Humanoids The Tide is Rising Lifting 2026 Forecast

Morgan Stanley increases China humanoid shipment forecasts for 2026 based on faster-than-expected commercial verification and supply chain readiness. They highlight key beneficiaries in the value chain like Leaderdrive.

Key Takeaways

• 1.Raised 2026 China humanoid shipment forecast to 50k units, up from 28k.
• 2.Commercialization is accelerating in China with government and SOE support.
• 3.Leaderdrive is a preferred pick due to market-leading position in harmonic reducers.

Table of Contents

• Humanoids: The Tide is Rising, Lifting 2026 Forecast
• Our Latest Humanoid Volume Forecast
• China Humanoid Market Forecast
• China Humanoid Value Chain
• Leaderdrive (688017.SS), Raising PT to Rmb464; Reiterate OW
• Leaderdrive: Financial Summary
• Valuation Methodology and Risks
• Disclosure Section
• Analyst Certification
• Global Research Conflict Management Policy
• Important Regulatory Disclosures on Subject Companies
• STOCK RATINGS
• Global Stock Ratings Distribution

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