1、ab3 March 2025Global ResearchChina Industrial Automation SectorChina humanoid robot tour takeaways Optimistic on long-term development of embodied intelligence robotsLast week we hosted about 30 investors and organized meetings with humanoid robot related companies,including three humanoid robot man

2、ufacturers/assembly companies(UBTECH,Dobot and Lens Technology)and four component companies(Inovance,Leadshine,Kinco and RoboSense).Key takeaways:1)humanoid robots will likely be first adopted in industrial and commercial scenarios to conduct specific tasks with low technical difficulty,and commerci

3、alising generalist robots(especially to C)takes longer;2)the companies are generally optimistic about the long-term development of embodied intelligence robots.Some companies are uncertain about the pace of mass production,given immature and diversified technology,and believe the next 2-3 years will

4、 be the initial investment period;3)some companies believe not all scenarios need to use humanoid form and dexterous hands,which can be replaced by collaborative robots/composite mobile robots/robotics grippers.We believe the major bottlenecks of humanoid robots now lie in AI and data collection.We

5、believe technological advancement,commercialisation and customer orders will be the main factors affecting stock prices of related companies in the next three years,although profit contributions could be limited in the short term.Among our coverage,we like Inovance(covered by Phyllis Wang),Tuopu and

6、 Sanhua(covered by Nora Min),as they have stable main businesses,good cash flows,solid technology and smart strategies(for robots)which benefit their long-term development in the humanoid robot industry.Commercialisation to start with industrial and commercial scenariosSome companies expect to recei