This information is sourced from company announcements, related news, publicly available research reports, and social media networks. It does not constitute investment advice regarding the industries and stocks mentioned in the text. If there are any copyright infringements or violations of information disclosure, please contact us for removal.
Guojin Machinery
1. Overall Industry Perspective
1. Bottom established, catalysts continue:
Negative factors (poor Q1 performance, tariff issues) have been digested, and the sector has adjusted sufficiently (a drop of about 30% from the peak).
Subsequent catalysts are dense: policies (such as leadership inspections of intelligent robots), technology upgrades (Tesla’s third-generation robot, Yushu Technology product launch), industry conferences (Beijing Robot Conference).
We are optimistic about the robot sector entering a “Beta rising” cycle.
2. Core tracks and incremental directions:
The core of the industry chain is electromechanical (lead screws, reducers, etc.), with Hengli Bopai laying out full D-ball production capacity, and significant space for domestic substitution.
Emerging incremental tracks:
Dexterous hands: broad value and application scenarios, with technology routes yet to converge.
Sensors (force, touch, vision, inertial): domestic production is accelerating, focusing on Keli Sensor, Lingyun Co., Ltd. (force), Hanwei Technology (touch/electronic skin), and Orbbec (vision).
Manufacturing equipment: mass production of lead screws/reducers requires high capital expenditure, benefiting domestic equipment manufacturers (Yuhuan CNC, Haideman, etc.).
2. Recommendations for Sub-sectors and Targets
1. Material direction:
PEEK materials: lightweight alternatives to metals, accelerating cost reduction (AVIC High-Tech), Ningbo Huaxiang (hidden leader, capacity expansion, valuation recovery space).
Carbon fiber (Zhao Ming’s addition): optimizing performance in combination with PEEK, focusing on Zhongshen, etc.
Electronic skin (Li Hanyu’s addition): flexible sensors (Hanwei Technology), PI film (Ruihuatai).
2. Processing technology:
Cold forging technology (Ran Ting’s key recommendation): solving lead screw consistency/efficiency issues, focusing on New Coordinates (cold forging leader, equipment in place by June), Zhejiang Rongtai (Tesla order implementation).
3. Heat dissipation and actuators:
Heat dissipation demand: Silver Dragon Co., Ltd. (patent layout, dexterous hand release in June).
Actuator assembly: Hechuan Technology (high self-manufacturing rate of rotary/linear modules, wide customer coverage), Hengli Hydraulic (linear actuator assembly).
4. Lithium battery layout (Lu Wenjie):
Fuling Precision (iron lithium + robot joint module, cooperation with Huawei), Keda Li (joint venture for harmonic reducers, Tesla chain).
Structural component extension: Jinyu Technology (body OEM), Xinyan Co., Ltd. (Xiaomi chain, equity in Guohua Zhikou).
3. Summary of Core Targets
1. Recommended combination:
Hengli Bopai (leader in domestic substitution for lead screws/guide rails, progress in robot assembly), Hechuan Technology (actuator assembly, marginal improvement), AVIC High-Tech (breakthrough in PEEK materials).
Ningbo Huaxiang (light asset + potential catalysts for robots, PE 8-9 times), New Coordinates (high technical barriers in cold forging).
2. Other key points:
Sensors: Keli Sensor, Hanwei Technology; heat dissipation: Silver Dragon Co., Ltd.; lithium battery crossover: Fuling Precision, Keda Li; equipment: Yuhuan CNC.
4. Risk Warning
Uncertainty in technology routes: the technical paths of dexterous hands, sensors, and other sub-sectors have not fully converged; mass production progress depends on equipment investment and customer validation (e.g., Tesla supply chain flexibility). Geopolitical policies: overseas factories (e.g., Hengli Hydraulic’s factories in the US/France) need to cope with trade risks.
———————-
The public account has been revised, and everyone may not receive article notifications in time. Please be sure to click “Like” and “View” at the bottom of the article, or click the three dots in the upper right corner of the public account homepage to set the public account as “Starred” for easy access (your likes and views are also my motivation for updates).