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Morgan Stanley provides a detailed analysis of the top 100 humanoid robot companies! China leads in physical aspects, NVIDIA aims to be the brain, and Tesla intends to "integrate everything".
Morgan Stanley systematically outlined the 100 core listed companies in the Global humanoid robot Industry Chain for the first time, focusing on the three core aspects of "brain," "body," and "integrator," and pointed out that China occupies a 63% share of the humanoid robot supply chain, taking a dominant position.
Open Source Securities: Construction Machinery will experience a "resonance" of internal and external demand. Flexibility depends on domestic sales, while new highs are expected from going abroad.
Looking back on the excavator cycle, it takes about ten years for Construction Machinery to complete a full cycle, which is close to the average lifespan of an excavator; however, the current cycle is expected to be shorter, mainly due to the miniaturization of Construction Machinery and the increase in domestication rate.
Soochow Securities: The investment process of Chinese enterprises in Africa is accelerating, with growing demand for mining and Infrastructure in the future.
In 2024, leading domestic manufacturers have achieved rapid growth in the African region. Combined with the proactive overseas development intention of domestic manufacturers and the market expansion trend driven by mining and urbanization in Africa, Soochow believes that the African Construction Machinery market is likely to become one of the core driving forces for domestic manufacturers to achieve performance growth in the coming years.
Research Reports Gold Mining丨HTSC: Jiangsu Hengli Hydraulic is expected to welcome new growth poles, maintaining a 'Shareholding' rating.
On February 5, 2023, HTSC's Research Reports pointed out that in the face of a Construction Machinery market still in the bottoming phase, Jiangsu Hengli Hydraulic (601100.SH) is reinforcing internal management, insisting on continuous innovation investment, and steadfastly promoting the Global Strategy of "internationalization, diversification, and electrification." The company is proactively laying out its development in industrial automation and the electrification of construction machinery, aiming to create a third growth pole. The linear actuator project has completed the construction of factory buildings and part of production lines, and has achieved small-scale production and sales. It is believed that with the subsequent mass production of humanoid robots, the linear actuators, as core components, are expected to benefit significantly, and the company will welcome a new growth pole.
Jiangsu Hengli Hydraulic (601100): Focusing on linear drive to open a new chapter.
In the face of the construction machinery market still in the bottoming phase, the company strengthens internal management, insists on continuous innovation investment, firmly promotes the "internationalization, diversification, and electrification" operation strategy, and proactively lays out in the fields of industrial automation and electrification of construction machinery.
Soochow Securities: December excavator sales slightly exceeded expectations, focusing on current opportunities for low-level investments in Construction Machinery.
Looking ahead to 2025, the domestic market is in a cyclical uptrend, and excavator sales are expected to maintain approximately 10% growth; regarding the export market, by 2025, the impact of elections in various regions will be largely eliminated, coupled with a mild economic recovery in major areas, resulting in a significant narrowing of the decline in excavator sales.