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Investing.com - Bernstein SocGen Group initiated coverage on Leader Harmonious Drive Systems (688017:CH) with an Underperform rating and a price target of RMB100.00 on Wednesday.
The firm identified Leader Drive as a leading Chinese supplier of strain-wave reducers, which are key components widely used in light-payload industrial robots and collaborative robots. These reducers are valued for their high accuracy, zero backlash, compact size, and have a proven track record in practical applications.
Bernstein noted that Leader Drive is positioned to benefit early from the transition to humanoid robots, particularly for arm components, where strain-wave reducers are a natural fit due to their established supply chain and technical characteristics.
The research firm expressed concerns about Leader Drive’s long-term market position, pointing out that since 2022, the company has lost market share in China, particularly among key clients such as Jaka and Dobot, suggesting competitive pressure from rivals.
Bernstein projects Leader Drive’s market share in humanoid robot strain-wave reducers will gradually decline to approximately 25% by 2030 and further decrease to around 12% by 2035 as competition intensifies with more Chinese companies entering the market.
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