Leader Drive (688017.SS): Shifting Focus to Humanoid Robot from Industrial Robot; Buy

研报英文原文证据摘录

Leader Drive (688017.SS): Shifting Focus to Humanoid Robot from Industrial Robot; Buy

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08 Jul 2026 03:54:31 ET │ 16 pages

Leader Drive (688017.SS)

Shifting Focus to Humanoid Robot from Industrial Robot; Buy

CITI'S TAKE

We believe that Leader Drive (LD) is gradually switching its business focus

from industrial robot to humanoid robot (and cobot), which is evidenced by

the fact that 1) LD formed a humanoid robot joint JV with Minth (425.HK, Buy

covered by Kyle Wu) in the US in Feb-26 and 2) LD established a humanoid Short-Term View: Upside, expires 01-OCT-26

precision components JV with SKF (SKFb.ST, covered by Klas Bergelind) in

Price (08 Jul 26 15:00) Rmb391.000China in Jul-26. For industrial robot, LD targets the “Big Four” and less price

sensitive clients so that it is no longer the largest harmonic reducer supplier Target price Rmb496.000

to Estun (002747.SZ/2715.HK), China’s largest industrial robot maker. We Expected share price return 26.9%

are positive about LD’s strategy shift as the humanoid robot joint is an

Expected dividend yield 0.1%evolving market with less competition and faster growth potentially. We

view today’s share price correction as an enhanced buying opportunity Expected total return 26.9%

ahead of the humanoid robot production ramp of its potential US client. Market Cap Rmb71,682M

US$10,589M

JV with SKF – Our checks show that the JV will mainly manufacture bearings used

on humanoid robots, including crossed roller bearing (ideal for hip or shoulder joint),

flexible bearing (for harmonic reducer’s flexspline), four-point contact ball bearing,

etc. A humanoid robot could use at least 60-70 units of bearings in total, and the

dollar content could vary from 5% to 15% of a humanoid robot’s BOM (Bill of Price Performance