J.P. Morgan: Humanoid & Industrial Robots — Robotics in Transition: IPO Pipeline, Margin Surprises, and Global Race for Scale
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Key Views
Unitree's planned STAR Market IPO (raising approximately RMB 4.2 billion) stands as a sector milestone. Its prospectus reveals 2025 humanoid deliveries exceeding 5,500 units, with full-year revenue of RMB 1.7 billion and a recurring net profit margin of roughly 35%—far surpassing market expectations and validating the viability of scaled humanoid profitability. Its latest humanoid is priced at only USD 4,900, significantly below Western peers.
UBTech declined approximately 26% over the past month despite its differentiated positioning across data centers, logistics, and advanced manufacturing, alongside a Siemens partnership targeting annual capacity of 10,000 units by 2026. Xpeng confirmed its next-generation Iron humanoid will enter mass production by end-2026, targeting monthly output exceeding 1,000 units.
China's industrial robot production grew 31% year-on-year in the first two months of 2026, with order momentum expected to accelerate notably from Q2.
Recommended Securities
Overweight-rated names include Leader Drive (688017 CH, target price RMB 188), Sanhua Intelligent Controls-A (002050 CH, RMB 60), Sanhua-H (2050 HK, HKD 30), Minth Group (425 HK, HKD 36), Hengli Hydraulic (601100 CH, RMB 95), UBTech (9880 HK, HKD 94), Hyundai Motor (005380 KS, KRW 310,000), and Xpeng (XPEV US, USD 19).