Goldman Sachs says as humanoid robots move from technical validation to
commercialization, supply‑chain investment is entering a phase of
differentiation; investors should prioritize actual mass‑production progress,
profitability and current valuation rather than blanket bullishness. The bank
maintains Buy on Inovance Technology, Sanhua Intelligent Controls (H shares) and
Shuanghuan Transmission; Neutral on Lvde Harmonic, Sanhua Intelligent Controls
(A shares), Lingyun Optoelectronics and Beisite; and Sell on Mingzhi Electric.
Goldman prefers firms with established core businesses that already support
profits and can capture incremental robot demand, and is cautious on names whose
valuations already price significant humanoid‑robot growth or that face
technical‑route and margin uncertainty. Industry upside remains large, but
markets are shifting focus to who can genuinely mass‑produce and deliver
profits. (Goldman Sachs report, Aug. 23)
