Minsheng Securities: Human-shaped Siasun Robot & Automation's multi-dimensional resonance industrialization, application scenarios landing accelerates.

Minsheng Securities released a research report stating that based on the strong ability of humanoid Siasun Robot & Automation to adapt across multiple scenarios and support the implementation of AI, it is optimistic about the upward trend of the humanoid Siasun Robot & Automation industry. It is expected to reshape the industry ecology in the next 5-10 years, achieve scale penetration in various fields such as industrial manufacturing, medical rehabilitation, and become a strategic high point of a new round of technological revolution. Automotive parts companies have strong customer expansion capabilities, strong mass production capabilities, and their main products are highly compatible with Siasun Robot & Automation, giving them a strong competitive advantage. Domestic automotive OEMs are entering the field of humanoid Siasun Robot & Automation, and automotive parts companies can quickly enter their Siasun Robot & Automation supply chain by leveraging their advantages in automotive clients. The main points of Minsheng Securities are as follows: Policy leading the takeoff of the Siasun Robot & Automation industry, capital empowering the rise of domestic enterprises. Under the guidance of policies, the layout of China's humanoid Siasun Robot & Automation industry is accelerating. The central government has set out a "three-step" goal in its policies, with regions developing differentially based on their own advantages, focusing on high-end R&D in the east and on supply chain and cost control in the central and western regions. Regional coordinated innovation ecosystems are gradually forming, with active capital flowing towards early-stage companies. In terms of technology and application, domestic companies have made significant progress in areas such as localization of core components and lightweight design, while foreign humanoid Siasun Robot & Automation companies are leading in hardware design and AI decision-making systems. Leading start-ups like Unitree Technology, Zhijun Robotics, and UBTECH ROBOTICS have completed small batch deliveries, and their production capacity is gradually ramping up, expected to start mass production cycles by delivering thousands of units. The rapid commercialization of products is underway, with start-up Siasun Robot & Automation companies about to enter mass production. Start-up companies in the humanoid Siasun Robot & Automation sector emerged in 2024, with a continuous increase in financing, among which Unitree Technology, Zhijun Robotics, Leju Technology, Fourier, UBTECH ROBOTICS, Galaxy General, and Zhong Qing Robotics companies performed exceptionally well. Currently, each start-up company has established commercial partnerships with well-known car manufacturers, logistics companies, and technology companies. Companies like Zhijun Robotics, Leju Technology, Fourier, and Purdue Technology have delivered more than a hundred units already. Leading domestic Siasun Robot & Automation companies have been conducting trials with automakers and other manufacturers for nearly half a year, indicating the end of the small-scale testing phase. 2025 will be the mass production point for many start-ups, with products like Zhong Qing PM01 and Unitree G1 expected to start mass production in 2025, and several companies are expected to sell over a thousand units throughout the year. With the delivery of orders from domestic companies, there is a strong demand for testing and research from downstream customers, and sales of humanoid Siasun Robot & Automation are expected to continue to grow rapidly in 2025. Innovative technology leads the way, as tech companies collaborate across industries. Domestic car manufacturers and tech companies are accelerating their efforts in the humanoid Siasun Robot & Automation sector, with different strategies emerging. Tech companies are focusing on software capabilities at the "brain" level through "investment + large models" approach, exploring embodied intelligence with models such as Huawei's Pangu and Byte's GR-2, but many still rely on general multimodal models, with room for improvement in environmental interaction capabilities. Car manufacturers are utilizing technology reuse and scenario coordination to rapidly implement solutions: Xiaopeng Motors is reusing intelligent driving chips and supply chains, while Iron Siasun Robot & Automation has been deployed in factory simulations; Xiaomi integrates technology from its ecosystem, with CyberOne integrated into smart manufacturing; GAC's GoMate carries pure visual algorithms, covering industrial and consumer scenarios, forming a diversified ecosystem. Leveraging their technical accumulations in "perception-decision-execution" and supply chain advantages, car manufacturers are accelerating their transition from R&D to large-scale application. Investment advice: Tech giants, automotive OEMs, and stand-out start-ups are forming a multidimensional resonance, with 2025 expected to be the year of mass production for domestic humanoid Siasun Robot & Automation. From a customer perspective, it is recommended to focus on leading domestic companies in the humanoid Siasun Robot & Automation industry chain, including Unitree, Zhijun, UBTECH ROBOTICS, as well as Xiaopeng and Xiaomi. In terms of products, the hardware components with the greatest potential for change are favored, including agile hand drive solutions/tactile sensor configurations, RV-like alternatives for hip/shoulder harmonics, lightweight designs replacing steel, and universal joints replacing joint bearings. Recommendation to focus on: Automotive parts companies with strong customer expansion capabilities and strong mass production capabilities, whose main products are highly compatible with Siasun Robot & Automation, have a strong competitive advantage. Domestic automotive OEMs are entering the field of humanoid Siasun Robot & Automation, and automotive parts companies can quickly enter their Siasun Robot & Automation supply chain by leveraging their advantages in automotive clients. Recommended targets in the domestic chain automotive parts industry include Ningbo Joyson Electronic Corp., Chengdu Haoneng Technology, Kunshan Huguang Auto Harness, Wuxi Longsheng Technology, and Anhui Zhongding Sealing Parts, and companies like Shuanglin Co., Ltd., Ningbo Huaxiang Electronic, and Fulin Precision should be paid attention to. Risk warning: Risks such as AI technology development falling short of expectations, core hardware cost reduction falling short of expectations, and market demand falling short of expectations.