Sanhua Intelligent Controls (002050.SZ): Downgrade Sanhua A to Neutral on recent outperformance; expectations for humanoid robots are too high, too soon

We downgrade Sanhua A from Buy to Neutral post recent outperformance and maintain Sanhua H at Buy. Sanhua-A/H have rallied +51%/+31% since Tesla's Masterplan IV was revealed on Sep 2, 2025, reflecting the market's optimism regarding the long-term humanoid robot actuator revenue opportunity despite the further postponed Optimus Gen 3 launch/volume production schedule revealed at the Tesla 3Q25 earnings call on Oct 22. At the current price, Sanhua A valuation implies 0.9mn-2.0mn units of Tesla Optimus (assuming 30-70% actuator assembly market share), which appears unlikely to be realized in the next 12 months vs. Tesla's target of 1mn unit shipments by 2030E;