Research Report Insights | Huayuan Securities: Maintain "Buy" rating for Changying Precision; humanoid robot business has significant growth potential

Huayuan Securities Research Report points out that Changying Precision focuses on two main businesses: consumer electronics and new energy component manufacturing. At the same time, it actively promotes new businesses such as robotics and intelligent equipment, forming a development pattern with dual pillars of consumer electronics and new energy plus artificial intelligence. The company has been involved in the robotics field for many years, has entered the supply chains of leading North American humanoid robot companies like FigureAI, and received mass production orders from several domestic humanoid robot brands in the first half of 2025, giving it a competitive advantage. From January to August 2025, the total value of humanoid robot structural parts delivered by the company exceeded 80 million yuan, with over 400 related product part numbers. As downstream major clients advance their mass production plans, the humanoid robot business is expected to become the company’s third growth driver. In consumer electronics, the company is expanding into major client categories horizontally, and new products like AI glasses may bring incremental growth. Comparable companies include Goertek and Lens Technology. Given the company’s deep accumulation in consumer electronics, coverage of top global clients, stable capacity release in the new energy sector, and significant growth potential in the humanoid robot business, a “Buy” rating is maintained.