亚洲新兴机器人：晴雨表（2026年3月/4月）

Asia Emerging Robotics: The Barometer (March/April 2026) In this note, we update the key events in humanoid robot industry, market sentiment, andimportant data points in Mar & Apr 2026. Readers can download the complete barometerdataset here: Asia Emerging Robotics Barometer. Dien Wang, Ph.D.+852 2123 2622dien.wang@bernsteinsg.com Key events(Exhibit 1). On April 19, China hosted its second-ever humanoid robot half-marathon (21 km), serving as an extreme stress test for the robots. Notably, humanoidrobots from Honor, the leading Chinese smartphone maker, not only surpassed the humanhalf-marathon record with a time of 50:26 (vs. the human record of 57:20) but also took thetop three places in the race. More detailed comments can be found here. Among Westernplayers, Tesla has delayed the launch of Optimus Gen 3 to mid-2026, preferring to unveilcloser to production to mitigate replication risk from its competitors. On the productionfront, Figure AI is ramping up humanoid robot output from one per day to one per hour, and1X Technologies has also started production. Jay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.com Weibin Liang, Ph.D.+852 2123 2666weibin.liang@bernsteinsg.com Market Sentiment(Exhibit 2 to Exhibit 4). Sentiment toward humanoid robots remainedweak in April, as Tesla did not unveil Optimus Gen 3 in 1Q26 and pushed the timelineto mid-2026. However, we believe the launch is only a matter of timing, and a strongdemonstration of the new model would act as a clear positive catalyst for the sector. Monthly data(Exhibit 5 to Exhibit 18) that underpins the fundamentals of the companieswithin our coverage. •Shuanghuan: China xEV wholesales volume +1% YoY in Mar (-6% YoY in Jan&Feb);China robotic vacuum sales volume -26% YoY in Mar (-12% YoY in Jan&Feb); Chinaindustrial robot production volume +24% YoY in Mar (+31% YoY in Jan&Feb); Ourcomments on Shuanghuan’s 1Q earnings: here: •Hesai: Shipment volume of Hesai’s long-range ADAS LiDAR +224% YoY in Mar(+206% YoY in Jan&Feb); Hesai’s market share further expanded to 55% in Mar (49% inJan&Feb). •Tuopu: China xEV wholesales volume +1% YoY in Mar (-6% YoY in Jan&Feb); Shipmentvolume of Tuopu’s air suspension +213% YoY in Mar (+162% YoY in Jan&Feb); Rawmaterial prices remained high in April, with aluminum +24% YoYs; Our comments toTuopu’s 1Q earnings: here. •Sanhua: China xEV wholesales volume +1% YoY in Mar (-6% YoY in Jan&Feb); Chinadomestic sales and export volume of air conditioners -2% YoY in Mar (-3% YoY inJan&Feb) and the volume was expected to -7% YoY in 2Q26 (based on production plan);Raw material prices remained high in April, with copper +29% YoY and aluminum +24%YoY; Our comments to Sanhua’s 1Q earnings: here. •Leader Drive: China industrial robot production volume +24% YoY in Mar (+31% YoY inJan&Feb); Our comments on Leader Drive’s 1Q earnings: here. INVESTMENT IMPLICATIONS We rate Hesai, Tuopu, and Shuanghuan Outperform; Sanhua Market-Perform; and Leader Drive Underperform. DETAILS EXHIBIT 2:Tuopu: Valuation premium attributed to Tesla & humanoid robots EXHIBIT 3:Sanhua: Valuation premium attributed to Tesla & humanoid robots EXHIBIT 5:Production volume of industrial robots in China EXHIBIT 11:Tuopu’s air suspension volume and market share INVESTMENT IMPLICATIONS We rate Shuanghuan, Hesai and Tuopu Outperform, Sanhua Market-Perform and Leader Drive Underperform. BERNSTEIN TICKER TABLE 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,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. 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 respectiveaffiliates. VALUATION METHODOLOGY Hesai Group We use DCF as the primary valuation method. We set target prices at USD 32.0 and HKD 249.0 for its ADR and H-Share,respectively, based on WACC of 8.3% 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 priceimplies a 36x forward PE at end-2026. Leader Harmonious Drive Systems Co., Ltd. We use DCF as the primary valuation method. We set target pri