Robotics – from factory floor to humanoid frontier Physical AI momentum: Shipment upgrades, sector re-rating, and leadership consolidation; raising PTs for Leader and Estun

研报英文原文证据摘录

Robotics – from factory floor to humanoid frontier Physical AI momentum: Shipment upgrades, sector re-rating, and leadership consolidation; raising PTs for Leader and Estun

J P M O R G A N Asia Pacific Equity Research

25 June 2026

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Robotics – from factory floor to

humanoid frontier

Physical AI momentum: Shipment upgrades, sector re-

rating, and leadership consolidation; raising PTs for

Leader and Estun

The robotics and factory automation (FA) sectors are entering a multi-layered Infrastructure, Industrials &

inflection point, with China’s advances in humanoid and industrial robot Transport

technology reshaping global competitive dynamics and investor expectations. Karen Li, CFA AC

YTD, shipment growth and commercialization have outpaced consensus, (852) 2800-8589

prompting us to raise both shipment forecasts and price targets across our coverage. karen.yy.li@jpmorgan.com

Estun Automation and Leader Drive have delivered strong share price Sunny Su

performance, but our conviction extends to Hengli Hydraulic and Sanhua (852) 2800 8551

Intelligent, with UBTech also positioned as a high-potential laggard in the robotics sunny.su@jpmorgan.com

space. In the broader FA sector, we maintain Overweight ratings on Inovance and Jenny Qiu, CFA

(852) 2800 8503

Yiheda, reflecting our confidence in their ability to capture the upcycle. Structural jenny.qiu@jpmorgan.com

tailwinds from policy support, supply chain integration, and capital allocation

Mufan Shi