The “Triple Wave” ball for the World Cup in the United States, Canada and Mexico has become popular all over the Internet with its full-link domestic high-end manufacturing and precision intelligent sensing technology. The mass production capacity of global high-end precision equipment is firmly in the hands of China’s industrial chain.
Looking at the A-share entity high-end manufacturing track, automation equipment has also embarked on a clear main line of long-term growth. The 15th Five-Year Plan intelligent manufacturing policy supports the foundation, the implementation of the AI industry, the rigid need for machine replacement, and domestic substitution. The four-fold logical resonance resonates, and the prosperity continues to rise in the second half of the year.
This article sorts out the complete industry chain based on real industry data, first-quarter performance, and segmentation barriers, and selects 13 segment leaders with band operation value. The entire process is based on fundamentals and avoids pure topic speculation.
1. Upstream core components: the “heart components” of automation equipment, domestic substitution accelerates breakthroughs
The upstream carries core components such as servo motors, precision reducers, PLC control chips, industrial control IGBTs, and industrial sensors. It is the link with the highest technical barriers and the most lucrative profits in the entire automation industry chain.
Previously, overseas brands had monopolized the high-end market for a long time. In 2026, domestic leading companies completed batch verification of leading factories, the localization rate increased rapidly, the localization of raw materials reduced production costs, and gross profit margins continued to recover.
1.
Sanrui Intelligence: Mainly engaged in precision harmonic/planetary reducers, suitable for joints of industrial robots and humanoid robots; the track is the core transmission component of robots; the revenue in the first quarter of 2026 is 72.63% year-on-year, and the net profit is 57.53% year-on-year; the performance growth logic is driven by the mass production of humanoid robots
Orders for reducers are increasing, and overseas customers are importing domestic products in batches; the segmentation barrier is the self-developed high-precision tooth processing technology, with a roundness error control of 0.005 mm, benchmarking against Japanese leaders; future highlights are overseas supply of automated production lines in Southeast Asia and Europe, and humanoid joint reducers continue to increase in volume.
2.
Star Semiconductor: Mainly engaged in industrial control/vehicle grade IGBT power chips; the track is the core of power control for automation equipment; net profit for the first quarter of 2026 is 35.7% year-on-year; performance growth logic is that servo and inverter manufacturers switch to domestic power chips, the 15th Five-Year Plan
The technological transformation of high-end equipment drives the demand for industrial control chips; the segmentation barrier is the integrated layout of wafer manufacturing + packaging, and the supply chain is independently controllable to avoid the risk of supply interruption; the future focus is the continued breakthrough of high-voltage industrial control IGBT to seize the new energy automation equipment supporting market.
3.
Inovance Technology: Mainly engaged in servo systems, frequency converters, and a full set of PLC industrial control components; the track is the leader in industrial automation control platforms; net profit attributable to shareholders in the first quarter of 2026 is 28.16% year-on-year; performance growth logic is the procurement of lithium batteries, photovoltaics, and machine tool automation production line equipment
Purchases are picking up, and the market share of multi-axis servo systems continues to increase; the segmentation barrier is that it is the only domestic company that implements full-stack self-development of control + drive + motor, with after-sales service outlets covering the country; future highlights are the implementation of AI visual industrial control systems, and overseas smart manufacturing production line orders continue to grow.
4. Zhonglide: Mainly engaged in precision reduction motors and transmission modules; the track is small and medium-sized automated production line transmission components; the net profit in the first quarter of 2026 is 42.05% year-on-year; the performance growth logic is the bulk purchase of small automation equipment for 3C and food packaging, and the increasing demand for supporting humanoid collaborative robots; the segmentation barrier is the standardized mass production of modular transmission components, and the delivery cycle is 60% shorter than that of overseas manufacturers; the future focus is the research and development of lightweight humanoid robot micro-reducers.
2. Midstream automation equipment: the core carrier of the production line plan, the inflection point of orders is established
The midstream includes industrial robots, intelligent special planes, CNC machine tools, packaging automation equipment, and warehousing and logistics robots, directly meeting the needs of downstream factories for technical transformation and new production lines.
In the first half of 2026, capital expenditures in the manufacturing industry will pick up. Orders for automation transformation in the four major industries of new energy, semiconductors, medicine, and lithium batteries have been concentrated. Equipment manufacturers have extended their production schedules. Performance in the second half of the year is expected to continue to be realized.
5.
Eston: Mainly engaged in industrial robots, collaborative robots, and complete sets of flexible production lines; the track ranks first in the shipment of domestic industrial robots for eight consecutive years; the net profit in the first quarter of 2026 is 674.64% year-on-year; the performance growth logic is the expansion of downstream automobile and photovoltaic factories, the demand for collaborative robots explodes, and the scale effect greatly dilutes R&D costs; the segmentation barrier is the self-developed robot control system iER.
6.
Topstar: Mainly engaged in injection molding automation, industrial robots, and smart factory complete line solutions; the track is the leader in automation equipment in the 3C and plastic industries; the net profit in the first quarter of 2026 is 1147.36% year-on-year; the performance growth logic is the recovery of consumer electronics plus the batch supply of humanoid robot joints, and orders are fully booked throughout the year; the segmentation barrier is one-stop factory automation transformation solutions, and small and medium-sized factory customers are extremely sticky; the future focus is the entry of photovoltaic silicon wafer processing automation equipment into the supply chain of leading manufacturers.
7. Yongchuang Intelligent: Mainly engaged in complete sets of automated production lines for intelligent packaging; the track is food, beverage, and pharmaceutical packaging equipment; the net profit in the first quarter of 2026 is 75.26% year-on-year; the performance growth logic is that pharmaceutical GMP compliance upgrades have forced the automation of production lines, and the demand for aseptic filling equipment has exploded; the segmentation barrier is the only target for domestic substitution of fully automatic aseptic packaging equipment, and the price is only 1/3 of imported equipment; the future focus is the continued release of orders for overseas equipment for Southeast Asian beverage factories.
8. Dahao Technology: Mainly engaged in intelligent electronic control automation systems for the sewing and knitting industries; the track is the leader in electronic control for textile automation; the net profit for the first quarter of 2026 is 41.32% year-on-year; the performance growth logic is the replacement of textile factory machines and the increase in global shipments of high-end intelligent sewing equipment; the segmentation barrier is that the global market share of electronic control systems exceeds 60%, and the production and sales rate is close to 100% all year round; the future focus is to open up a second growth curve for home textile intelligent sorting automation equipment.
9. Huazhong CNC: Mainly engaged in industrial mother machine CNC systems and machine tool automation equipment; the track is high-end CNC machine tool core control systems; the net profit for the first quarter of 2026 is 59.42% year-on-year; the performance growth logic is the implementation of special subsidies for industrial mother machines, and the acceleration of localization of military and precision machining machine tools; the segmentation barrier is the five-axis linkage high-end CNC system to break through overseas monopoly; the future focus is the batch delivery of aerospace precision machining automation production lines.
3. Downstream application integration and supporting: Scenario implementation to increase volume, opening up long-term incremental space
Downstream covers AI visual inspection, intelligent warehousing and logistics automation, semiconductor packaging equipment matching, undertaking scene integration of upstream parts and midstream complete machines, benefiting from the expansion dividends of multiple industries, decentralized track segments, stronger resistance to cyclical fluctuations, and suitable for batch deployment of bands in the second half of the year.
10. Haikang Robotics: Mainly engaged in industrial machine vision and intelligent mobile AGV robots; the track is AI visual automated inspection; the revenue for the first quarter of 2026 is 31.2% year-on-year; the performance growth logic is the rigid need for high-precision visual inspection of semiconductor and lithium battery production lines, and the AI algorithm iteratively broadens inspection scenarios; the segmentation barrier is the integration of software and hardware vision solutions, and the million-level image database supports inspection accuracy; the future focus is the large-scale commercialization of 3D vision humanoid robot supporting solutions.
11. Today’s International: Mainly engaged in intelligent warehousing automation integration in the lithium battery and photovoltaic industries; the track is the new energy logistics automation line; the net profit in the first quarter of 2026 is 53.87% year-on-year; the performance growth logic is that leading power battery companies will build new energy storage and battery factories, and orders for three-dimensional warehousing equipment have surged; the segmentation barrier is the new energy storage explosion-proof automation patent barrier, binding to leading battery manufacturers; the future focus is the export of supporting warehousing equipment for overseas energy storage power stations overseas.
12. Changchuan Technology: Mainly engaged in semiconductor test automation equipment; the track is chip packaging and testing automation; the net profit in the first quarter of 2026 is 46.91% year-on-year; the performance growth logic is the expansion of AI computing chips and memory chips, and the acceleration of domestic substitution of semiconductor testing equipment; the segmentation barrier is the self-development of a full set of analog + digital chip testing equipment to break the monopoly of overseas equipment; the future focus is the entry of advanced packaging automation equipment into domestic wafer manufacturers.
13. Dongjie Intelligent: Mainly engaged in three-dimensional garages and industrial intelligent sorting automation production lines; the track is general industrial logistics automation; the net profit in the first quarter of 2026 is 39.64% year-on-year; the performance growth logic is the arrival of the update cycle of sorting equipment in express delivery and new energy vehicle factories; the segmentation barrier is the rapid change of modular sorting equipment to adapt to the processing of multi-category products; the future focus is the research and development of low-altitude economic supporting logistics automation equipment.
IV. Three core benefits for the automation equipment industry in the second half of 2026
1. The 15th Five-Year Plan policy continues to release industrial dividends: 2026 is the first year of the 15th Five-Year Plan, and special bonds related to intelligent manufacturing, industrial motherboards, new productivity, and technological transformation subsidies have been implemented intensively. Funds for intelligent transformation of local manufacturing industries have been accelerated. The factory automation equipment procurement budget has increased significantly. The overall demand in the industry has continued to pick up, and policy dividends have continued throughout the second half of the year.
2. There is a vast space for domestic substitution, and the cost advantage of the industrial chain is highlighted: the localization rate of upstream chips, reducers, and servo motors has exceeded 50%. The entire automation equipment industry chain has been fully supported domestically, eliminating the need for overseas parts transportation and tariff premiums. The cost-effectiveness advantage of domestic equipment continues to expand.
Compared with the World Cup-specific smart football, only China’s industrial chain can produce it in batches. Automated high-end precision equipment also has the world’s exclusive mass production capabilities, and overseas orders continue to increase.
3. The dual tracks of AI + humanoid robots have opened up the incremental ceiling: AI industrial vision and adaptive control technology are embedded in automation equipment, greatly broadening the application boundaries of traditional equipment; the industrialization of humanoid robots has entered the implementation cycle, and orders for joints, transmissions, and complete machine equipment have continued to be released, becoming the second growth curve of the sector, supporting the industry to maintain a compound growth rate of more than 10% in the next three years.
5. The three major potential negatives in the industry, band operations must be avoided
1. The risk of divergence in the pace of investment in the downstream manufacturing industry: the traditional low-end manufacturing industry has weak profits, lack of willingness for factory technical transformation and equipment expansion, only the demand for new energy, semiconductors, and high-end equipment is booming, and orders from general automation equipment companies may be lower than expected. Avoid small and medium-sized pure theme stocks without segmentation barriers.
2. Fluctuations in the price of upstream commodity raw materials squeeze profits: The production of servo motors and reducers consumes raw materials such as copper, rare earth permanent magnets, and silicon steel sheets. If the price of commodities rises in the short term, it will directly compress the gross profit margin of equipment manufacturers. Pay attention to the callback risk of weak price locking ability of raw materials and low gross profit margin.
3. The short-term theme speculation in the sector has led to valuation overdraft: humanoid robots and industrial machine subdivisions have caused short-term fund speculation in small-cap stocks, and the stock price growth has deviated from the fundamental valuation. Once the popularity of the theme subsides, it is easy to see a sharp retracement. For band operations, the priority is to choose leaders with performance and reasonable valuations to avoid continuous skyrocketing small stocks.
6. Market outlook band operation ideas and interactive questions
Overall, the complete growth logic of automation equipment has been opened up. Upstream core parts have made breakthroughs in China, midstream complete machine orders have picked up, and downstream AI and robots have opened up. Multiple catalytic resonances in the second half of the year are suitable for the layout of the low-absorbing band in three batches. Priority is given to 13 segmented leaders with high net profit growth in the first quarter, technical barriers to segmentation, and clear overseas growth. It is not recommended to operate a single-target heavy position.
Interactive question: In the second half of the year, are you more optimistic about the upstream core components of automation or the midstream industrial robot complete machine track?
欢迎评论区交流你的看法！
