CITIC Securities: Tesla humanoid robot production lower than expected, domestic mainframe manufacturers expected to accelerate catching up with overseas leaders
CITIC Securities released a research report stating that the production progress of Tesla's humanoid robot Optimus is lower than expected, affecting the performance of the industry sector. Currently, the industry is in the transition from stage 1 to N, where the progress of Tesla and the industrialization process of other major manufacturers are key factors. Domestic major manufacturers are expected to accelerate catching up with overseas leaders, with multiple companies upgrading in intelligence and operation control. The investment recommendation indicates that Tesla's production expectations have not met the standard, and other outstanding major manufacturers such as Figure AI and Yushu are also being closely watched
According to the Wisdom Financial APP, Zhongtai Securities published a research report stating that many humanoid robots at home and abroad have successively released new products and entered factory training. The current sector volatility is mainly affected by the humanoid Bot incident of Tesla (TSLA.US) and the progress of mass production, with prominent thematic investment characteristics. Following Tesla's Bot production expectations falling short since the beginning of the year, the sector market is also influenced by other excellent main manufacturers (such as Figure AI/Yushu/Zhiyuan, etc.). Currently, the industry is in the stage from 1 to N, where the progress of Tesla's Optimus, the industrialization process of important main manufacturers, and intelligent iteration are the core influencing factors. In addition, domestic main manufacturers are expected to accelerate catching up with overseas leaders.
Review of Industry Dynamics: Many humanoid robots at home and abroad have successively released new products (intelligent/operational control upgrades) and entered factory training. Tesla has stated that next year, thousands of robots will be working in Tesla factories; Figure AI robots are deployed in the BMW automotive manufacturing environment; companies like Yushu are performing simple tasks in the final assembly workshops of new energy vehicle plants.
Review of Sector Market: Zhongtai Securities believes that sector volatility is mainly affected by the Tesla humanoid Bot incident and the progress of mass production, with prominent thematic investment characteristics. At the same time, with Tesla's Bot production expectations falling short since the beginning of the year, the sector market is also influenced by other excellent main manufacturers (such as Figure AI/Yushu/Zhiyuan, etc.). Currently, the industry is in the stage from 1 to N, where the progress of Tesla's Optimus, the industrialization process of important main manufacturers, and intelligent iteration are the core influencing factors.
Analysis of Related Targets in the Interim Report: Among the 24 interim reports, there are 14 companies with relatively good revenue growth rate, net profit growth rate, gross profit margin, and net profit margin, with a PE ratio lower than the median: Suzhou Axis, Shuanglin Shares, Shuanghuan Transmission, Heng Precision, Weichuang Electric, Sling Group, Sanhua Intelligent Control, Jiangsu Leli, Kelii Sensing, Top Group, Best, Donghua Testing, Hengli Hydraulic, and Laisai Intelligent (sorted by valuation level from low to high).
Investment Advice:
Since the production of Tesla humanoid robots has been lower than expected this year, while the iteration progress of Figure AI, Yushu, Zhiyuan, and other robots has exceeded expectations, domestic main manufacturers are expected to accelerate catching up with overseas leaders. In this context, deduce investment opportunities in the industry chain. Focus on the excellent supply chains of main manufacturers at home and abroad (Tesla (TSLA.O), Yushu, Zhiyuan), and pay attention to Sanhua Intelligent Control (002050.SZ), Top Group (601689.SH), Sling Group (002614.SZ), Changsheng Axis Bearing (300717.SZ), Suzhou Axis (430418.BJ), Heng Precision (301248.SZ), Amp Dragon (300319.SZ), Zhongdali De (002896.SZ), and potential related investment opportunities.
Risk Warning: Artificial intelligence & large model technology development falling short of expectations; commercialization progress of humanoid robots falling short of expectations; risks of outdated information used in the research report, etc