How much demand could a ramp-up in robot production generate?

  • Force sensors help robots perceive external forces. Tesla’s Optimus, for example, carries more than 30 force sensors across its body, including 4 six-axis force sensors in its wrists and ankles.
  • Based on annual humanoid robot shipments of 1 million units and force sensors worth 9600–16000 yuan per robot, Huayuan Securities estimates the market at 9.6 billion–16 billion yuan. That market size depends on complete robot shipments and the value per robot; conversion into orders for Ampire also depends on the share the company wins.

How far have Ampire’s products progressed?

  • The company is pursuing both metal strain-gauge and MEMS silicon strain-gauge combined with glass micro-fusion technologies. Its six-axis force, torque, and tension and compression sensors have all reached volume delivery.
  • There is technology overlap between the automotive and robotics businesses: the company’s automated production line for EMB brake force sensors is capable of mass production, and it has secured designated supplier status from several leading automotive customers. Following the completion of its private placement in August 2026, the company increased investment in both capacity and R&D; its second-tier subsidiary in Thailand began operations in April, and a second-tier subsidiary has also been established in the United States.

How do new automotive products fit into the earnings recovery?

  • Automotive pressure sensors form the foundation of the existing business. In the first half of 2026, the company’s MEMS pressure sensor revenue was 53.8981 million yuan, up 120.45% year on year, and its products have entered the supply chains of Stellantis, SAIC Maxus and others.
  • Glass micro-fused pressure sensors entered mass-production delivery in April 2026, covering automotive applications such as fuel rails, suspension and braking, and secured customer designations. Guotai Haitong is optimistic about a medium-term earnings recovery from the scaling up of new pressure sensors and expansion of force sensor orders, but utilization of capacity funded by the offering still depends on downstream demand.
  • Earnings forecasts show that the recovery will not follow a straight upward path: Guotai Haitong expects net profit attributable to shareholders of 23 million yuan in 2026, down 74.1% year on year, before rising to 67 million yuan and 136 million yuan in 2027 and 2028, respectively. Based on the current share price and the latest diluted share count, the corresponding price-to-earnings ratios are approximately 405, 142 and 70 times.