1、Taiwan Equity|Technology Sector In-depth See last page for disclaimer.1 Fubon ResearchFubon Research February 24,2025 Overweight Source:nVidia Figure 1:Overview of robot stocksFigure 1:Overview of robot stocks CompanyCompany TickerTicker RatingRating Hiwin 2049 TT Buy Delta 2308 TT Buy Hota 1536 TT

2、Buy Largan 3008 TT Buy THEIL 6271 TT Neutral Advantech 2395TT Buy Source:Fubon Research Weiting Yang(886-2)2781-5995 ext.37015 Anny Hsu(886-2)2781-5995 ext.37111 Phoebe Wang(886-2)2781-5995 ext.37165 Sean Hao(886-2)2781-5995 ext.371102 Titan Chung(886-2)2781-5995 ext.37113 Ricky Chang(886-2)2781-599

3、5 ext.37025 Advance of robots in full steam DeepSeek accelerates humanoid robot penetration rate P Positive outlook asositive outlook as arrival of arrival of robot era robot era across the board across the board shaping shaping supply chain supply chain ecosystemecosystem Humanoid robot penetration

4、 rate taking off as DeepSeek accelerates edge inference deployment US and China two superpowers in humanoid robot;Taiwans OEMs have stronger correlation with European,US supply chains Given mature technology of Taiwans OEMs in electric machinery,transmission components,and CIS,we are positive on Hiw

5、in(2049 TT),Delta(2308 TT),Advantech(2395 TT),Hota(1536 TT)in robot market DeepSeekDeepSeek accelerates humanoid robot penetration rateaccelerates humanoid robot penetration rate According to Precedence Research,the humanoid robot market value is expected to reach US$7.8bn in 2034,with a 17.3%CAGR f

6、rom 2024 to 2034.Judging from the development progress,humanoid robot will initially be adopted in smart manufacturing and warehousing logistics before expanding to specific industries or professional applications such as health/medical care and defense,and ultimately widely applied to the consumer