华研机器人：领先的组件技术赋能协作机器人与类人机器人

Initiation of Coverage China Manufacturing A leading cobot and humanoid robotcomponent supplier; Initiate at BuyWe initiate coverage on Huayan Robotics with a Buy recommendation and a Iris Zheng,CFA Research Analyst+852-2203-5884 target price of HKs28.2.Huayan's leading robot component technologiesempowerbothits collaborativerobots(cobots)and humanoidrobotcomponentproducts.Consequently,Huayanis ranked among the top five cobotmanufacturersgloballyand isthemostprofitablerobotmanufacturer listedontheHkK Stock Exchange.Moreover,webelievetheopportunitiesfromhumanoidrobotcomponentsareunder-appreciated bythemarket.Our channel checksindicatethat Huayan supplies components to leading Chinese humanoid robotmanufacturers.Weforecast humanoid robot component revenue to almostdoubletoRMB75mn(12%ofgrouprevenue)in2026EandtoexpandtoRMB400mn (28%)in 2028E. Leading componenttechnologies empower cobots and humanoid robotsAtthecoreofHuayanareitsleadingcomponenttechnologies:Huayan'sframeless torquemotorsachievehightorqueandtorquedensity,upto72Nmand18.7Nm/kg,which the company states is 20% above international peers.Huayan was thefirst to apply dual-joint modules in cobots, enabling optimized precision andpayload.Huayan's servo drives support frequencies of up to 2kHz,allowing forsynchronized multi-axis control with low latency,far exceeding the industryaverageof200-500Hz.TheseadvancementsenableHuayan'scobotstosupportapayloadrangeof3-60kg,which,accordingtoFrost&Sullivan,isthewidestamongthetopfivecobotmanufacturers in China and globally. Humanoidrobotcomponenttoreach~30%ofgrouprevenuein2028EForhumanoid robots,Huayansuppliesframelesstorquemotors,jointmodules, and 7-axis robotic arms.Our channel checks indicate that Huayan suppliescomponents to leading Chinese humanoid robot manufacturers,includingEngineAl,AGIBoT,andGalbot.Thisisattributedtothehighprecisionandpayloadcapabilities Huayan provides, which make these humanoids suitable forindustrialandwarehouseapplications.WeestimateHuayangeneratedRMB4mninrevenue(4%ofgroup)fromhumanoid robot componentsin2025andforecastthistoalmostdoubletoRMB75mn(12%of group)in2026E,RMB200mn(21%of group)in2027E,andRMB400mn(28%ofgroup)in2028E. ManufacturingHuayan Robotics Cobotsaredesignedtosafelyworkalongsidehumanswithouttheneedforphysical barriers. Advantages of cobots over traditional industrial robots include safehuman-robot collaboration,flexibility in handling non-standardized tasks,rapiddeployment, and reduced costs.Artificial intelligence (Al) has further enhancedcobots for perception-driventasks and real-time adaptation.Frost &Sullivanforecaststheglobalcobotmarkettogrowatafast2025E-29ECAGRof37%,reachingRMB35bnby2029E.Frost&SullivanranksHuayanasthefifth-largestcobotmanufacturerbyrevenuebothgloballyand inChina. (primarilyduetoshare-basedpaymentsandlistingexpenses),andanadjustednetprofit of RMB26mn (6.6%adjustedNetProfit Margin).We note that many robotmanufacturerslistedontheHongKongStock Exchangeareloss-making,includingDobot (-10% adjusted NPM in 2025) and UBTECH (-35%).Huayan's profitabilitysurpassesthatofGeekplus (1%),OneRobotics(1%),andEstun(0%). WeforecastHuayan'srevenuetogrowata2025-28ECAGRof55%,reachingclosetoRMB1.5bnby2028E.Thisgrowth is anticipatedtobedriven by (1)a40%CAGRintheCobotsbusinessand(2)an89%CAGRintheCoreMotionComponentsbusiness,fueledbyHuayan'sexpansion intonewendmarketssuchashumanoidrobots and medical equipment.We forecast the adjusted net profit margintoincreasetonearly10%in2028E. Initiate at Buy:TargetpriceHKs28.2Weusethesum-of-the-partsvaluationmethodology,aswebelievethehighgrowth potentialfromhumanoidrobotcomponentsshouldbevaluedseparatelyfromthemore mature cobot business.Ourtarget price of HKs28.2 is comprised of: (1) HK$13.3fromthecobotbusiness,whereweemploya2026EP/Sof12x.ThisrepresentsadiscounttoDobot'smultipleof15x,asDobotmanufactureshumanoidrobots while Huayan does not, though Dobotis notyet profitable while Huayanis.ThiscomparestotheHK-listedrobotpeergroupaverageof12xandtheglobalcobotpeergroupmedianat50x;and(2)HKs14.9fromthehumanoidrobotcomponentbusiness,whereweassume1mnunitsofhumanoidrobotsgloballyby2030E,withHuayancapturinga10%marketshareofframelesstorquemotors and a3%shareforrotaryactuators.We also showcase DcFvaluation forreference purpose insidethe report. Catalystsand risks Catalysts are: 1H26 results in August.Potential inclusion to Stock Connect in earlySeptember,subjecttoHuayanmeetingspecificrequirements.Downsiderisksare(1)intensified competition with pricingpressurefor cobots, (2)slowdevelopmentof the humanoid robot market, and (3)macro headwinds resulting in muteddemand for automation equipment. ManufacturingHuayan Robotics Product portfolio..6 Research anddevelopment.Production..Customers......13Suppliers...Employees...Managementteam....17Companyhistoryandmilestones...20 Global cobot market..22Robot = Traditional industrial robot + Cobot + Service robot + Ot....2 Global robotmarkettogrowata2025E-29ECAGRof15%......22Advantagesandgrowthd