SKF (SKFb.ST) Expanding Humanoid Product Scope, Robotics JV with Leader Drive in China

Research evidence excerpt

SKF (SKFb.ST) Expanding Humanoid Product Scope, Robotics JV with Leader Drive in China

Flash |

02 Jul 2026 03:45:18 ET │ 11 pages

SKF (SKFb.ST)

Expanding Humanoid Product Scope, Robotics JV with Leader Drive in

China

CITI’S TAKE Neutral

SKF has announced that it has entered into a Robotics JV with Leader Price (01 Jul 26 17:30) SKr248.80

Drive (covered by Jamie Wang), taking a 60% majority stake in the joint Target price SKr246.00

venture. LD is a key Robotics supplier, specializing in harmonic drives and

Expected share price return -1.1% has a 50-60% potential market share in Industrial Robotics in China (see

here). SKF at recent investor conferences had indicated that it was in the Expected dividend yield 3.1%

middle of clarifying its Robotics strategy and this is a first step to enter the Expected total return 2.0%

actuation space which Schaeffler says represents 50-55% of the bill of Market Cap SKr113,254M

material costs for humanoids (Schaeffler has further/higher content US$11,622M

exposure in heat management, battery and in the hand). SKF is bringing

the precision bearings expertise, scalable manufacturing and global

supply chains while LD brings expertise in harmonic drives. The target

market initially will be China, but with potential to bring the offering to US, Klas BergelindAC

Europe and Japan at a later stage. +44-20-7986-4018

klas.bergelind@citi.com

For reference, in Ross Macdonald’s Schaeffler SOTP (see here), the actuation Siron Ng

business is 20-25% of the EV although worth noting that Schaeffler’s humanoid +44-20-7986-4393

exposure would still be greater and whole owned, but the move by SKF would still see siron.ng@citi.com

the shares potentially correlate a bit more with the Physical AI theme (of which