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1、M IdeaChina Autos&Shared Mobility|Asia PacificFrom Auto to Humanoid Robot Suppliers Morgan Stanley Asia Limited+Shelley Wang,CFAEquity Analyst Shelley.W +852 3963-0047 Tim HsiaoEquity Analyst Tim.H +852 2848-1982 Morgan Stanley&Co.LLCAdam Jonas,CFAEquity Analyst Adam.J +1 212 761-1726 Morgan Stanley

2、 Asia Limited+Stanley WangResearch Associate Stanley.W +852 2848-7382 Joey Xu,CFAEquity Analyst Joey.X +852 3963-0337 Cindy HuangEquity Analyst Cindy.H +852 3963-3568 China Autos&Shared MobilityAsia PacificIndustry ViewIn-Line Whats Changed Ningbo Tuopu Group Co Ltd(601689.SS)FromToPrice TargetRmb55

3、.00Rmb80.00Zhejiang Sanhua Intelligent Controls(002050.SZ)FromToPrice TargetRmb21.00Rmb29.00Ningbo Xusheng Group Co Ltd(603305.SS)FromToRatingEqual-weight UnderweightPrice TargetRmb10.00Rmb13.00Suzhou Recodeal Interconnect System(688800.SS)FromToPrice TargetRmb16.00Rmb37.00Tesla China suppliers have

4、 had strong YTD rallies.The market views them as being candidates to leverage EV expertise for Tesla humanoid robot efforts.We view Tuopu as best positioned for such potential upside,given its robust existing businesses and potential to assemble robotic actuators.Humanoid progress in sight:Tesla EV

5、suppliers,such as Tuopu,Sanhua,Xusheng,Recodeal,have seen share prices rise 32-42%,YTD2025(vs.SSE index down 1%),as the market views them as potential candidates to become Tesla humanoid robot suppliers(The Humanoid 100:mapping the humanoid robot value chain).Although there are no confirmed orders y

6、et,we think commercialization could occur in 2025 (Humanoids:catalysts evolving rapidly),as key players(e.g.,Tesla,1X,Agility,UBtech)have announced plans to produce thousands of humanoids in 2025.Diverse fundamentals for existing businesses:Tuopu strong,Sanhua solid,Xusheng and Recodeal under pressu