Zheshang Heavy Manufacturing [Shanghai Yanpu] Limit Up Intraday, Third-Party Seat Leader, Expanding into Complete Seats and Robotics, Driving Above-Expectation Growth

English summary

Medium-term perspective: expected to maintain third-party leader position in seat frames, business extension expands track. We predict the company's complete seat business can fully cover Tier2 business decline risk, will become a new profit growth engine, 0-N inflection point approaching; robot business mass production expected to open a new track. Complete seat business: 0-N inflection approaching, expected to become a new growth driver. (1) Asian complete seat market revenue good, estimated industry leader Adient Asia net margin as high as 9%; (2) China competition structure relatively fragmented, international four major third-party leaders and Yanfeng CR5 is 59%; (3) company has gathered expert team, expected to build complete seat project into a high-profit benchmark project. Robot business: R&D testing progressing smoothly, expected to move to embodied intelligence new track. (1) October 2025 invested to establish a subsidiary, mainly engaged in production of embodied intelligence robot complete machines and R&D manufacturing of core components; (2) joint module R&D for humanoid robot core components, robot body testing completed; (3) robot dog small batch testing completed, expected to achieve small batch production in July. ...