A research report from GTHT Securities states that a live demonstration by Ziyuan Robot has validated the feasibility of large-scale implementation of humanoid robots in the 3C precision manufacturing sector. Ziyuan holds significant advantages in the humanoid robot field, with scenario deployment accelerating. The report suggests focusing on investment opportunities within the related industry chain and the growth potential driven by technological iteration. Regarding the Ziyuan Robot industry chain, the institution recommends paying close attention to whole-unit robot manufacturers and suppliers of core robot components.
The main viewpoints of GTHT Securities are as follows:
On April 14, 2026, Ziyuan Robot conducted an 8-hour live stream of real production line operations at Longqi Technology's Nanchang tablet manufacturing plant. The Elf G2 model performed as a "formal employee" on the high-speed assembly line, completing precise loading and unloading tasks and engaging in full-process human-robot collaboration. The test recorded zero major anomalies over 8 hours of continuous operation, with an overall success rate exceeding 99.5%. The time per single process was only 18-20 seconds, enabling the completion of 310 products per hour.
The Elf G2 demonstrates significant advantages in generalization capability, deployment speed, and flexibility. Scenario calibration can be completed in as little as 15 minutes, while production line changeover and retraining takes no more than 4 hours, achieving a equipment reuse rate of 95%. It can adapt to multiple product models without the need for custom tooling, addressing pain points in the 3C industry such as "inflexible production lines and long changeover cycles." Leveraging a full-stack AI technology foundation, including simulation platforms, reinforcement learning, and edge computing, the robot achieves adaptive precision operations and millimeter-level compliant control.
Currently, multiple G2 units are operating stably on production lines. Deployment is expected to scale up to 100 units by the third quarter of 2026, with accelerated replication into scenarios such as automotive, semiconductor, and energy sectors. This progression is driving the transition of humanoid robots from laboratory concepts to industrial productivity.
The report posits that embodied intelligence is the key driver for the industrial implementation of humanoid robots. Leading enterprises with end-to-end large model capabilities are expected to capture orders first, owing to advantages in rapid deployment, high generalization ability, and low maintenance costs. The period from 2026 to 2027 is identified as a critical window for order validation and performance realization of embodied intelligence. Humanoid robots are also anticipated to evolve from being "automation tools" into genuine embodied intelligent production agents.
Ziyuan's collaboration with clients is advancing humanoid robots from laboratory demonstrations to industrial-scale, routine deployment. This effectively addresses the challenges of flexible manufacturing in the 3C industry and validates the practical feasibility of embodied intelligence in real-world industrial settings.
Risk warnings include: 1) Potential long-term operational stability of humanoid robots falling short of expectations; 2) Possible delays in technological iteration or scenario expansion; 3) Increased industry competition leading to profit margin pressures.
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