CITIC Securities: Smart OEM orders are beginning to focus on breakthroughs in the industrial chain

The Zhitong Finance App learned that CITIC Securities released a research report saying that 2025M1-M9, driven by the acceleration of mass production by machine manufacturers, innovated and iterated on core components and piloted target scenarios — the industrial ecosystem showed the characteristics of integration, interoperability, and multiple flowering. The Tesla Optimus project completed a change of command, leading the emerging world model technology route. In addition, various parts of the country are actively implementing intelligent data collection factories, and Figure shows the results of human video training. With the continuous refinement of the big model of physical intelligence, the industry is expected to accelerate to the other side of commercialization. The bank continues to be optimistic about the intelligent robot sector, believing that this sector is expected to become one of the most important technology industry opportunities in the next 5-10 years.

CITIC Securities's main views are as follows:

OEM: Fundamental losses are on the agenda, product matrices are getting richer, commercialization begins in the first year

2025H1, Yuejiang/Preference/Jizhijia achieved revenue of 1.5/6.2 billion yuan (up 27.1/27.5/32.1 percent year-on-year) respectively, and maintained high revenue growth. At the level of smart products, the three manufacturers continue to promote new products. Among them, Preferred Choice received an order of nearly 90 million yuan for 100 million yuan cars, marking a reality in the first year of commercialization. In the field of four-legged robots, the 58 intelligent military robotic wolf was displayed at the military parade, and Jingye intelligent products were tested at nuclear power plants.

Integrators: Steady growth in fundamentals, accelerated expansion of robotics business, gradual deepening of diversified layout

2025H1, Sanhua Intelligent Controls/Tuopu Group/Silver Wheel Co., Ltd. achieved revenue of 162.6/129.4/7.17 billion yuan (+18.9/+5.8/ +16.5% year over year), and net profit to mother was 21.1/13.0/ 4.4 billion yuan (+39.3/-11.1/+9.5%), respectively. In the context of the overall improvement in the industry, revenue continued to grow, but profit performance was divided, and tariffs and production capacity factors caused short-term disturbances. Sanhua Intelligent Control focuses on the development of mechatronic actuators, established a special division and was recognized by customers; Tuopu Group expanded products such as electric drive actuators to achieve batch supply; Yinlun Co., Ltd. completed research and development of rotating joint modules, etc., to build a “1+4+N” system, and enhance competitiveness through cooperation.

General industrial control: fundamental leader Hengqiang, robot investment and progress are accelerating

In the first half of 2025, GM's downstream demand showed an overall recovery trend, but tariff disturbances caused structural setbacks in some industries. Corporate performance showed strong leading performance and unobvious structural driving characteristics: Huichuan's strong technical performance, Weichuang Electric's net profit growth in single digits, Xinjie Electric's net profit to mother remained close to flat, and profits of some companies declined or lost money. In the field of humanoid robots, general industrial control companies mainly lay out motor drives and joint modules. In the first half of the year, with the relatively clear trend in the industry, various motor drive products have basically connected with customers widely, and some have generated small-batch revenue. At the same time, investment by enterprises has increased. Weichuang Electric, Xinjie Electric, Hechuan Technology, etc. have successively added new cooperation with leading companies in various fields; Xinjie Electric plans to invest 800 million yuan in robot-driven factories, and various manufacturers have successively released new products; Zhongchen Technology has completed the layout through acquisitions.

Screw: Steady growth in fundamentals, accelerated expansion of the robotics business, and gradual deepening of diversified layout

2025H1, Zhejiang Rongtai/Beite Technology/Wuzhou Lunar New Year achieved revenue of 5.7/11.1/1.89 billion yuan (+15.0/+14.7/+8.1% year on year), and net profit to mother was 1.2/0.6/0.8 billion yuan (+22.2/+45.1/ +0.3% year over year), respectively. Against the backdrop of a recovery in the manufacturing industry, overall industry revenue continued to grow. Zhejiang Rongtai expands precision transmission and intelligent equipment through the acquisition and establishment of subsidiaries; Beite Technology promotes investment and construction of production lines and lays out overseas factories. The commercialization process of the robot business has accelerated, and various products have entered the R&D and mass production stages.

Visual & force sensing: profit levels are continuously optimized, and the robotics business has become a new focus of development

2025H1, Obi Zhongguang/Ling Yunguang/Opt achieved revenue of 4.4/13.7/68 billion yuan (up 104.1/25.7/30.7% year on year), and net profit to mother was 0.6/0.9/150 million yuan respectively. Among them, Obi Zhongguang's net profit to mother increased 110 million yuan year on year, turning a loss into a profit. Ling Yunguang and Opt respectively increased 10.1/ 36.3% year on year. Overall revenue levels improved, and profitability continued to improve. At the level of robot-related products, sensor manufacturers are actively developing related business R&D, cooperation and production based on their own advantages. Among them, Obi Zhongguang currently has a number of downstream application scenarios. Ling Yunguang's wholly-owned subsidiary Yuanke Vision card humanoid robot saw a 28% year-on-year increase in revenue in the first half of the year. Opt targets intelligent robots as a strategic emerging business direction and set up a robotics division in the first half of the year. Keli Sensors and Hanwei Technology continue to fill their product matrices, and the force sensor category is expected to become the industry's key hardware in the future.

Risk factors:

Robotics technology is progressing faster than expected, the development potential of robot application scenarios is lower than expected, the risk of changes in technology routes, insufficient policy implementation, increased risks of industry competition, risks of laws and regulations, and international geopolitical risks.