Huayuan Securities: The humanoid robot industry may gradually move from small-scale validation to the new stage of "1-10".

Huayuan Securities recently released a research report stating that the humanoid robot industry may gradually move from small batch verification towards a new stage of "1-10." It is recommended to pay attention to the upstream components and host factory-related targets. In terms of components, upstream components are expected to benefit first due to cost advantages. As for the host factories, the acceleration of production and capitalization is expected to lead to sufficient valuation pricing. In addition, the institution also points out the risks of the humanoid robot industry including progress falling short of expectations, lower-than-expected sales, and deterioration of industry policies and competition.