Goldman Sachs believes that as humanoid robots transition from technology verification to commercialization, investment in the industry chain is entering a phase of differentiation. In the future, it will be more necessary to compare the actual mass production progress, profitability, and current valuation of each link, rather than simply being bullish on the entire supply chain. The report maintains a "buy" rating on Huichuan Technology, Sanhua Intelligent Control (H-shares), and Shuanghuan Transmission; a "neutral" rating on Green Harmonic, Sanhua Intelligent Control (A-shares), Lingyun Optoelectronics, and Best; and a "sell" rating on Mingzhi Electric.
Goldman Sachs prefers companies with mature core businesses providing profit support and that can share in the incremental demand for robots; it is more cautious about targets whose valuations have already factored in significant humanoid robot growth or that still face uncertainties regarding technology routes and profit margins. The industry still has significant long-term potential, but the market is beginning to focus more on who can truly achieve mass production and realize profits. (The above views are from Goldman Sachs' August 23 report.)
