If the date is all about construction mechanical mobility, whether or not on wheels or robot legs, auto portions providers have a aggressive edge. “We believe humanoid robots will bring a third wave of growth for auto parts suppliers,” Morgan Stanley analysts stated in a June 18 record. The authors come with top vehicles analyst Adam Jonas, commercial analyst Sheng Zhong and {hardware} generation analyst Andy Meng. The workforce upgraded two self-described Chinese language Tesla providers and maintained a ranking of obese on some other given expectancies the corporations can get pleasure from the approaching get up of humanoids. This may be matching to how auto portions providers were given a spice up from the expansion of electrical vehicles and therefore expansion in “smart” vehicles with driver-assist functions. One of the most portions firms, Sanhua , is scheduled to listing in Hong Kong on Monday along with its flow checklist on mainland China’s Shenzhen alternate. Already, no less than two automakers — Tesla and Xpeng — are growing humanoid robots. Alternative automotive firms reminiscent of Zeekr and Volkswagen have teased how they’re testing humanoids at their factories. Auto providers “have the chance” to seize 47% to 60% of spending on portions and fabrics, consistent with Morgan Stanley estimates. In buck phrases, auto portions providers can account for round $15,000, or 60%, of each and every humanoid’s manufacturing price, the company’s record stated. Alternative humanoid elements reminiscent of screws and bearings aren’t recurrently worn in vehicles, making equipment firms higher all set to provide them, the record stated. Through 2050, Morgan Stanley predicts the humanoid marketplace will probably be utility $800 billion in China and $5 trillion international. Because it’s nonetheless early days, the analysts favor “tier-1” module assemblers reminiscent of Sanhua since they “can secure assembly orders no matter which tech path is chosen.” That’s against this with “tier-2” constituent makers reminiscent of lidar or chip manufacturers. A trio of sector choices Listed here are Morgan Stanley’s 3 sector choices, all recently traded in mainland China: Tuopu — The company issued a value goal of 63 yuan, for upside of just about 39% from Friday’s alike. Tuopu makes actuators, which permit mechanical motion in a automotive , and office as joints and muscle tissue in humanoids. Morgan Stanley trimmed its worth goal on Tuopu because of softer Tesla orders, however maintained its obese ranking. The analysts be expecting Tuopu can provide humanoid actuator fashions in addition to dexterous hand fashions for the robots. Actuator modules account for just below part of a humanoid’s overall price, however even if incorporating a value leave, the whole addressable marketplace for the modules international is prone to develop by way of 57% on an annual foundation thru 2030, Morgan Stanley predicts. “Such a material value composition offers revenue upside to Sanhua and Tuopu,” the analysts stated. Sanhua — The company assigned a value goal of 30 yuan, reflecting 20% upside from Friday’s alike. Morgan Stanley upgraded Sanhua to obese from equivalent weight, and the company raised the associated fee goal mildly on stronger-than-expected 2025 income and expectancies for emerging electrical car penetration international. “We estimate that every 10ppt of global market share in humanoid actuator modules by 2030E would bring incremental revenue to Sanhua equal to 11% of 2024 total revenue,” the analysts stated. “To mitigate geopolitical risk, Sanhua has been setting up a plant in Thailand, and it expects to start production there from 3Q25.” Xusheng — The company gave the store a value goal of 12 yuan. Stocks closed at 12.08 yuan on Friday. Morgan Stanley upgraded the store to equivalent weight from underweight on expectancies Xusheng’s income will “recover modestly” as startup automaker Li Auto launches extra battery-only electrical vehicles. Then again, the analysts cautioned that Xusheng might see lower-than-expected income from Tesla and alternative consumers. In relation to humanoids, Xusheng can provide casting and torso structural portions, the analysts stated. It’s nonetheless no longer absolutely sunlit how simple it’s for the automobile portions providers to at once shift to creating humanoid portions. There are lots of questions on how briefly and the way massive the business of human-like robots will transform. The analysts additionally cautioned that in spite of Chinese language humanoid portions providers’ price benefit over in a foreign country friends, U.S.-China tensions may drive companies to make a choice dearer possible choices.
