亚洲新兴机器人行业：2026年春晚的核心惊喜

Asia Emerging Robotics: Key surprises from the 2026 Spring On Feb 16, humanoid robots took center stage (video) at the 2026 Spring Festival Gala,the most-watched TV show in China. Unlike the 2025 Gala, where only Unitree’s robotsperformed, this year featured 4 Chinese brands:Unitree,MagicLab,NoetixandGalbot Dien Wang, Ph.D.+852 2123 2622dien.wang@bernsteinsg.comJay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.com (Exhibit 1 to Exhibit 4). In this note, we would like to share what surprised us the most. Unitree. We had long recognized Unitree’s strength in locomotion, but their Galaperformance (video) still surprised us in three ways:1) Reliability. The Spring Festival Galacarries political significance as well as entertainment value, so errors are not acceptable.Given the high-difficulty movements, we were impressed that the robots were reliableenough to earn the confidence of the Gala’s director team, especially considering robotshad to perform safely alongside children (Exhibit 5).2) Fleet control. 20+ robots frequentlychanged positions on a dynamically reconfigured stage, which required robust perceptionand navigation for accurate positioning and collision avoidance. To support this, Unitree Weibin Liang, Ph.D.+852 2123 2666weibin.liang@bernsteinsg.com Other Chinese players. MagicLab (video) and Noetix (video) also demonstratedlocomotion on stage. While their robots were less striking than Unitree’s, they stillperformed good on stage, which marks a meaningful step toward broader public exposure.More importantly, although they are still behind Unitree’s 2026 level, they seem to be ahead Hesai. LiDARs mounted on top of Unitree’s robot heads were supplied by Hesai (Exhibit 6).We do not expect this custom configuration of Unitree G1 robot to drive meaningful volume,but it reflects (1) Hesai’s close collaboration with Unitree; and (2) Hesai’s technologicalsuperiority, as demonstrated by its LiDARs’ high resistance to vibration and impact duringrobot movements. In addition, Galbot (video) used dexterous hands fromSharpa(Exhibit8), a startup established by Hesai’s founders (news). The hand showcased strong dexterity,even rolling two walnuts in one hand. It seems reasonable to start the business separatelyfrom Hesai, because (1) LiDAR and dexterous hands have limited synergy; and (2) the Implications for Western robotics. Unitree’s 2026 Spring Festival Gala performancesets a new benchmark.Boston Dynamics(Subsidiary of Hyundai Motor, not covered), thepioneer in robotic locomotion, may feel the most pressure. Following recent leadershipchanges at the company (news), we hope to see strategic transformation to turn the tide.ForTesla(not covered), as Optimus Gen 3 to be unveiled this quarter, the company needs DETAILS INVESTMENT IMPLICATIONS We rate Shuanghuan, Hesai and Tuopu Outperform, Sanhua Market-Perform and Leader Drive Underperform. BERNSTEIN TICKER TABLE DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社). Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respective VALUATION METHODOLOGY Hesai Group We use DCF as the primary valuation method. We set target prices at USD 33.0 and HKD 253.0 for its ADR and H-Share,respectively, based on WACC of 8.4% and terminal growth rate of 3.0%, respectively. They reflect our long term forecast of thecompany’s existing core business and rising contribution from robotics. We use PE method as a reference, with our target price Leader Harmonious Drive Systems Co., Ltd. We use DCF as the primary valuation method. We set target prices at CNY 100.0 based on WACC of 8.2% and terminal growthrate of 3.0%, which reflects our long term forecast of the company’s existing core business and rising contribution from robotics.We use PE method as a reference, with our target price implies a 118x forward PE at end-2026. Ningbo Tuopu Group Co., Ltd. We use DCF as the primary valuation method. We set target prices at CNY 85.0 based on WACC of 8.1% and terminal growth rateof 3.0%, which reflects our long term forecast of the company’s existing core business and rising contribution from robotics. Weuse PE method as a reference, with our target price implies a 33x forward PE at end-2026. Zhejiang Sanhua Intelligent Controls Co., Ltd. We use DCF