CITIC Securities: Domestic robot manufacturers are expected to be revalued; it is recommended to pay attention to related domestic supply chains.

China CITIC Construction Investment stated that Tesla Optimus V3 is expected to begin mass production in Q3, and that the product plan will be released once it is close to mass production. Tesla Optimus V3 is expected to be close to mass production and be disclosed again around mid-year; mass production at the Fremont factory is expected to officially start between late July and early August. The Texas super factory is building a second Gigapillar factory, which is expected to come online around next summer. The Optimus project continues to advance, and the industry is currently in a critical validation period as it moves toward mass production and volume ramp-up.

At the 2026 Robot Half Marathon, the robot’s overall motion performance and finishing results will improve significantly. At the same time, the proportion of autonomous navigation teams will increase noticeably, reflecting that the robot has successfully run through the embodied intelligence “sensing–decision–control” closed loop. This will help the robot adapt to more application scenarios in the future and accelerate deployment. Currently, Optimus V3 is still being continuously preheated; subsequent product launches and progress toward mass production are worth close attention. IPOs for domestic robot companies such as Unitree Robotics continue to move forward; their core product value per unit is high and they are close to end customers, giving them a prominent position across the industrial chain and strong brand appeal. Domestic OEM/“core body” manufacturers may see a reassessment of valuations. Investors are advised to pay attention to relevant domestic supply chains. (First Financial)