亚洲新兴机器人：气压计（2026年5月/6月）

Asia Emerging Robotics: The Barometer (May/june 2026) importantdatapoints inMay&June2026.Readerscandownloadthecompletebarometerdatasethere:Asia Emerging Robotics Barometer. +85221232622dien.wang@bernsteinsg.com thereal-worldadoptionofhumanoidrobots.Keyinitiativesincludedthelaunchofthe2O26HumanoidRobotReal-SceneTrainingProgrambyMllTandSASAC,alongwithnewcases and home-appliance manufacturing.Meanwhile, AgiBot's humanoid robots achieveda 99.99% success rate in quality inspection and material-handling tasks during a six-daylivestreamed factorydemonstration.In contrast,the U.S.focused onbothsafeguardingnational securitythroughproposed restrictions on Chineserobots (here)and advancingdomestic robotics leadership through bipartisan legislative initiatives (here).AmongWestern humanoid players, Agility Robotics planned to gopublic via SPAC,potentiallybecoming the first US-listed pure-play humanoid company (here). +85221232631jay.huang@bernsteinsg.com +85221232666weibin.liang@bernsteinsg.com Market Sentiment.Sentimenttoward humanoid robots softened in June (Exhibit 2 toExhibit 4),due to a lack of meaningful catalysts within the month. We see two potentialnear-term catalysts:1)Boston Dynamicsexpected public showcase at the 2026FIFAWorld Cup (June 11-July 19); and 2)the unveiling of Tesla's Optimus Gen3 in July/August. Monthly data (Exhibit 5 to Exhibit 18)that underpins the fundamentals of the companieswithin our coverage. :Shuanghuan:China xEVwholesales volume+13%YoY in May (+9% YoY in Apr); Chinarobotic vacuum sales volume +0.3% YoY in May (-26% YoY in Apr); China industrial robotproduction volume +28% YoY in May (+15% YoY in Apr); Hesai: Shipment volume of Hesai's long-range ADAS LiDAR+66% YoY in May (+177%YoY in Apr); Hesai's market share was 45% in May (50% in Apr). :Tuopu: China xEV wholesales volume +13%YoY in May (+9% YoY in Apr); Shipmentvolume of Tuopu's air suspension +39% YoY in May (+114% YoY in Apr); Aluminum price+17% YoY in Jun (+21% YoY in May); Sanhua: China xEV wholesales volume +13% YoY in May (+9% YoY in Apr); Chinadomestic sales and export volume of air conditioners was -11% YoY in May (-9% YoY inApr)andthevolumewas expectedto-14%YoYin2Q26and-11%YoYin3Q26 (basedon production plan); Copper price+33% YoY in Jun (+33% YoY in May); Aluminum price+17% YoY in Jun (+21% YoY in May); Leader Drive: China industrial robot production volume +28% YoY in May (+15% YoY inApr); China robotic reducer production volume +45% YoY in May (+38% YoY in Apr) EXHIBIT3:Sanhua:Valuationpremiumattributed toTesla humanoid robots Sanhua'svaluationpremiumvs.EventsofTeslahumanoid robot EXHIBIT 5:Production volume of industrial robots in China EXHIBIT 9:Long-range ADAS LiDAR in China:Increasing penetration and volume share breakdown China: Long-rangeADAS LiDAR shipmentvolumeand penetration rate EXHIBIT11:Tuopu'sair suspensionvolume and market share INVESTMENTIMPLICATIONSWerateShuanghuan, Hesai and TuopuOutperform, Sanhua Market-Performand Leader Drive Underperform. References to"Bernstein" or theFirm" 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 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordAfrica Technologies &Services to produce Bernstein research under a Global Services Agreement inplace between BernsteinandSocieteGenerale. otherwise, for purposes of these disclosures,references to Bernstein's“affiliates"relate to both SG and AB and their respectiveaffiliates. We use DCF as the primary valuation method. We set target prices at USD 30.0 and HKD 238.0 for its ADR and H-Share,respectively,based on WACC of8.3% andterminal growth rateof3.0%,respectively.They reflect ourlong termforecastof thecompany's existing core business and rising contribution from robotics.We use PEmethod as a reference, with our target priceimplies a 39xforward PEat end-2026. Leader Harmonious Drive Systems Co., Ltd. We use DCF as the primary valuation method.We set target prices at CNY 115.0based on WACC of 8.3% and terminal growthrate of 3.0%, whichreflects ourlongtermforecast of the company's existing corebusiness and rising contributionfrom robotics. Ningbo Tuopu Group Co., Ltd. We useDCFas theprimary valuationmethod.We settarget prices at CNY75.0based onWACC of 8.0% andterminal growth rateof 3.0%, which reflects our long term forecast of the company's existing core business and rising contribution from robotics. Weuse PEmethod as a reference, with our target price implies a 32xforwardPE at end-2026. ZhejiangSanhuaIntelligentControls Co.,Ltd. respectively, based on WACC of 8.2% and terminal growth rate of 3.0%. They reflect our long term forecast of the company'sexisting corebusiness and rising contribution fromrobotics.WeusePEmethod as a reference,withourtargetprice impliesa 35xforward PE at end-2026