Currently, industrial control companies are still accelerating the layout of the humanoid robot industry from the perspective of core components, and the products continue to iterate and upgrade. China International Capital Corporation continues to be bullish on the future development of industrial control companies in the humanoid robot field.
According to the Zhitong Finance APP, China International Capital Corporation has released a research report stating that the global storage capacity of energy storage has increased compared to the previous period, and overseas electricity prices have become more volatile. Overseas energy storage assets fully benefit from high electricity price differentials, and investment profitability has increased certainty. China's industrial and commercial storage market has seen investment opportunities due to the expansion of peak-valley price differentials, fiscal subsidies, and the construction of photovoltaic and energy storage facilities. The European and American markets have experienced high demand growth due to the increase in the proportion of wind power generation and the fluctuation of electricity prices. The World Robot Expo was held in Beijing from August 21st to August 25th, with more industrial control companies participating compared to previous years, demonstrating industry confidence. Industrial control companies mainly focus on hollow cup motors, frameless torque motors, rotating joints, and other products, with continuous product upgrades.
From August 19th to August 23rd, 2024, the energy storage/new energy vehicle/power grid equipment/industrial control equipment sectors all experienced a decline in prices, with declines of -2.11%/-2.35%/-2.55%/-2.97% respectively.
Energy Storage: The global storage capacity of energy storage has increased compared to the previous period, and overseas electricity prices have become more volatile. This week, a total of approximately 6,850 MW/15,456 MWh of global energy storage projects were added, all of which are electrochemical energy storage. China and the United States added 8,738 MWh and 1,492 MWh respectively, increasing their grid-connected capacity. Looking at the daily hourly electricity prices, the average and maximum peak-valley price differentials in Germany have decreased compared to the previous period; the average and maximum peak-valley price differentials in California, USA have increased compared to the previous period; the average and maximum peak-valley price differentials in Texas have increased compared to the previous period; the average and maximum peak-valley price differentials in the SA region have increased compared to the previous period; the average and maximum peak-valley price differentials in the NSW region have decreased compared to the previous period; the average and maximum peak-valley price differentials in the QLD region have decreased compared to the previous period. China International Capital Corporation is optimistic about the overseas energy storage assets benefiting from high electricity price differentials and the increased certainty of investment profitability. It also continues to be bullish on the diversified development of new energy storage technologies. In the domestic industrial and commercial storage market, there are investment opportunities due to the expansion of peak-valley price differentials, fiscal subsidies, and the construction of photovoltaic and energy storage facilities. In the European and American markets, the fluctuation of electricity prices is intensified due to the increased proportion of wind power generation, stimulating high demand growth. China International Capital Corporation recommends: Contemporary Amperex Technology (300750.SZ), Shenzhen Sinexcel Electric (300693.SZ), Kehua Data Co., Ltd. (002335.SZ).
Industrial Control: Industrial control companies are accelerating the layout of humanoid robots, and Hechuan Technology has launched the YOLO-01 humanoid ontology. From August 21st to August 25th, 2024, the World Robot Expo was held in Beijing, and compared to previous years, more industrial control companies such as Hechuan, Raisai, and Weichuang have started to participate, demonstrating industry confidence. Looking at this year, there are more humanoid robot ontology manufacturers participating, with more than ten humanoid robot ontology manufacturers such as Galaxy General, Kepler, UBTECH, Jingding Power, Yushu, and Zhiyuan exhibiting in Hall B, indicating the steady and continuous development of the industry. Hechuan Technology has launched the humanoid robot ontology YOLO Sky Dragon 01, and industrial control companies mainly still focus on hollow cup motors, frameless torque motors, servo drives, rotating joints, and other products, but continue to upgrade their products. Currently, industrial control companies are still accelerating the layout of the humanoid robot industry from the perspective of core components, and the products continue to iterate and upgrade. China International Capital Corporation continues to be bullish on the future development of industrial control companies in the humanoid robot field.
Valuation and Recommendations
Maintain the profit forecast, rating, and target price of relevant companies unchanged.
Risk
The macroeconomic downturn, fluctuations in raw material prices, policies falling short of expectations, and downstream demand falling short of expectations.