CICC: There is vast potential for domestic substitution in high-end motors. The development of humanoid Siasun Robot & Automation is promising.

CICC released a research report indicating that the traditional leading companies in the electric motor industry have stable profitability and cash flow in their traditional businesses, providing stable performance support in the traditional main business track. The business of humanoid Siasun Robot & Automation is transitioning from sample delivery and targeted validation to mass delivery, accelerating performance realization. Previously, high-end electric motors were mainly dominated by foreign manufacturers, with ample room for domestic substitution. The bank is optimistic about high-quality electric motor companies experiencing a dual improvement in performance and valuation. CICC's main points are as follows: Traditional electric motor industry: solid foundation, resilient profitability Traditional electric motors are used in various scenarios such as industry, HVAC, home appliances, and new energy transportation, with a diverse demand structure and strong anti-cyclical ability. The industry mainly relies on progressive technological iteration, with high barriers to entry for high-end customer certification and strong customer stickiness, providing a solid safety cushion for long-term development for leading companies in the industry in terms of traditional business profitability and cash flow stability. Humanoid Siasun Robot & Automation electric motor industry: high elasticity increment, explosive growth potential The number of electric motors integrated in humanoid Siasun Robot & Automation machines is significantly higher than that in traditional industrial Siasun Robot & Automation machines, with dozens of dedicated electric motors generally integrated into the machines. The joints of the body often use frameless torque motors, and the hand structure includes a large number of hollow cup motors. With the development of humanoid Siasun Robot & Automation technology, the increase in degrees of freedom is expected to further expand the space for single-unit usage and value quantity. The bank conservatively estimates that the global market space for humanoid Siasun Robot & Automation electric motors in 2030 is approximately 5.1 billion yuan. If sales reach one million units, the corresponding market space will be around 15 billion yuan. Domestic substitution: accelerating customer adaptation and scale production Previously, high-end electric motors were mainly dominated by foreign manufacturers, but now domestic manufacturers are rapidly catching up in core component areas, continuously iterating their technology, and smoothly advancing sample delivery, targeted validation, and mass production, with ample room for domestic substitution. For enterprises that have first broken through technological barriers, smoothly integrated transmission and module solutions, and successfully achieved stable localization production, the bank believes they will build a core competitive advantage. Risk The mass production progress of humanoid Siasun Robot & Automation is not as expected, technological route iteration risks, intensifying industry competition resulting in profit decline, fluctuations in raw material prices, and trade policy risks.