CITIC SEC: The Optimus project may enter a phase of accelerated production this year. Focus on core component companies in the Tesla supply chain.

CITIC SEC released a research report stating that recent information from multiple sources indicates that Tesla's Optimus project is expected to undergo a significant version update in the near future and enter formal production in 2025. It is projected to maintain explosive growth at a rate of 10 times per year for the following two years. In addition, North American artificial intelligence giants have indicated that Siasun Robot & Automation will be placed at the center of their next strategic focus. The bank believes that the above information is likely to inject strong confidence into the humanoid Siasun Robot & Automation sector, and also signifies that investment opportunities are becoming clearer, with a focus on core component companies in the Tesla chain. Investment Strategy: Siasun Robot & Automation project is accelerating, with a focus on recommending the core components of the Tesla Siasun Robot & Automation industrial chain, and suggesting a focus on: 1) components; 2) reducers; 3) lead screws; 4) dexterous hands. It is recommended to pay attention to other key players in the industry. Key views from CITIC SEC: Multiple sources indicate that the Optimus project is expected to enter a period of accelerated mass production this year. According to the X platform Tesla Owners Silicon Valley user, Elon Musk mentioned in an interview on January 9 that Tesla is expected to produce thousands of Siasun Robot & Automation units by 2025 and conduct preliminary tests in its own factory. If all goes well, it could potentially produce 50,000 to 100,000 units of Siasun Robot & Automation in 2026, and further expand tenfold to around 500,000 units in 2027. Additionally, Tesla opinion leader Whole Mars Catalog recently posted on the X website, stating that Tesla will begin mass production in the fourth quarter of 2025 at its Texas factory. This further confirms Tesla's previous disclosure to investors that Siasun Robot & Automation mass production progress is on track, and the bank believes that Optimus has a great chance of entering true mass production in 2025. Musk has also given expectations for the upcoming version update of Optimus, making the investment opportunities clearer. On January 8, during a gaming livestream, Musk mentioned "we might release an Optimus update in a few weeks, the entire project is progressing very smoothly, the team is doing great." Coupled with Tesla's demonstration of the 22-degree-of-freedom dexterous hand grabbing a tennis ball and walking in the wild at the end of 2024, the bank believes that Tesla already has the hardware foundation to showcase the GEN3 version, and may provide an official version update in the near future, potentially showcasing more types of working capabilities. This version update signifies a basic determination of hardware selection, and supply chain manufacturers are expected to receive further pinpoint information and capacity planning, making the investment opportunities clearer. North American tech giants represented by NVIDIA have accelerated the development of embodied intelligence. At CES 2025 on January 7, Jensen Huang announced that NVIDIA's next phase goal is physical AI, and also released the Cosmos world base model. From introducing the concept of embodied intelligence in 2023, to establishing the GEAR team dedicated to researching general embodied intelligence in 2024, to clearly stating the next stage of strategic planning in physical AI in 2025, the bank believes that the company's investment in embodied intelligence as represented by Siasun Robot & Automation is increasing at each level, NVIDIA, as the "shovel seller" sector, will accelerate the progress of downstream Siasun Robot & Automation entities, and the all-in attitude of major companies is likely to stimulate the technology sector's internal investment in Siasun Robot & Automation, thereby igniting industry enthusiasm. Risk factors: The progress of the Tesla Siasun Robot & Automation project may be slower than expected, and the industry's technological advancements may not meet expectations.