Brief profile:

Umicore $UMICY (-0,54%) is a Belgian technology group specializing in the recycling of precious and special metals, battery materials and catalysts. The company employs over 11,000 people worldwide.

Why exciting in the PV sector:

• Solar modules have a lifespan of 25-30 years. From 2030, the first big wave of old modules will be produced.
• PV modules contain valuable raw materials such as silver, silicon, copper and aluminum.
• Umicore has the technology and experience to recover these metals efficiently - a real competitive advantage over traditional disposal companies.

Market potential:

• According to IRENA, >60 million tons of PV waste could be generated by 2050.
• Recycling is mandatory in the EU (WEEE Directive), manufacturers must take back modules.
• High metal prices further increase the profitability of recycling.

Opportunities:

• PV recycling + battery recycling (e-cars) = megatrends of the coming decades
• Solid core business with precious metal recycling secures ongoing sales
• Support from EU climate policy & circular economy

Risks:

• Profits heavily dependent on metal prices
• PV recycling currently still a topic for the future, hardly any contribution to sales
• Competition in the battery sector, especially from Asia

Conclusion:

Umicore $UMICY (-0,54%) is not a pure PV play, but is strategically well positioned for the coming boom in PV and battery recycling. Anyone who believes in the megatrend of the circular economy and the energy transition should keep an eye on the share.

After my first post on humanoid robots received a lot of positive feedback, I went into more detail. I have subsequently added my favorites in each sector.

Extended analysis of the value chain including shovel manufacturers and potential hidden champions

New categorySecondary key sectors (sales, marketing, financing)

In additionTop 25 companies worldwide, as well as Top 10 Europe and Top 10 Asia

I have also added a video link for beginners. This will give you an idea of how far the development of humanoid robotics has already progressed.

https://www.stern.de/panorama/wissen/humanoider-roboter---wie-reagiert-er-auf-beleidigungen--35996156.html

Thank you for your attention and your support 🙏

🌐 1. value chain of humanoid robots (with hidden champions)

1. research & chip design

$ARM (+0,62%) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (-0,33%) Synopsys (US) - EDA software, chip design

$CDNS (+0,95%) Cadence (US) - EDA & Simulation

$PTC PTC (US) - Engineering Software, CAD/PLM

$DSY (-0,83%) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (-0,33%) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (-0,27%) Adobe (US) - Design, AR/UX

ANSYS (US) - multiphysical simulation - acquisition by Synopsis

Altair (US) - CAE, simulation, digital twin - acquisition by Siemens

$HXGBY (+0,48%)
Hexagon (SE) - Metrology & Simulation

$AWE (-0,69%) Alphawave IP Group (UK) - High-speed chip IP for AI/robotics

1.Synopsis, 2.Siemens and 3.Adobe are my top 3 in this sector

2. manufacturing technology & equipment

$ASML (+0,1%) ASML (NL) - Lithography (EUV)

$AMAT (+1,53%) Applied Materials (US) - Semiconductor equipment

$8035 (+2,84%) Tokyo Electron (JP) - wafer fabrication

$KEYS (+0,05%) Keysight Technologies (US) - Metrology

$6857 (+4,54%) Advantest (JP) - Chip test systems

$TER (+2,75%) Teradyne (US) - test systems + cobots

$6954 (+3,03%) Fanuc (JP) - Industrial robots, CNC

$CAT (+2,03%) Caterpillar (US) - autonomous machines

$KU2G KUKA (DE) - industrial robots

Comau (IT) - automation - not listed on the stock exchange

$ROK Rockwell Automation (US) - industrial automation

$JBL (-2,55%) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (-0,59%) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (-0,05%) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+1,98%)
Lam Research (US) - Etch/deposition systems

$MKSI (+2,3%)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (-0,25%)
ASM International (NL) - Deposition systems

1.ASML, 2.Keysight Technologies, 3.Fanuc are my top 3 in this sector

3. chip manufacturing (foundries)

$TSM (+1,73%) TSMC (TW) - leading foundry

$005930 Samsung Electronics (KR) - foundry + memory

$GFS (+2,68%) GlobalFoundries (US) - specialty chips

$INTC (-0,46%)
Intel Foundry Services (US) - new western foundry player

$981
SMIC (CN) - largest Chinese foundry

$UMC
UMC (TW) - Power/RF/Embedded chips

1.TSMC, 2.Intel, 3.Samsung Electronics are my top 3 in this sector

4. computing & control unit ("brain")

$NVDA (+0,14%) Nvidia (US) - GPUs, AI chips

$INTC (-0,46%) Intel (US) - CPUs, FPGAs

$AMD (-1,3%) AMD (US) - CPUs, GPUs

$MRVL (+0,15%) Marvell (US) - network chips

$MU (+2,99%) Micron (US) - Memory

$DELL (-1,4%) Dell Technologies (US) - Edge & Infrastructure

Graphcore (UK) - AI chips (IPU) - not a listed company

Cerebras (US) - Wafer-scale engine - not a listed company

SiPearl (FR) - European HPC chip - not a listed company

1.Nvidia, 2.Marvell, 3.Micron are my top 3 in this sector

5. sensors ("senses")

$6758 (+2,1%) Sony (JP) - image sensors

$6861 (+1,68%) Keyence (JP) - Industrial sensors

$STM (+0%) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (+2,63%) Cognex (US) - Machine Vision

$HON (-0,29%) Honeywell (US) - sensor technology, security

ANYbotics (CH) - autonomous sensor fusion - not a listed company

$AMBA (+1,14%) Ambarella (US) - video & computer vision SoCs for real-time image recognition

$OUST
Velodyne Lidar (US) - Lidar sensors - acquisition by Ouster

$AMS (+0,99%)
-OSRAM (AT/DE) - optical sensors

1.Teledyne, 2.Keyence, 3.Ouster are my top 3 in this sector

6. actuators & power electronics ("muscles")

$IFX (-0,36%) Infineon (DE) - Power Electronics

$ON (+1,75%) onsemi (US) - Power & Sensors

$TXN (+1,24%) Texas Instruments (US) - Mixed-Signal Chips

$ADI (+1,52%) Analog Devices (US) - Signal Processing

$PH Parker-Hannifin (US) - Hydraulics/Pneumatics

$MP (+4,3%) MP Materials (US) - Magnets

$APH (-0,19%) Amphenol (US) - Connectors

$6481 (+1,29%) THK (JP) - Linear guides & actuators

$6324 (+4,29%)
Harmonic Drive (JP) - Precision gears & servo drives for robotics

$6594 (+0,71%)
Nidec (JP) - Electric motors

$6506 (+9,02%)
Yaskawa (JP) - Drives & Robotics

$SU (-1%)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (+0%)
ElringKlinger (DE) - Battery & fuel cell technology, lightweight construction

1.Parker-Hannifin, 2.MP Materials, 3.Infinion are my top 3 in this sector

7. communication & networking ("nerves")

$QCOM (+0,48%) Qualcomm (US) - mobile communications, edge AI

$ANET (+0,97%) Arista Networks (US) - Networks

$CSCO (-0,03%) Cisco (US) - Networks, Security

$EQIX (+1,08%) Equinix (US) - Data centers

NTT Docomo (JP) - 5G/6G carrier - not a listed company

$VZ Verizon (US) - Telecommunications

$SFTBY SoftBank (JP) - Carrier + Robotics

$ERIC B (+0%)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (+0,57%)
Nokia (FI) - 5G/6G for industry

$HPE (+1,22%)
Juniper Networks (US) - Network technology - acquisition by HP

1.Arista Networks, 2.SoftBank, 3.Cisco are my top 3 in this sector

8. energy supply

$3750 (-0,59%) CATL (CN) - Batteries

$6752 (+6,78%) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (-0,31%) Albemarle (US) - Lithium

$LYC (+5,63%) Lynas (AU) - Rare earths

$UMICY (-0,54%) Umicore (BE) - Recycling

WiTricity (US) - inductive charging - not a listed company

$ABBN (+0,14%) Charging (CH) - charging infrastructure

$SLDP
Solid Power (US) - Solid-state batteries

Northvolt (SE) - European batteries - not a listed company

$PLUG
Plug Power (US) - fuel cells

$KULR (+13,51%)
KULR Technology (US) - Thermal management & battery safety for mobile systems

1.Albemarle, 2.CATL, 3.Panasonic are my top 3 in this sector

9. cloud & infrastructure

$AMZN (+0,09%) Amazon AWS (US) - Cloud, AI

$MSFT (+0,57%) Microsoft Azure (US) - Cloud, AI

$GOOG (-1,39%) Alphabet Google Cloud (US) - Cloud, ML

$VRT
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)

$ORCL (+0,25%)
Oracle Cloud (US) - ERP + Cloud

$IBM (+1,41%)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (+0,53%)
OVHcloud (FR) - European cloud

1.Alphabet, 2.Microsoft, 3.Oracle are my top 3 in this sector

10. software & data platforms

$PLTR (-3,61%) Palantir (US) - Data integration

$DDOG (+2,13%) Datadog (US) - Monitoring

$SNOW (-1,55%) Snowflake (US) - Data Cloud

$ORCL (+0,25%) Oracle (US) - Databases, ERP

$SAP (-0,66%) SAP (DE) - ERP systems

$SPGI S&P Global (US) - financial/market data

ROS2 Foundation - robotics middleware - not listed on the stock exchange

$NVDA (+0,14%) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (-0,77%) Innodata (US) - data annotation & AI training data

$PATH (+2,66%)
UiPath (RO/US) - Robotic process automation

$AI (+2,06%)
C3.ai (US) - AI platform

$ESTC (-0,53%)
(NL/US) - Search & data analysis

1.S&P Global, 2.Palantir, 3.Datadog are my top 3 in this sector

11. end applications / robots

$ABBN (+0,14%) ABB (CH/SE) - Industrial Robots

$6954 (+3,03%) Fanuc (JP) - Industrial robots

$TSLA (-2,36%) Tesla Optimus (US) - humanoid robot

$9618 (-1,04%) JD.com (CN) - logistics robot

$AAPL (+0,09%) Apple (US) - Platform & UX

$700 (+0,33%) Tencent (CN) - Platform & AI

$9988 (-0,28%) Alibaba (CN) - logistics & platform

PAL Robotics (ES) - humanoid robots - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

$TER (+2,75%) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

Engineered Arts (UK) - humanoid robots - not a listed company

$ISRG (+2,46%) Intuitive Surgical (US) - surgical robotics

$GMED (+2,32%)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)

$7012 (-1,29%) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (-0,31%) Coupang (KR) - Logistics end user

$IRBT (+3%)
iRobot (US) - consumer robotics (e.g. Roomba), non-humanoid, but navigation/sensor fusion

Boston Dynamics (US) - humanoid & mobile robots-no listed company

Hanson Robotics (HK) - humanoid robots (Sophia) - not a listed company

Agility Robotics (US) - humanoid robot "Digit" - not a listed company

1.Apple, 2.Tencent, 3.Alibaba are my top 3 in this sector

🛠 2. cross enablers (shovel manufacturers) - with hidden champions

Raw materials & battery materials

Albemarle - Lynas - Umicore

$SQM
SQM (CL) - Lithium

$ILU (+6,47%)
Iluka Resources (AU) - Rare earths

$ARR (-0,21%)
American Rare Earths (US/AU) - New supply chains

my number 1 in the sector is Albemarle

manufacturing technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+1,98%)
Lam Research (US) - Plasma/etching processes

$ASM (-0,25%)
ASM International (NL) - ALD equipment

$MKSI (+2,3%)
MKS Instruments (US) - Plasma/vacuum technology

my number 1 in the sector is ASML

Quality assurance

Keysight - Advantest - Teradyne

$EMR (+1,14%)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+1,19%)
FormFactor (US) - Wafer probing

my number 1 in the sector is Keysight

Motion & Drive

Parker-Hannifin

Festo (DE) - Pneumatics, Soft Robotics - not a listed company

Bosch Rexroth (DE) - Drives, Controls - not a listed company

$6481 (+1,29%)
THK (JP) - Linear guides

my number 1 in the sector is Parker-Hannifin

Sensors/Imaging

$TDY Teledyne

$BSL (-4,98%) Basler (DE) - Industrial cameras

FLIR (US) - Thermal imaging sensors - acquisition by Teledyne

ISRA Vision (DE) - Machine Vision - not a listed company

my number 1 in the sector is Teledyne

Magnets & Materials

MP Materials

$6501 (+5,63%)
Hitachi Metals (JP) - Magnetic materials

VacuumSchmelze (DE) - Magnetic materials - not a listed company

$4063 (+3,38%)
Shin-Etsu Chemical (JP) - Specialty materials

my number 1 in the sector is MP Materials

Chip Design & Simulation

Synopsys - Cadence - ARM

$SIE (-0,33%)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

Imagination Tech (UK) - GPU-IP - not a listed company

$CEVA (+1,67%)
CEVA (IL) - Signal Processor IP

my number 1 in the sector is Synopsys

Engineering & Lifecycle

PTC - Dassault - Siemens

Altair (US) - Simulation - no longer a listed company

$HXGBY (+0,48%)
Hexagon (SE) - Metrology

$SNPS (-0,33%)
ANSYS (US) - Simulation - takeover by Synopsys

my number 1 in the sector is Siemens

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (+1,22%)
Juniper (US) - Networks - Acquisition of HPE

$DTE (-0,36%)
T-Systems (DE) - Industry cloud

$OVH (+0,53%)
OVHcloud (FR) - European cloud

my number 1 in the sector is Arista

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (+0,25%)
Oracle Cloud (US) - ERP & databases

$IBM (+1,41%)
IBM Cloud (US) - Hybrid Cloud

$9988 (-0,28%)
Alibaba Cloud (CN) - Asian Cloud

$VRT
Vertiv Holdings (US) - Cloud/Infra

my number 1 in the sector is Alphabet (Google)

finance/information infra

S&P Global

$MCO (+0,45%)
Moody's (US) - Ratings

$MSCI (-0,77%)
MSCI (US) - Indices

$MORN
Morningstar (US) - Investment Research

my number 1 in the sector is S&P Global

Creative/Experience Infra

Adobe

$ADSK (-0,44%)
Autodesk (US) - CAD & Design

$U
Unity (US) - 3D/AR simulation

Epic Games (US) - Unreal Engine - not a listed company

my number 1 in the sector is Adobe

Platform & Ecosystem

Apple - Tencent - Alibaba

$META (-1,25%)
Meta (US) - AR/VR, Social Robotics

ByteDance (CN) - AI & platforms - not a listed company

$9888 (+0,77%)
Baidu (CN) - AI & Cloud

my number 1 in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (+1,22%)
HPE (US) - Edge Computing

$SMCI
Supermicro (US) - AI servers

$6702 (+5,7%)
Fujitsu (JP) - Edge & HPC

my number 1 in the sector is Dell

storage solutions

Micron

$HY9H
SK Hynix (KR) - Memory

$285A (+12,5%)
Kioxia (JP) - NAND

$WDC
Western Digital (US) - Storage solutions

my number 1 in the sector is Micron

🏛 3. secondary key sectors with hidden champions

Financing & Capital

$GS (+0,44%) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

$MS Morgan Stanley (US) - investment bank; tech banking, capital markets

$BLK (-0,12%) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+3,58%) SoftBank Vision Fund (JP) - mega VC; growth equity in robotics/AI

Sequoia Capital (US) - venture capital; early/growth in AI/robotics - this is a classic venture capital fund

DARPA (US) - government R&D funding (robotics/defense) - independent research and development agency

EU Horizon (EU) - research funding/grants for DeepTech - Innovative Europe pillar

China State Funds (CN) - state industry/technology fund

Lux Capital (US) - VC for DeepTech - Uptake (US) - AI-based predictive maintenance

DCVC (US) - Robotics & AI focus - investing exclusively via VC fund investments

Speedinvest (AT) - EU VC for robotics - access to investment only via fund investments

my number 1 in the sector is Softbank

Maintenance & Service

$SIE (-0,33%) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (+0,14%) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support

$GEHC (+1,09%) GE Healthcare (US) - Medtech service incl. robotic systems

Uptake (US) - AI-based predictive maintenance - not a listed company

Augury (US/IL) - condition monitoring, condition diagnostics - not a listed company

$KU2 KUKA Service (DE) - Robotics maintenance

$6954 (+3,03%) Fanuc Service (JP) - global service network

Boston Dynamics AI Institute (US) - Robotics longevity - funded by Hyundai Motor Group

my number 1 in the sector is Siemens

Marketing & Advertising

$WPP (+1,68%) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (+0,04%) Publicis (FR) - communications/advertising group

$META (-1,25%) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (-1,39%) Google Ads (US) - search & display advertising

TikTok / ByteDance (CN) - social ads & distribution - not a listed company

$AAPL (+0,09%) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (+1,68%)
AKQA (UK/US) - Tech branding - Since 2012 majority owned by the WPP Groupbut continues to operate as an autonomous operating unit

R/GA (US) - Innovation marketing - not a listed company

Serviceplan (DE) - largest independent EU agency - not a listed company

my number 1 in the sector is Meta

Law, Regulation & Ethics

ISO (CH) - international standards, robotics standards

TÜV (DE) - certification & safety tests

UL (US) - safety/conformity testing

EU AI Act (EU) - legal framework for AI & robotics

UNESCO AI Ethics (UN) - global ethics guidelines

Fraunhofer IPA (DE) - Robotics safety standards

ANSI (US) - standards

IEC (CH) - Electrical engineering standards

Training & Talent

MIT (US) - Robotics/AI Research & Education

ETH Zurich (CH) - autonomous systems & robotics

Stanford (US) - AI/Robotics labs & spin-offs

Tsinghua University (CN) - Robotics/AI in Asia

CMU (US) - Robotics Institute

EPFL (CH) - Robotics research

TU Munich (DE) - humanoid robot "Roboy"

🌍 Top 25 companies for humanoid robotics

These companies are central to the development & production of humanoid robotsbecause without them, crucial parts of the chain would be missing:

Chips & computing power (brain of the robots)

$NVDA (+0,14%) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

$2330 TSMC (TW) - world's most important foundry, produces the AI chips

$ASML (+0,1%) ASML (NL) - EUV lithography, indispensable for chip production

$005930 Samsung Electronics (KR) - memory, logic, foundry

$HY9H SK Hynix (KR) - DRAM & NAND memory for AI

$MU (+2,99%) Micron (US) - Memory solutions for AI workloads

my number 1 in the sector is ASML

Sensors & perception (senses of robots)

$SONY Sony (JP) - image sensors, market leader

$6861 (+1,68%) Keyence (JP) - Industrial sensors & vision systems

$CGNX (+2,63%) Cognex (US) - Machine Vision, precise image processing

my number 1 in the sector is Keyence

Actuators & motion (muscles of robots)

$IFX (-0,36%) Infineon (DE) - power electronics, motor control

$6594 (+0,71%) Nidec (JP) - World market leader for electric motors

$PH Parker-Hannifin (US) - hydraulics/pneumatics, motion technology

$6481 (+1,29%) THK (JP) - Linear guides & actuators

my number 1 in the sector is Parker-Hannifin

Communication, cloud & infrastructure (nerves & data flow)

$QCOM (+0,48%) Qualcomm (US) - Mobile & Edge Chips

$AMZN (+0,09%) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (+0,57%) Microsoft Azure (US) - Cloud, AI services

$CSCO (-0,03%) Cisco (US) - Networks & Security

$VRT Vertiv Holdings (US) - Data Center Infrastructure

my number 1 in the sector is Microsoft

End Applications & Platforms (robots themselves)

$TSLA (-2,36%) Tesla (US) - humanoid robot Optimus

$ABBN (+0,14%) ABB (CH/SE) - Robotics & Automation

$6954 (+3,03%) Fanuc (JP) - industrial robots & CNC systems

$7012 (-1,29%) Kawasaki Heavy Industries (JP) - industrial robots

PAL Robotics (ES) - humanoid robots (TALOS, ARI, TIAGo) - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

Universal Robots (DK) - cobots

my number 1 in the sector is Tesla

🇪🇺 Top 10 European key companies for humanoid robotics

$ASML (+0,1%)
ASML (NL)

World market leader in EUV lithography - no modern chips for AI & robotics without ASML.

$IFX (-0,36%) Infineon (DE)

Leading in power electronics & motor control - crucial for actuators of humanoid robots.

$STM (+0%)
STMicroelectronics (FR/IT)

Sensors, microcontrollers & power chips - the basis for control & perception.

$SAP (-0,66%)
SAP (DE)

ERP & data platforms, important for integrating humanoid robots into industrial processes.

$SIE (-0,33%)
Siemens (DE)

Industrial software, automation, digital twin - key for engineering & lifecycle management.

$KU2 KUKA (EN)

Robotics pioneer, industrial robots & automation - know-how for humanoid motion mechanics.

PAL Robotics (ES) - not a listed company

Specialist for humanoid robots (TALOS, ARI, TIAGo), internationally used in research & service.

Neura Robotics (DE) - Not a listed company

Young high-tech company, develops cognitive humanoid robots with advanced AI (4NE-1).

Universal Robots (DK) - Not a listed company

Market leader for cobots - platform for safe human-robot collaboration.

Engineered Arts (UK) - not a listed company

Develops humanoid robots such as Amecaknown for realistic facial expressions & gestures - important for HRI (Human-Robot Interaction)

🌏 Top 10 Asian key companies for humanoid robotics

$2330
TSMC (Taiwan)

World's largest semiconductor foundry, produces high-end chips (e.g. Nvidia, AMD, Apple) - no AI hardware without TSMC.

$005930
Samsung Electronics (South Korea)

Foundry, memory, logic chips, image sensors - extremely broadly positioned in robotics components.

$HY9H
SK Hynix (KR) - Memory

$SONY
Sony (Japan)

Market leader in CMOS image sensors, essential for robotic vision & perception.

$6861 (+1,68%)
Keyence (Japan)

Sensor technology & machine vision for industrial automation, widely used in robotics.

$6954 (+3,03%)
Fanuc (Japan)

Industrial robots & CNC systems, one of the most important manufacturers of robotics hardware worldwide.

$6506 (+9,02%)
Yaskawa Electric (Japan)

Drives, motion control & robot arms - relevant for humanoid motion control.

$6594 (+0,71%)
Nidec (Japan)

World market leader for electric motors (from mini motors to high-performance drives).

$7012 (-1,29%)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (-1,04%)
JD.com (China)

Driver for robotics in e-commerce & logistics, invests in humanoid robotics applications

The hype is all about humanoid robots, but the constant winners are in the background.

I have divided the analysis into two perspectives. 1. the complete value chain of humanoid robots, which shows all the players from the chip to the finished robot, and 2. the blade manufacturers in the background, who always earn money as enablers, regardless of which manufacturer wins the race.

ASML, Applied Materials and Tokyo Electron dominate in manufacturing technology. Quality assurance comes from Keysight, Advantest and Teradyne. Chip design is supported by Synopsys, Cadence and ARM. Data streams are secured by Arista Networks, Cisco and Equinix. The computing basis is created in the cloud by Amazon, Microsoft and Alphabet. Albemarle, Lynas and Umicore play a central role in raw materials and battery materials. These companies monetize their customers' investment waves, have high barriers to entry, service revenues and pricing power, but remain cyclical with risks from export rules, capex cuts and currency movements.

🌐 Value chain of humanoid robots Sector overview

1. research & chip design (IP / EDA)

$ARM (+0,62%)
ARM Holdings (ARM, UK/USA) - CPU architectures

$SNPS (-0,33%)
Synopsys (SNPS, USA) - Chip design software

$CDNS (+0,95%)
Cadence Design Systems (CDNS, USA) - EDA & Simulation

2. manufacturing technology & equipment

$ASML (+0,1%)
ASML (ASML, NL) - EUV lithography, key monopoly

$AMAT (+1,53%)
Applied Materials (AMAT, USA) - Process equipment

$8035 (+2,84%)
Tokyo Electron (8035.T, JP) - Wafer equipment

$KEYS (+0,05%)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology

$6857 (+4,54%)
Advantest (6857.T, JP) - Semiconductor test systems

$TER (+2,75%)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)

3. chip production (Foundries)

$TSM (+1,73%)
TSMC (TSM, TW) - Largest contract manufacturer

$005930
Samsung Electronics (005930.KQ, KR) - Memory + Foundry

$GFS (+2,68%)
GlobalFoundries (GFS, USA) - Specialized production

4. computing & control unit ("brain")

$NVDA (+0,14%)
Nvidia (NVDA, USA) - GPUs, AI accelerators

$INTC (-0,46%)
Intel (INTC, USA) - CPUs, FPGAs

$AMD (-1,3%)
AMD (AMD, USA) - CPUs/GPUs

$MRVL (+0,15%)
Marvell Technology (MRVL, USA) - Network/data center chips

5. sensors ("senses")

$6758 (+2,1%)
Sony (6758.T, JP) - CMOS image sensors

$6861 (+1,68%)
Keyence (6861.T, JP) - Vision systems, sensors

$STM (+0%)
STMicroelectronics (STM, CH/FR) - MEMS sensors

6. actuators & power electronics ("muscles")

$IFX (-0,36%)
Infineon (IFX, DE) - Power semiconductors, SiC

$ON (+1,75%)
N Semiconductor (ON, USA) - SiC/Power Chips

$STM (+0%)
STMicroelectronics (STM, CH/FR) - Motor control & power

$TXN (+1,24%)
Texas Instruments (TXN, USA) - Motor control, power ICs

$ADI (+1,52%)
Analog Devices (ADI, USA) - Energy & BMS chips

7. communication & networking ("nerves")

$QCOM (+0,48%)
Qualcomm (QCOM, USA) - 5G/SoCs

$AVGO (+0,32%)
Broadcom (AVGO, USA) - Network & radio chips

$SWKS (+0,24%)
Skyworks Solutions (SWKS, USA) - RF components

8. energy supply

$300750
CATL (300750.SZ, CN) - Batteries

$6752 (+6,78%)
Panasonic (6752.T, JP) - Batteries for automotive/robotics

$373220
LG Energy Solution (373220.KQ, KR) - Batteries

9. cloud & infrastructure

$AMZN (+0,09%)
Amazon (AMZN, USA) - AWS

$MSFT (+0,57%)
Microsoft (MSFT, USA) - Azure

$GOOG (-1,39%)
Alphabet (GOOGL, USA) - Google Cloud

$EQIX (+1,08%)
Equinix (EQIX, USA) - Data center operator

$ANET (+0,97%)
Arista Networks (ANET, USA) - Network infrastructure

$CSCO (-0,03%)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks

10. software & data platforms

$PLTR (-3,61%)
Palantir (PLTR, USA) - Data integration, decision software

$DDOG (+2,13%)
Datadog (DDOG, USA) - Cloud monitoring / observability

$SNOW (-1,55%)
Snowflake (SNOW, USA) - Cloud-native data platform

$ORCL (+0,25%)
Oracle (ORCL, USA) - Databases, ERP

$SAP (-0,66%)
SAP (SAP, DE) - ERP/cloud systems

$PATH (+2,66%)
UiPath (PATH, USA) - Automation software (RPA)

$AI (+2,06%)
C3.ai (AI, USA) - Enterprise AI platform

11. end applications / robots

$ABB
ABB (ABB, CH) - Industrial robots

$6954 (+3,03%)
Fanuc (6954.T, JP) - Industrial robots, CNC

$TSLA (-2,36%)
Tesla (TSLA, USA) - Optimus" humanoid robot

$9618 (-1,04%)
JD.com (JD, CN) - E-commerce & automated logistics

🛠️ Shovel manufacturer for humanoid robots

🔹 Hardtech (physical "shovels")

These companies provide the material basis: manufacturing machines, raw materials, semiconductor base.

Semiconductor Equipment & Manufacturing

$ASML (+0,1%)
ASML (ASML, NL) - EUV lithography (monopoly).

$AMAT (+1,53%)
Applied Materials (AMAT, USA) - Wafer equipment.

$8035 (+2,84%)
Tokyo Electron (8035.T, JP) - Process equipment.

Test systems (hardware-side)

$6857 (+4,54%)
Advantest (6857.T, JP) - Semiconductor test.

$TER (+2,75%)
Teradyne (TER, USA) - Test systems + industrial robots.

Materials & raw materials

$ALB (-0,31%)
Albemarle (ALB, USA) - Lithium (batteries).

$LYC (+5,63%)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.

$UMICY (-0,54%)
Umicore (UMI.BR, BE) - Cathode materials, recycling.

🔹 Soft/infra (digital "shovels")

These companies supply the infrastructure & toolswithout which development, training and operation would be impossible.

Design Software & IP

$SNPS (-0,33%)
Synopsys (SNPS, USA) - EDA software.

$CDNS (+0,95%)
Cadence Design Systems (CDNS, USA) - Chip design & simulation.

$ARM (+0,62%)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).

Test & Measurement (software/signal level)

$KEYS (+0,05%)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.

Network & data center backbone

$ANET (+0,97%)
Arista Networks (ANET, USA) - High-speed networks.

$CSCO (-0,03%)
Cisco Systems (CSCO, USA) - Data center/edge networks.

$EQIX (+1,08%)
Equinix (EQIX, USA) - Data centers (colocation).

Cloud infrastructure

$AMZN (+0,09%)
Amazon (AMZN, USA) - AWS (cloud, AI training).

$MSFT (+0,57%)
Microsoft (MSFT, USA) - Azure.

$GOOG (-1,39%)
Alphabet (GOOGL, USA) - Google Cloud.

Takeaway: Investing in the infrastructure stack allows you to participate in the robotics trend regardless of the subsequent product winner and reduces the individual product risk, but you have to live with cycles. In your opinion, which stage of the chain offers the best risk/return combination and fits into a disciplined portfolio?

Source: Own analysis based on publicly available company information and IR materials of the companies mentioned.

Image material: Techa Tungateja/iStockphoto

⬆️⬆️⬆️

- BERENBERG raises the price target for SIEMENS from EUR 215 to EUR 245. Buy. $SIE (-0,33%)

- BERNSTEIN raises the price target for SIEMENS ENERGY from EUR 15 to EUR 22. Underperform. $ENR (-2,47%)

- JPMORGAN PUTS SARTORIUS ON 'POSITIVE CATALYST WATCH' - 'OVERWEIGHT' $SRT (+2,29%)

- GOLDMAN raises the price target for FRAPORT from EUR 87 to EUR 90. Buy. $FRA (+0,58%)

- UBS raises the price target for NORDEA from EUR 145 to EUR 146. Buy. $NDA FI (-0,16%)

- BERNSTEIN raises the target price for SCHNEIDER ELECTRIC from EUR 275 to EUR 280. Outperform. $SU (-1%)

- UBS raises the target price for WPP from GBP 6.80 to GBP 7.20. Sell. $WPP (+1,68%)

- BERNSTEIN raises the price target for ALSTOM from EUR 17 to EUR 24. Market-Perform. $ALO (-1,75%)

- STIFEL upgrades HERMES from Hold to Buy and raises target price from EUR 2150 to EUR 2560. $RMS (+0,28%)

- INFINEON +4.2% - 'TOP PICK' OF THE UBS $IFX (-0,36%)

⬇️⬇️⬇️

- RBC downgrades UNILEVER from Sector-Perform to Underperform and lowers target price from GBP 48 to GBP 40. $ULVR (+0,34%)

- BERNSTEIN downgrades ABB from Market-Perform to Underperform and lowers price target from CHF 46 to CHF 45. $ABBN (+0,14%)

- BERNSTEIN downgrades SIGNIFY from Outperform to Market-Perform and lowers price target from EUR 30 to EUR 24. $LIGHT (-2,71%)

- DEUTSCHE BANK RESEARCH lowers the price target for UMICORE from EUR 10.50 to EUR 10. Hold. $UMICY (-0,54%)

- DEUTSCHE BANK RESEARCH lowers the price target for DOCMORRIS from CHF 45 to CHF 25. Hold. $DOCM (+4,08%)

- BERENBERG lowers the price target for HORNBACH HOLDING from EUR 100 to EUR 94. Buy. $HBH (-0,64%)

- CITIGROUP downgrades ROLLS-ROYCE from Buy to Neutral. $RR. (-0,8%)

- JEFFERIES lowers the target price for BHP GROUP from GBP 22.50 to GBP 21.50. Hold. $BHP (+0,89%)

- JEFFERIES lowers the price target for GLENCORE from GBP 5.50 to GBP 4.50. Buy. $GLEN (+1,35%)

- JEFFERIES lowers the target price for RIO TINTO from GBP 64 to GBP 60. Buy. $RIO (-0,02%)

- BERENBERG lowers the target price for NOVO NORDISK from DKK 975 to DKK 725. Hold. $NOVO B (+1,97%)

Are you invested in precious metals?

$GOLD (+0%)
$ABX
#gold
#silber
$GLEN (+1,35%)
$UMICY (-0,54%)

Stock analysis/Share presentation ⬇️

Today we are talking about the company Umicore: $UMICY (-0,54%)

What is and does Umicore anyway: 🤔

Umicore is a Belgian company specializing in sustainable materials technologies. They are a world leader in the production of materials for renewable energy, electronics and automotive industries. Umicore also develops solutions for recycling and precious metal refining. Their goal is to create a more sustainable future by driving environmentally friendly technologies.

How many employees does the company have: 🙋🏽‍♂️🙋🏻‍♀️

Currently, Umicore employs a total of over 12,00 people.

Market capitalization: 🏦

Currently Umicore has a market capitalization of around 5.9 billion euros.

Dividend yield: 💰

The company currently pays its shareholders a dividend yield of 2.35%. The dividend is paid twice a year. Shareholders receive their dividends in May and August.

Strengths of the share: 📈

Some strengths of Umicore are:

• Umicore is a leader in sustainable materials technology.
• They have a strong position in the renewable energy, electronics and automotive sectors.
• Umicore invests heavily in research and development to develop innovative solutions.
• The company has a solid financial performance and shows continuous growth.
• Umicore is known for its expertise in recycling and precious metals refining.
• They are benefiting from the growing demand for environmentally friendly technologies and clean energy.
• Umicore has a strong global presence and operates in various markets worldwide.

Weaknesses of the share: 📉

Some weaknesses of Umicore are:

• Umicore could be affected by volatility in commodity prices as they use materials such as precious metals.
• The company is highly dependent on the economic and political environment, which can lead to uncertainty.
• Umicore could experience competitive pressure in the various markets in which they operate.
• Changes in the regulatory environment could impact Umicore's operations.
• The company may be vulnerable to technological changes and innovations in the industry.
• Umicore could be affected by exchange rate fluctuations as they operate globally.
• There is a risk of unforeseen events such as natural disasters or political unrest that could impact the business.

A little more about the business model: ⬇️✌🏽

Umicore is a sustainable materials technology company focused on developing solutions for renewable energy, electronics and the automotive industry. Umicore has a strong position in recycling and precious metals refining. The company is known for its expertise in recycling materials and recovering precious metals from various sources. Through this recycling process, Umicore contributes to the reduction of waste and the conservation of natural resources. Another important aspect of Umicore's business model is research and development. The company invests heavily in the development of innovative technologies and solutions to meet the growing demand for environmentally friendly technologies and clean energy. These research activities keep Umicore at the forefront of technological development and enable it to offer innovative products and services to its customers. Umicore is also benefiting from the growing demand for electric vehicles and other environmentally friendly technologies. The company supplies materials for batteries and other components of electric vehicles, which represents an important growth opportunity. Umicore is also active in other renewable energy sectors, such as solar energy and hydrogen technology. Umicore's business model also includes a strong global presence. The company is active in various markets around the world and benefits from the opportunities and challenges of these markets. Its global presence enables Umicore to respond to the needs of its customers in different regions and to adapt its products and services. Overall, Umicore's business model is based on sustainable materials technology, research and development, recycling and a strong global presence.

A little more about the industry:

Umicore is a company operating in the metals and materials technology industry. They are a leading global supplier of materials and solutions to various industries. Umicore is active in several areas including recycling, clean mobility, clean energy and electronics. In recycling, Umicore focuses on recovering valuable metals from waste and reusing them for new applications. In this way they contribute to the conservation of natural resources and the reduction of environmental impact. In clean mobility, Umicore is developing innovative battery materials for electric vehicles. They are working to improve the performance and efficiency of batteries to increase the range and sustainability of electric vehicles. In clean energy, Umicore provides solutions for renewable energy. They develop materials for solar panels, fuel cells and other technologies that help drive the transition to a low-carbon energy supply. In the electronics sector, Umicore produces materials for the manufacture of electronic components and devices. They are working to develop higher performance and more energy efficient components. Umicore is committed to providing innovative solutions that support a sustainable future and reduce the environmental impact of various industries.

Umicore's goal: 🏁

Umicore's goal is to create a sustainable future. The company focuses on developing technologies and solutions that have a positive impact on the environment. Umicore is a leader in recycling, clean mobility and clean energy. They work to recycle and reuse materials such as metals and precious metals to conserve resources. They are also developing innovative battery materials for electric vehicles and renewable energy solutions. Umicore strives to produce sustainable products and make a positive contribution to climate change and pollution.

What is your opinion about Umicore? 🤔🧐

Now I would like to hear your opinion about this stock in the comments.

What do you think of Umicore and did you already know this company?

Do you guys maybe already have this stock in your portfolio?

Feel free to let me know in the comments.

Of course, this is not an investment advice but just my own opinion that I would like to share with you.

What do you think about Umicore? I find the company quite interesting, but I'm not so sure about the share price