The investment mainline of the robotics industry can be deeply analyzed from two dimensions: the core links of the industrial chain and key enterprises in the industry.
At the industrial chain level, the upstream core components are the key investment mainline. The servo systems, controllers, and reducers constitute the “heart,” “brain,” and “joints” of robots, with high technical barriers and a cost share exceeding 60%, providing ample space for domestic substitution.
The midstream manufacturing of robots shows a pattern of “high-end dependence on imports and fierce competition in the mid-to-low end,” where companies with brand and scale advantages are expected to break through.
The downstream system integration field emphasizes customized service capabilities, with companies that bind high-quality clients in automotive and 3C sectors having greater growth potential. From the perspective of industry development trends, humanoid robots are accelerating from the laboratory to commercial implementation as the core carrier of the technological revolution in the next decade.
The iteration of benchmark products like Tesla’s Optimus and Boston Dynamics’ Atlas is driving companies in the industrial chain to accelerate technological breakthroughs and capacity layout.
On the policy level, the national “14th Five-Year Plan for Robotics Industry Development” clearly states that by 2025, the density of manufacturing robots will double compared to 2020, and the policy dividends for industrial development continue to be released.
Against the backdrop of an aging population and a surge in demand for manufacturing transformation and upgrading, the robotics industry is expected to usher in a golden development period with both volume and price rising, and the investment value of related core tracks and leading enterprises deserves continued attention.
Since the market adjustment on April 7, although the Shanghai Composite Index has gradually recovered, the ChiNext and Shenzhen markets are still in the repair stage. Most investors who have not grasped the main line of the market still face significant holding pressure.
The current market presents two core logics:
First, dividend varieties represented by bank stocks and state-owned enterprises continue to strengthen, with the stock prices of the four major state-owned banks repeatedly hitting new highs, providing strong support for the index;
Second, the rotation effect of the technology sector is significant, from agriculture and seed industry benefiting from trade, to the robotics and artificial intelligence technology tracks catalyzed by trade easing, forming a clear relay effect. This article will focus on the most explosive robotics industry for in-depth analysis.
In the humanoid robotics industrial chain, core components such as servo systems, controllers, and reducers have the most investment value. Below is a panoramic scan of key enterprises in the industry:
1. Xiaxia Precision (002896) is a leading enterprise in the global small modulus gear field, with a global market share of 1.8% for precision cylindrical gear products in 2021, ranking second.
The product matrix covers six major fields including electric tool gears, automotive gears, and smart home gears, and was awarded the national-level manufacturing single champion in 2022, with significant technical barriers.
2. Longxi Co., Ltd. (600592) is an invisible champion in the field of joint bearings, with over 300 new products developed annually and undertaking multiple national science and technology support plans.
Its “Joint Bearing Technology Innovation Platform” project won the first prize for scientific and technological progress in Fujian Province, possessing a first-mover advantage in the high-end bearing field.
3. Daye Co., Ltd. (603278) is an expert in rubber transmission systems, focusing on the research and development of rubber V-belts, conveyor belts, and other transmission components.
It has established a unique technical advantage in the field of special rubber transmission components required for robot joints, with product performance reaching international advanced levels.
4. Sanfeng Intelligent (300276) is a system integrator for intelligent equipment, specializing in the development of automated conveying equipment and intelligent warehousing systems.
It provides overall solutions for digital factories to manufacturing enterprises, with a service network covering 30 provinces and cities nationwide.
5. Wangcheng Technology (603348) is an expert in industrial automation control, with products covering core components such as servo drives and PLC controllers. It has established a stable customer base in heavy industries such as metallurgy and electric power, with a compound annual growth rate of 25% in revenue over the past three years.
6. Estun (002747) is a leading domestic robot manufacturer, with a product line covering the entire industrial chain of industrial robots, servo systems, and motion control systems. In 2023, the shipment volume of six-axis robots exceeded 10,000 units, firmly ranking in the first tier of domestic products.
7. Jiangsu Leili (300660) is an invisible champion in the field of micro-special motors, with products applied in three major areas: smart home appliances, medical equipment, and new energy vehicles. Its precision screw motor technology fills a domestic gap, with a market share exceeding 60%.
8. Inovance Technology (300124) is a comprehensive service provider for industrial automation, with businesses covering industrial robots, servo systems, and new energy electric drive systems. In 2023, the shipment volume of servo systems exceeded 2 million sets, firmly ranking among the top three in the industry.
9. Hanyu Group (300403) is a leader in precision pump manufacturing, focusing on expanding its core component business for industrial robots in recent years. Its harmonic reducer products have broken foreign monopolies, achieving precision at international advanced levels.
10. Qinchuan Machine Tool (000837) is a national treasure-level enterprise in the machine tool field, with its independently developed RV reducer passing CR certification. In 2023, the production capacity of reducers exceeded 100,000 units, and its products entered the Tesla supply chain.
(The above information is sourced from the Baierwin Securities Advisory Department, Zhou Yan, Professional Number A0840623070007, for reference only. Risks are borne by the operator based on this information.)
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