Zhongtai Securities: 'Equipment procurement' is the core indicator of the next stage of humanoid robot market

Rewritten content: Investment points are the key elements that need to be paid attention to when making investments

1. “Equipment procurement” is the core indicator for the next stage of humanoid robots. Humanoid robots are in the critical stage of "research and development to small batch production", and the past theme hype model is gradually losing its effectiveness. Tracking the equipment procurement of parts manufacturers is a core indicator to verify when the small batch trial production stage will arrive and to judge the next round of humanoid robot market. By sorting out the production process and equipment, this report ① sorts out the more flexible links in the equipment link, ② unearths links that are promising for localization of equipment and tracks the progress of the corresponding companies.

2. Introduction to humanoid robot parts: The current tentative Tesla humanoid robot solution includes 28 actuators, and the value of roller screws, harmonic reducers and coreless motors is relatively high , and there are certain difficult barriers to manufacturing.

3. Planetary roller screw: In the production process of roller screw, the equipment of internal thread grinder and external thread grinder (or turning and grinding machine) is relatively flexible, the production efficiency is not high, and the price is expensive. , the equipment is more flexible. Since it is difficult for equipment manufacturers to track, orders from parts manufacturers can be tracked. Imported high-end grinding machines have a long delivery cycle, and domestic manufacturers are welcome to replace them.

4. Among coreless cup motor equipment, mainly tracks orders for winding machine equipment, and the flexibility of winding machine equipment is weak.

5. Harmonic reducer: The main elastic equipment links are concentrated in grinders, broaching machines and other CNC equipment, which are currently mainly purchased from overseas equipment. The production process of harmonic reducers is relatively mature. Under the subsequent cost reduction requirements, equipment such as lathes, broaching machines and grinders may need to be replaced by domestic equipment.

Investment Suggestions:Considering the subsequent demand for large-scale cost reduction, substitution of domestic equipment is imperative. Moreover, the thread grinder or integrated turning and grinding equipment required in the production process of roller screws is relatively flexible. Pay close attention to Zhejiang Heidemann (lathe), Rifa Precision Machinery (grinding machine, lathe), Huachen Equipment (grinding machine), Haitian Precision ( Milling machine), Yuhuan CNC (grinding machine) and other companies' research and development progress.

Risk warning: The progress of domestic substitution is less than expected, the representativeness of the survey data is limited, the progress of humanoid robot industrialization is less than expected, and the public information used in the research report may have risks of information lag or untimely updates.

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Source: Selected Brokerage Research Reports

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