The humanoid robot industry is still evolving, with significant technological barriers remaining, particularly in robotic intelligence and cost [33][34] - Competition: The industry faces challenges from non-humanoid robots, which are already deployed in various applications. This competition may impact the adoption and market share of humanoid robots [64][78] Investment Recommendations - Characteristics of Target Companies: 1. Upstream Winners: Focus on key component suppliers rather than downstream players, as the latter are still too early to identify [9][66] 2. Broad Robotics Exposure: Companies should have capabilities beyond humanoid robots to mitigate risks from competition [9][66] 3. Expertise Expansion: Companies with a strong ability to adapt to technological changes are preferred [9][66] 4. High-Quality Core Businesses: Essential for sustainable cash flows and reasonable valuations [9][66] Conclusion - The humanoid robot industry presents substantial long-term potential, with significant growth expected in the coming decades. Investment strategies should focus on established companies with diversified capabilities and a strong market presence to navigate the evolving landscape effectively [7][64][66]