Core ideas

The company released DH series dexterous hand solutions, including various models with 11, 20, and 24 degrees of freedom. The first “popular” dexterous hand will be tested starting in 2025Q2. The scope of application of dexterous hands is not limited to humanoid robots; the long-term market size exceeds 100 billion dollars. Compared with existing industrial control products, dexterous hands are based on continuing to make full use of the company's operation control advantages. From parts to components, the product has high added value, high unit price, closer to the terminal, and less dependent on channels; various physical intelligence devices can be installed, and the market space is wider. Furthermore, the company's “joint module+dexterous hand+cerebellum” model in the field of humanoid robots is expected to further open up room for growth as an upgraded industrial version of the “stepper+servo+PLC” model.

Company dynamic information

DH series dexterous hand released, with superior performance and remarkable competitive advantage

The first “popular” dexterous hand, is aimed at high-volume, low-cost application scenarios such as industrial automation. Trial production and trial sales will be carried out starting in 2025Q2, and a series of new products will continue to be launched in the future. On March 13, 2025, Raysai Smart officially released the DH series (Dex Hand) dexterous hand. The first model will be tested starting in 2025Q2. This type of product has 11 degrees of freedom and 6 tactile sensors as standard. The maximum load can reach the world's leading 40 kg, and its own weight is only 490 grams. It is particularly suitable for high-volume, low-cost application scenarios such as industrial automation and commercial automation. We believe that compared to existing industrial control products, dexterous hands are based on continuing to make full use of the company's operational control advantages. From parts to components, the product has high added value, high unit price, closer to the terminal, and less dependent on channels; the market space is wider, and various built-in smart devices can be installed.

The scope of application of dexterous hands is not limited to humanoid robots; the long-term market size exceeds 100 billion dollars. The Dexterous Hand is a highly flexible end actuator. It only counts the field of humanoid robots. When the total production of humanoid robots reaches 5 million units, the Dexterous Hand market will reach 108.73 billion yuan. In addition, dexterous hands can also be installed on industrial robots, collaborative robots, and other physical agents. The number of installations is considerable, and each embodied agent may be installed more than one, with a wide range of application scenarios, further opening up market space.

From “stepper+servo+PLC” to “joint module+dexterous hand+cerebellum”, the company deeply lays out humanoid robots

Raysai Intelligence started with stepper drivers and gradually expanded products such as servos and PLCs. In 2024, the market share of AC servo products increased to 3.8%, with domestic market share second, and the development trend is improving. Based on a solid foundation in the main business, the company currently has three major layouts in the field of robotics:

(1) Frameless torque motors and joint modules: Shanghai Leisai Robotics Technology Co., Ltd. was established in February 2024, focusing on R&D and production of high-density frameless torque motors, etc.; (2) Hollow cup motors and dexterous hands: In December 2024, the company established a wholly-owned subsidiary Shenzhen Dexterity to focus on the R&D of hollow cup motors, etc., and also released Dexterous Hand R&D subjects for this time. (3) Motion control: Based on the company's own accumulation and experience in the field of motion control technology and related products such as PCbased control cards over the years, it has initiated research and development of a general robot motion control system (commonly known as the “cerebellum”).

We believe that the company's “joint module+dexterous hand+cerebellum” model in the field of humanoid robots, as an upgraded industrial version of the “stepper+servo+PLC” model, is expected to empower the ToC field and the “pan-humanoid” robot market with more market space, replace manual human labor on a larger scale, and further open up room for growth.

Profit prediction and investment advice

The company is expected to achieve net profit of 0.215, 0.278, and 0.355 billion yuan respectively in 2024-2026, with year-on-year increases of 54.85%, 29.48%, and 27.62%, respectively. Corresponding PE is 71x, 55x, and 43x, respectively. Considering the company's leading position in the industry and the broad layout of the humanoid robot field, it will continue to be given a “buy” rating.

Risk Alerts

(1) Risk of R&D progress falling short of expectations; (2) risk of supply chain fluctuations; (3) risk of increased market competition; (4) human resources risk.