Huatai Securities: Robot sector shifts from theme to mass production pricing
Huatai Securities research indicates that while the intelligent driving and robotics sectors experienced an oversold rebound last week, they still saw declines of 12.61% and 10.91% respectively in July. The firm believes recent gains are primarily driven by valuation repair and fund rotation.
Within the robotics sector, Huatai Securities observes a transition from theme-based pricing to pricing based on mass production and demand validation. They recommend focusing on two main trends: the domestic supply chain, catalyzed by the upcoming listing of Unitree, and the Tesla supply chain, which should be tracked through the production and demonstration results of Optimus. The research suggests that mass production is approaching, but market expectations are currently low.
In the intelligent driving domain, the right-hand drive Robotaxi market has recently seen breakthroughs. Policy support is accelerating in both China and the US, with NHTSA expediting Robotaxi commercialization and China preparing to implement mandatory national standards. Geely, BYD, and Chery are the first three companies to pass system certification. Stocks in the L2 intelligent driving segment have experienced significant declines and are expected to rebound as industry expectations improve.
The shift in the robotics sector from theme-based pricing to mass production and demand validation suggests a maturing market. Investors are likely moving beyond speculative interest towards tangible production capabilities and proven market demand. For intelligent driving, the parallel policy acceleration in the US and China, coupled with specific company certifications, signals a growing industry consensus and potential for commercial viability. The market's current low expectations for mass production, despite its proximity, present a potential disconnect that could lead to significant valuation adjustments if production targets are met. This transition highlights the critical need for companies to demonstrate scalable manufacturing and robust demand to sustain investor confidence in the coming years.
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