Driven by the two-wheel drive of the “new quality productivity” and “equipment renewal” policies, the intersection of the four major sectors of humanoid robots, engineering machinery, high-end equipment, and intelligent manufacturing is essentially looking for leading companies with the ability to “reuse core component technologies” and “intelligent transformation of the entire machine.”
Such companies can not only enjoy the dividends of traditional infrastructure going overseas, but also seize the incremental opportunities in the humanoid robot industry from 0 to 1.
After comprehensive review, there are 6 A-share core targets that meet the full intersection standards of the four major sectors. The list and logic are as follows:
1. Inovance Technology (300124.SZ)
Core logic: industrial control leader, the “brain” and “joints” of robots.
Its industrial automation business (servos, PLC) is the core of the execution layer of intelligent manufacturing. It also directly deploys core components such as humanoid robots’ seven-degree-of-freedom bionic arms and planetary rotation actuators. Its business naturally covers high-end equipment manufacturing.
The covered sectors include humanoid robots (core components), intelligent manufacturing (industrial control), high-end equipment (production lines), and engineering machinery (electrification supporting equipment).
The latest developments show that the industrial robot business will continue to increase in volume in 2025, and the research and development of humanoid robot parts is advancing.
2. Eston (002747.SZ)
Core logic: The leader in domestic robots, extending towards embodied intelligence.
It has full industry chain capabilities from core components (controllers, servo) to industrial robot bodies, and lays out humanoid robot joint actuators and complete machines through joint-stock companies.
Coverage sectors include humanoid robots (body/components), intelligent manufacturing (industrial robots), high-end equipment (complete sets of equipment), and engineering machinery (production line applications).
In 2025, the market share will continue to increase, and the application of humanoid robots in industrial scenarios will be actively expanded.
3. Hengli Hydraulics (601100.SH)
Core logic: leader in core components, technology reuse across tracks.
As the world leader in hydraulic parts for engineering machinery, its precision hydraulic technology is extending to key components such as planetary roller screws and linear actuators of humanoid robots, which is a typical “technical dimensionality reduction attack.”
The covered sectors include construction machinery (core supporting equipment), humanoid robots (screw/actuator), high-end equipment (precision manufacturing), and intelligent manufacturing (production line upgrade).
At present, the lead screw sample has been released, and it has the potential to enter the humanoid robot supply chain.
4. Zoomlion (000157.SZ)
Core logic: leader in heavy industry, intelligent transformation of equipment.
It is not only a construction machinery OEM, but also a representative of high-end equipment (ultra-large tonnage cranes), and has released self-developed humanoid robots (such as Yungu embodied intelligent large models and robots), which are used in assembly and logistics scenarios of its own smart factories.
The coverage sectors include construction machinery (host), high-end equipment (major equipment), humanoid robots (complete machine application), and intelligent manufacturing (lighthouse factory).
In 2025, a variety of self-developed humanoid robots will be displayed to promote the intelligent manufacturing transformation of “robotic excavator making machines”.
5. Sany Heavy Industry (600031.SH)
Core logic: a benchmark for digital transformation and a practitioner of lighthouse factories.
The world’s leading excavator, its “Lighthouse Factory” uses a large number of industrial robots to achieve unmanned production. It itself is a model of intelligent manufacturing. It is also actively deploying robot production lines and electrified engineering machinery.
Covering sectors include manned engineering machinery (global leader), intelligent manufacturing (lighthouse factory), high-end equipment (heavy equipment), and humanoid robots (production line applications).
Continue to promote the automation and intelligent upgrading of the manufacturing process and benefit from the equipment update policy.
6. Xugong Machinery (000425.SZ)
Core logic: the leader in mixed-ownership reform, driven by the dual drivers of globalization and intelligence.
The product line covers a full range of construction machinery, has advantages in the field of high-end mining machinery, and is committed to the research and development of unmanned machinery and intelligent construction solutions.
Covered sectors include construction machinery (all categories), high-end equipment (mining machinery), intelligent manufacturing (unmanned construction), and humanoid robots (potential scenario applications).
The proportion of overseas revenue continues to increase, and intelligence and greening are the focus of transformation.
Risk Warning
1. The commercialization of humanoid robots is less than expected: Most of the humanoid robot business is in the early R&D or small batch stage, and its performance contribution is highly uncertain.
2. Construction machinery cycle risk: The traditional construction machinery business is greatly affected by real estate and infrastructure investment, and there is a risk of cyclical fluctuations.
3. Difficulty in implementing technology research and development: The yield ramp of precision components such as screws and actuators may be slower than expected.
