ZhiYuan Leads in Humanoid Robot Shipments, While Key Supplier Gains Market Attention
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- leaderobot.com
In mid-August, Guotai Junan issued a report covering the Hong Kong-listed robotics company, Lashi (03752.HK), giving it a 'buy' rating with a target price of HKD 87.4. The valuation logic is notable as it is based not on the number of traditional industrial arms sold, but on the number of upper limb actuation systems produced for ZhiYuan's humanoid robots.
ZhiYuan surpassed YuShu in global humanoid robot shipments in the first half of this year, marking a significant achievement. Lashi, as a core supplier of ZhiYuan's robotic arms, is positioned to benefit from this growth. The report highlights that Lashi's revenue from the intelligent segment is expected to exceed 50% by 2027, indicating a shift from being an industrial robot manufacturer to a general-purpose operational platform.
Looking ahead, the market is expected to focus on the integration of 'small brains' and limbs as the true bottleneck for mass production and cost efficiency. The report suggests that the components such as joints and robotic arms account for over 60% of the hardware costs in humanoid robots. As the competition among manufacturers intensifies, suppliers like Lashi are poised to secure orders and improve their profit margins, reflecting a structural shift in the industry.
Original report
ZhiYuan Surpasses YuShu in Robot Shipments, but a Key Supplier Profits Behind the Scenes
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