Huayuan Securities: Humanoid robots continue to increase the attention of OEMs
The Zhitong Finance App learned that Huayuan Securities released a research report saying that the overall correction in the 2026H1 humanoid robot sector still mainly revolved around Tesla's mass production and domestic OEM capitalization progress fluctuations; the total operating income of core industry chain companies increased 13.79% year on year, and net profit to mother increased 1.52% year on year, and performance was still mainly driven by traditional main businesses. Sector sentiment has declined, space for configuration has opened up, and OEM attention continues to increase; 2026H1 global humanoid robot shipments have exceeded 22,000 units, an increase of nearly 300%. The bank believes that the humanoid robot industry may gradually move from small-batch verification to a new stage of “1-10,” and suggests focusing on targets related to upstream components and OEMs.
The main views of Huayuan Securities are as follows:
Market review: The overall correction in the 2026H1 sector revolves around Tesla's mass production and domestic OEM capitalization fluctuations
The bank selected 176 target construction samples for humanoid robots. The 2026H1 humanoid robot core industry chain index fell 5.98%, weaker than the Shanghai and Shenzhen 300 Index (+5.55%) and the mechanical equipment index (+21.73%). The first half of the year still mainly revolved around Tesla Optimus mass production expectations and fluctuations in the capitalization progress of domestic OEMs. The robot core industry chain index rose slightly due to the suspension of the V3 design in January, the T-chain fixed-point catalysis, and the robot core industry chain index rose. Catalyzed by the acceptance of Yushu Technology's IPO at the end of March and Optimus mass production expectations at the end of April, the robot core industry chain index rose.
Financial report analysis: The core industry chain is concentrated in the machinery/automobile industry, and overall revenue continues to grow and the profitability of the machinery industry improves
The core industry chain for humanoid robots is mainly concentrated in the machinery and equipment industry, accounting for 45%/29%, respectively; the total revenue of 2026H1 core industry chain companies increased 13.79% year on year, and net profit to mother increased 1.52% year on year. The bank believes that current performance is still mainly driven by traditional main industries. By industry, revenue from electrical equipment/electronics/mechanical equipment increased by 23%/20%/17%, respectively; net profit from mechanical equipment to mother also increased by 21%, and profitability increased significantly.
Position analysis: sector sentiment has declined, allocation space has opened up, and OEM attention continues to increase
The 2026H1 core industry chain turnover accounted for 4.12% of the Shanghai and Shenzhen markets, down 2.48/1.46pct year over month, respectively; as of 2026Q2, the market value of core pool active fund holdings fell to 1.09% of the market value of fund stock investment, down 1.19 pct from 2.28% of the 2025Q3 high since 2025, which is an overall low of nearly six quarters. In terms of configuration structure, the top ten heavy positions are mainly based on core component targets. Among them, most of them are overseas chains. In terms of position changes, 2026Q2 institutions are biased towards those with high levels of main business support, ranking changes or related to business layout progress. Hengli Hydraulic, Yinlun, Zhenyu Technology, and Huichuan Technology ranked higher; Tuopu Group, Lansi Technology returned to the top ten; Xingyu Co., Ltd., Fulin Seiko entered the top ten. The willingness of OEMs to allocate has gradually increased, Shangwei New Materials and Wolan Robots have increased their share of holdings, Fenglong Co., Ltd. and Shengtong Energy have returned to institutional configuration, and OEMs' optional targets have spread from single to multiple.
Parts: Batch delivery in all areas, revenue growth is accelerating, and capacity construction has entered the competitive stage
2026H1, the robot business of some enterprises achieved batch delivery, and the related revenue volume exceeded 200 million yuan, and the year-on-year growth rate was several times higher. Changying Precision's hardware revenue, Buke's robotics industry revenue, and revenue from green harmonic harmonic reducers and metal components reached 2.43/2.43/288 billion yuan respectively; revenue related to Changying Precision, Obi Zhongguang, Tuopu Group, Buke Co., Ltd., and Mingzhi Electric's related business revenue was +537%/+100%/+83%/+63%/+58%, respectively. The revenue related to the Lunar New Year in Zhejiang Rongtai and Wuzhou has exceeded the full year of 2025. Production capacity implementation at home and abroad, projects under construction, and additional plans continue to advance. Tuopu Group's new base is ready to be put into operation, Changying Precision's new base has been put into use, and the construction of screw projects such as Beite Technology and Wuzhou Xinchun has accelerated.
OEMs: Shipments and revenues have increased dramatically, and the number of humanoid robot entrants and industrial and commercial applications continues to increase
Global shipments of 2026H1 humanoid robots have exceeded 22,000 units, an increase of nearly 300%, and the concentration of leading manufacturers has further increased. Currently, entertainment and commercial performance, science and education data collection are still the main downstream applications, but the proportion of actual operation scenarios such as intelligent manufacturing and warehousing and logistics continues to increase. OEM personnel and physical intelligence revenue began to be realized at an accelerated pace, participants and product forms continued to expand, and applications extended from science and education displays to scenarios such as households, warehousing and logistics, industrial manufacturing, and high-risk special operations. As the world model and VLA iteration and early pilot projects gradually shift to batch deployment, the bank believes that the service industry and industrial scenarios are expected to become the core driving force for the next stage of growth in demand for humanoid robots.