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September08Shenwan
Abstract
This dialogue delves into the field of robotics, particularly the latest developments, applications, and market trends of humanoid robots. The discussion covers innovative applications of robots in industries such as manufacturing and logistics, as well as the current state of integration between artificial intelligence technology and robotics. The speakers emphasized that technological innovation and the growth of market demand are key factors driving the development of the robotics industry. The dialogue also analyzed the performance of different companies in the humanoid robotics sector and their future strategies, highlighting potential investment opportunities. Overall, the dialogue provides a comprehensive analysis of the robotics industry and an in-depth outlook on its future development, underscoring the growing importance and application potential of humanoid robots across various sectors.
Q&A
Q: What are the main topics of tonight’s meeting?A: Tonight’s meeting will update the latest situations of relevant listed companies in the robotics sector and share the most cutting-edge marginal changes. It also aims to enhance confidence in the robotics sector, especially after significant market fluctuations, discussing the future direction of robotics production capacity.Q: What is the latest update from Musk regarding Tesla robots over the past weekend?A: Over the weekend, Musk updated the latest progress on Tesla robots and signed a personal incentive plan linked to market capitalization. We believe that the robotics industry led by Musk has entered a phase of qualitative change from quantitative change, with the third generation of Tesla robots expected to be unveiled in the next quarter. Additionally, the previously discussed rumors of Tesla increasing sales are gradually becoming a reality.Q: What content will Teacher Liu Jing from the Beijing Stock Exchange share?A: Teacher Liu Jing will share information about five companies engaged in robotics components: Kaituo Co., Suzhou Co., Audiwei, Fengguang Precision, and Dingzhi Technology. He will report on three aspects: first, the mid-term report status and performance stability of these companies; second, the flexibility of each company in the R&D of robotics-related products; and third, the customer validation situation of the companies, providing a recommended ranking based on this.
Q: How are these companies positioned in the robotics field? Which companies excel in products and technology?A: Among them, Kaituo Co., Suzhou Co., and Audiwei have high performance stability, mainly focusing on automotive-related businesses with a solid customer base, including well-known automotive companies like Tesla, BYD, and Xiaomi. Fengguang Precision and Dingzhi Technology, although experiencing greater performance volatility, have made strides in the robotics field, especially Fengguang Precision, which has successfully moved into a new project factory focusing on the production of slope reducers, with significant revenue recognition expected by the end of this year or the first quarter of next year. Kaituo Co., Suzhou Co., and Audiwei have strong capabilities in technology and product R&D, with conservative customer development strategies that do not blindly follow market trends. In contrast, Fengguang Precision and Dingzhi Technology, despite their early layout in the robotics field, face challenges due to high customer concentration and market acceptance, leading to significant performance volatility, with future development potential needing further observation.
Q: What important information did Wolong Electric Drive disclose in its Hong Kong IPO prospectus?A: Wolong Electric Drive disclosed in its prospectus information regarding the company’s overall strategic planning and a comprehensive product matrix, which includes not only motors but also air motors, key modules, joint hands, exoskeletons, and integrated intelligent models and data collection centers across multiple areas.Q: What progress has Hanwei Technology made in the field of data sensors?A: Hanwei Technology is a core player in data sensors, with its holding subsidiary gaining product contact opportunities and demand from multiple customers in North America, likely to tap into the forefront of technological trends. Meanwhile, the demand for data sensors is increasing both domestically and internationally, especially for multi-dimensional sensors that not only cover pressure but also include information on connection force, normal force, sliding angle, and temperature, among other dimensions of data perception.Q: What dynamics does Clean Electric Machinery Electronics have in the robotics field? What innovations does the company have in the robotics components sector?A: Clean Electric Machinery Electronics has a stable main business and has made innovations in the robotics field. The company has focused on encoders, collaborating with companies like Leji to develop a large number of encoders, which are also being used in other domestic robots. Additionally, the company is developing air motors, non-resistance electromechanical motors, and has partnered with Huawei to develop dual-density multi-arm welding robots and mobile sorting robots. The company has reduced costs to below 1000 yuan through self-developed grinding machines, shortening processing times to within a few minutes, thus gaining a significant cost advantage. It is currently supplying in bulk to core industry enterprises and expanding to domestic robotic dog companies and humanoid robot manufacturers to secure module orders. Furthermore, the company has invested in an axial charging machine company, focusing on the PCD axial charging machine direction, aligning with industry development trends.Q: What characteristics does Hengbo Co. have in the robotics components sector?A: Hengbo Co. mainly produces precision components, holding a critical and scarce position in the industrial chain. Currently, it has received many developmental demands, with product value ranging from 1000 to 2000 yuan. The recent performance of the stock price is attributed to the company’s successful positioning of customer relationships and deep collaboration with Professor Xu, achieving empowerment on the technical side while continuously developing new products to enhance resource value and product variety.Q: What is the main content of the cooperation between Xing Group and Xin Jian?A: The cooperation between Xing Group and Xin Jian mainly focuses on the direction of micro motors and their components. The product carriers are micro motors and zero-adjustment components. In the future, it may extend to larger joints and more links. Meanwhile, the company maintains stable cooperation with other well-known clients, such as Huaxin.Q: What achievements has Huachen Equipment made in the robotics components field?A: Huachen Equipment is a leading enterprise in the domestic gantry grinding machine market, holding over 40% market share. It is also a major supplier of photolithography machine mold polishing equipment and robot screw processing thread grinding. Its ultra-high precision surface grinding machine, developed in collaboration with the Changchun Institute of Optics, Fine Mechanics and Physics, can significantly reduce processing time and improve overall processing efficiency. Huachen Equipment’s external and internal grinding machines can achieve C0-level precision, meeting the needs of mainstream rules for four-screw robots. With the clear production planning of North American robotics companies, equipment orders are expected to grow, and existing production capacity can support order delivery, providing certain capacity expansion space.Q: What advantages do domestic devices have over imported devices in the bearing field?A: The main advantages of domestic devices in the bearing field lie in cost-effectiveness and faster delivery capabilities. Compared to imported devices, which can cost millions and have delivery times exceeding a year, domestic devices offer higher cost-effectiveness and shorter supply cycles, making them more favored by component manufacturers in the context of large-scale production of four-screw systems.Q: What is the main business of Henganda Company? When did the new growth curve business start preparation and implementation?A: Henganda Company’s main business focuses on magic cutting and sawing tools, with revenue and profit primarily derived from these two areas. The new growth curve business—rolling functional components—started preparation in 2017 and was officially launched in 2019, currently experiencing rapid growth.Q: What products do companies in the four-screw direction mainly produce, and what are their target markets?A: Companies in the four-screw direction mainly produce ball screws and planetary roller four-screw products. Among them, ball screws target the mid-to-high-end market, especially in the industrial sector, such as machine tools, due to their compatibility for bundled sales, addressing domestic substitution needs; while planetary roller four-screws have resolved equipment bottlenecks through the acquisition of Germany’s top model equipment company SMS in May this year and established a joint venture with the Xi’an Wangcheng technical team to develop new ball screw products, some of which have been designed for the robotics field and are undergoing process evaluation.Q: What recent progress has SMS, a subsidiary of Henganda, made in the ball screw grinding process?A: Currently, SMS’s internal thread grinding process has been iterated to the third version, with the second version’s test results exceeding expectations. The third version test, scheduled for September, will be improved based on this, with the potential to run smoothly by the end of September or early October.Q: What layouts does Gomei Co. have in the robotics business beyond its photovoltaic main business?A: Gomei Co. has focused on three directions in the robotics business: first, the development of planetary roller screw grinding machine equipment, with a prototype expected to be launched around the Spring Festival; second, various rope building products for dexterous hands, which have formed small batch orders and are actively communicating with multiple clients; third, the reducer business, which integrates external supplier resources to organize R&D teams in response to customer needs, with NA agreements already signed with clients, and technical directions currently under discussion.Q: What recent developments does Desai Xiwai have in the field of unmanned logistics?A: Desai Xiwai has made ample preparations in the unmanned logistics field, having relevant reserves for one to two years. At the brand launch in April, they showcased detailed plans for logistics vehicle grade standards, intelligent axial control systems, vehicle recovery, and climbing capabilities, as well as new hardware configurations such as semi-solid laser radar, angle radar, and cameras, aiming to provide comprehensive service solutions, with products applicable in various scenarios such as industrial logistics, urban distribution, and refrigerated transport, attracting widespread attention in the industry.Q: What breakthroughs and progress has Daotong Technology made in AI business? How is Daotong Technology developing in the energy AI business?A: Daotong Technology’s breakthroughs in AI business lie in the large-scale application of its AI capabilities and the development of cloud business. The company’s AI pass platform has achieved autonomous operations at L1 level, with L2 level flying robot operators having their own agents, demonstrating a unified management solution. In the 25-year roadmap, it is expected that drones will achieve autonomous operations, while in 2026, integrated operations will be reached, with group functions indicating the opening of large-scale reuse and monetization space. Recent cooperation with Huawei will accelerate the pace of large-scale replication of terminals such as drones and robotic dogs, especially in the high-scarcity application scenarios of charging piles, which is expected to bring significant revenue growth. Daotong Technology has made considerable marginal changes in the energy AI business, showcasing its self-developed liquid-cooled charging pile module at the new energy launch in Berlin, with cost accounting for 50% of the industry level and a gross profit margin elasticity of at least five percentage points. This year, the second curve has turned profitable and is beginning to scale, with expectations of demonstrating profit elasticity at a large technology level next year. Meanwhile, the company’s charging cloud service has reached a quarterly revenue scale of hundreds of billions, but the market has not yet given sufficient premium, requiring more SaaS revenue volume to prove its value. The company showcased operation and maintenance software, driver APP, and charging agents at the launch, indicating that charging pile hardware is not just hardware itself but a core customer and key point for technology validation across the entire industry.Q: What highlights does Daotong Technology’s main business have, especially regarding the development of AI business?A: Daotong Technology’s main business includes automotive intelligent diagnostics, charging pile aftermarket, and edge-side AI and energy integration. In terms of AI business, the company relied mainly on traditional automotive intelligent diagnostics before 2020, but after 2021, it shifted towards new scenarios of charging piles, despite facing commercial model issues and external environmental impacts leading to continuous losses in charging piles. After 2021, the company focused on edge-side AI and energy integration, entering the third development stage. Currently, the main AI new products are being released, with diagnostic business exceeding the industry growth rate by about 10 percentage points, and the charging pile business has achieved profitability ahead of schedule in the second quarter, beginning to seek digital payment and cooperation. Additionally, the company’s AI capabilities have been enhanced following organizational restructuring, with the AI capabilities of the cloud computing division becoming the company’s label, and edge-side products like charging piles showing a growth center of 30%.Q: Regarding Junsheng Electronics, how is the recovery of its main business and the prospects of its robotics business?A: Junsheng Electronics is expected to achieve 1.6 billion profits this year, with the recovery of its main business mainly benefiting from the integration sales capabilities brought by its acquisition growth gene. Currently, three measures are being implemented simultaneously: capacity transfer, domestic procurement, and vertical supply chain integration, with scale effects becoming apparent, and revenue growth expected to maintain at 5 to 10 percentage points, with gross profit margin targets likely to continue exceeding expectations. More importantly, Junsheng Electronics has advantages in option certainty and structural positioning in the robotics business, especially with the successful exposure of the third-generation OPM robots and verification at the order level, indicating that its options in the robotics field have the opportunity to approach valuation levels under ultimate thinking. Furthermore, Junsheng Electronics is strengthening its scarcity and competitiveness in the robotics field through measures such as alleviating positioning increments, expanding link increments, and accelerating the iteration of collaborative column models.Q: How is the valuation situation of this company in a neutral position?A: Based on a refining volume of 1 million units and a 30% share, plus a customer unit price of 40,000, and a smart unit volume of 200,000 and a 30% share, with a customer unit price of 50,000, the corresponding net profit is 1.5 billion.Q: In what aspects are the recovery of the main business and marginal changes reflected?A: In terms of the main business, it is expected to achieve 1.6 billion profits this year, corresponding to a 15 times price-to-earnings ratio and a 24 billion valuation for the main business. Major customer business brings 1.5 billion profits, while intermediate thinking business is expected to have a market value of 30 billion, with a comprehensive target market value of 54.1 billion, indicating a 70% upside potential.Q: Which companies in the automotive group have layouts and project progress worth paying attention to recently? What specific layouts does Yinlun have in the robotics field?A: Recently, companies to pay attention to include Yinlun, Fuda, Longsheng, Baolong Technology, and Ju Yi Technology. Among them, Yinlun is expected to leverage its leading position in the thermal management industry and its technical accumulation in vehicles to solve key module heating and lightweight pain points, gaining higher market share in the centralized market. Yinlun’s layout in the robotics field mainly includes the completion of joint modules, adopting passive heat dissipation structures to meet lightweight needs. At the same time, the company is also focusing on the heat dissipation needs of computing power chips and batteries, possessing independent thermal management system layout capabilities, and has clear cooperation intentions with F clients (overseas leaders) and T clients (potential expectations).Q: How is Longsheng Technology’s main business and robotics business situation?A: Longsheng Technology’s main business shows a clear turning point in the second half of the year, such as the recovery of performance in the one-plus-two field and the value enhancement of the motor stator business in cooperation with BYD. Meanwhile, Longsheng has also made deep layouts in harmonic and zero sales, especially deepening cooperation with overseas T one, with market share expectations continuously rising.Q: How is Yinlun’s layout in the liquid-cooled computing power center?A: Yinlun has made early layouts in the liquid-cooled computing power center, with updates every year. Currently, it has secured certain orders in overseas markets such as North America, particularly successfully positioning itself with leading clients like Cummins and Caterpillar MTU in the data center backup power AIDC, achieving mature orders in the thousands.Q: How is Fuda’s performance in robotics and other businesses?A: Fuda has significant advantages in the robotics field, especially in the eight-automatic oil extraction area, which is in high demand. With the acceleration of production capacity expansion, revenue and performance are expected to increase significantly. Additionally, Fuda’s layout in four-screw and cycloidal reducers also shows strong growth potential, with breakthroughs achieved in multiple projects.Q: How is Baolong Technology’s progress in the robotics field?A: Baolong Technology, as a well-established player in automotive electronics, has a clear logic in its robotics business, initially extending from its sensor business technology accumulation into the robotics field, and plans to gradually expand baseline business. It is expected that the main business will have a clear turning point in the third quarter, coupled with the progress of subsequent robotics layout, which is likely to bring significant valuation premiums and growth space.Q: How is Ju Yi Technology performing in the implementation of robotics scenarios?A: Ju Yi Technology has a clear positioning in the implementation of robotics scenarios, having completed part of the training scene construction and started running scene writing, closely collaborating with robotics manufacturers in Hefei. Although the scale is relatively small, it has considerable elasticity in the industrial scene, and once the industry matures and technology stabilizes, the company is expected to benefit from the growth brought by scene expansion.
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