Financial Investment News reporter Lin Ke
Boosted by the news that large technology companies are competing to invest in humanoid robot start-ups, the recent performance of the humanoid robot industry is stronger than that of the first, and it is obviously sought after by funds. Some brokerages pointed out that the humanoid robot industry is in the stage from 0 to 1, and a huge industrial trend will be formed. Tesla, Xpeng, Huawei, etc. have deployed humanoid robots, which will lead the industrial transformation. AI blessing is expected to solve the problem of the versatility of humanoid robots. The national policy encourages and supports the development of the humanoid robot industry, which is expected to accelerate the technological progress of the "stuck neck" link.
According to the International Association of Robotics**, from 2021 to 2030, the global humanoid robot market will grow at a compound annual growth rate of 71%. According to data from the Chinese Institute of Electronics, by 2030, the market size of humanoid robots in China is expected to reach 870 billion yuan.
Tai Guilong, an analyst at Southwest China, pointed out that at present, the core problem faced by the humanoid robot industry is how to commercialize, and improving the versatility of humanoid robots is a prerequisite for the commercialization of humanoid robots, because the number of non-standard application scenarios is much larger than that of standard application scenarios. With the improvement of hardware computing power, AI is becoming more and more intelligent, and with the joint efforts of major algorithm manufacturers, the commercialization of humanoid robots is just around the corner. In addition to focusing on the mass production trend of hardware from 0 to 1, the progress of the combination of AI and robots is also worth paying attention to, and AI+ robots will become the main theme of the future development of the industry.
Humanoid robots are the best entities for AI native applications, and the industrialization process may accelerate in the context of more and more technology giants entering the game. Li Lujing, an analyst at Founder**, suggested that investors should focus on relevant investment opportunities in the humanoid robot industry, and it is recommended to pay attention to Sanhua Intelligent Control and Tuopu Group in the field of joint assembly; Hengli Hydraulics, Best, Beite Technology, Wuzhou New Year in the field of lead screws; Mingzhi Electric, Buke Shares, Dechang Shares, Dingzhi Technology in the field of motors; Green harmonics, double-ring transmission, and medium strength in the field of reducer; Keli Sensing, Donghua Testing, Const, Huayi Technology, Minxin Co., Ltd. in the field of sensors; Qinchuan Machine Tool, Huachen Equipment, Zhejiang Hydeman, Rifa Precision Machinery, Tanaka Precision Machinery, Bojie Co., Ltd. in the field of robot parts and equipment, etc.
Sanhua Intelligent Control (002050) Long-term space open
As the world's largest manufacturer of refrigeration control components, the company's second growth curve of new energy steam has been in the leading position in the world, and the third growth curve such as robot electromechanical actuators has taken the lead. From 2020 to 2022, the company's revenue and profit CAGR were .9%, in the first three quarters of 2023, the company's revenue and net profit growth rates were .7%, the performance improved steadily. Hua Chuang ** pointed out that under the multi-level empowerment of policies, capital and technology, the potential of the humanoid robot industry has been accelerated, and the global scale is expected to reach 20 billion US dollars in 2030. Through calculation, the value of the company's robot parts is expected to reach tens of thousands of yuan, compared with the existing business for the new sector of pure increment, is the core of the third growth curve in the medium and long-term space. On the whole, the company's B-end underlying capabilities support its excellent structure, the traditional main business is steadily optimized, management certainty and growth coexist, and the humanoid robot sector is expected to open up long-term growth space.
Hengli Hydraulics (601100) refers to precision transmission
The company established Hengli Precision in 2022 to develop and produce electric cylinders and ball screws and other products, and realize the customization of screw rods to form a stable ** chain. At present, the new factory has been completed and is expected to be put into operation at the end of the second quarter of 2024, when it will form an annual output of 660,000 meters of standard ball screws and 42 precision ball screws20,000 meters, planetary ball screw 10,000 meters, linear guide rail 1 million meters, standard ball screw electric cylinder 1040,000, heavy-duty ball screw electric cylinder 2The production capacity of 50,000 and 1,750 planetary roller screw electric cylinders is expected to reach an output value of about 2 billion yuan. Guojin ** pointed out that the planetary roller is the core transmission mechanism of the linear drive, and the value of a single unit is 150,000 yuan to 20,000 yuan, the volume of humanoid robots is expected to open up the application space of planetary roller screws. From the perspective of the company's historical technology accumulation and resource investment, the company is expected to become a leading domestic lead screw and lead the localization process of domestic high-end lead screws.
Mingzhi Electric (603728) is expected to benefit deeply
The company recently plans to increase its capital to Mingzhi Vietnam by no more than 65.14 million US dollars, and after the completion of this capital increase, the company's shareholding ratio in Mingzhi Vietnam will be adjusted to 927%。The purpose of this investment is to provide capacity reserves for robot projects and better match with overseas customers to meet the needs of large-scale mass production of robots in the future. At the same time, this expansion has released a signal of good demand, indicating that the company's capacity utilization rate may have improved significantly. Guosheng pointed out that the current humanoid robot industry is evolving rapidly, the core technology has completed breakthrough iterations, and the upcoming will be the landing of application scenarios, and the demand potential of humanoid robots will be fully reflected after the generalization of application scenarios. From the hardware level, the core components of the robot include motors, reducers, sensors, etc., among which the coreless motor of the dexterous finger joints is one of the most certain solutions. As a scarce coreless motor manufacturer in China, the company has a layout of dexterous hand joint modules, which is expected to benefit deeply in the era of humanoid robots.
Green harmonic (688017) performance growth determined
The company is in the precision transmission industry, and its main products include harmonic reducers and precision parts, mechatronics products, intelligent automation equipment, etc. The company's market share ranks second in China, and it has successfully broken the monopoly of overseas brands. Debang pointed out that downstream robots continue to grow, domestic substitution of OEMs accelerates, and reducer manufacturers will usher in development opportunities. The company's main products are precision harmonic reducers, and the main downstream application fields are industrial robots and service robots. The two-line increase in the market size + localization rate of industrial robots is expected to continue to drive the growth of demand for harmonic reducers. In the field of humanoid robots, the industrialization of Tesla's humanoid robots is worth looking forward to, and the current harmonic scheme is selected for rotary actuators, and the dexterous hand is expected to greatly increase the amount of harmonic reducer. With the recovery of demand for downstream industrial robots and the gradual release of the company's harmonic reducer and mechatronics product production capacity, we believe that the company's performance growth in the next two years has strong certainty.
Keli Sensing (603662) The layout of the whole industry chain
As a leader in the intelligent sensor industry, the company has more than 20 subsidiaries, covering the whole industrial chain of production, information services, equipment manufacturing, etc. The company maintains high R&D investment to build technical barriers, and the year-on-year growth rate of R&D expenses in 2022 is as high as 4240%。Debang ** pointed out that the six-dimensional force sensor can feel the six-dimensional force and moment, rather than one-dimensional data, it can measure all the forces of the object in three-dimensional space, which is the key to the flexible and intelligent control of the robot. The six-dimensional force sensor has high technical barriers, and it is difficult in the R&D stage and product selection, so the market is small and there are few enterprises, and with the upsurge of the concept of humanoid robots in 2023, the six-dimensional torque sensor has a new application scenario. Based on the expansion of downstream application scenarios and the increasing number of market entrants, the market size of six-dimensional force sensors is expected to exceed 1.5 billion yuan in 2027. The company has made great efforts to invest in foreign investment and is expected to gradually enter the harvest period.
Nitsen Seiki (002520) makes efforts to develop new products
With good product performance and years of customer precipitation, the high-end intelligent equipment business segment of the company's domestic subsidiaries fully grasped the opportunities of market segments, and its sales revenue increased to a certain extent compared with the same period last year. In terms of overseas markets, the business market development of overseas subsidiaries Airwork and Italian MCM did not meet expectations, and the company's operation will be under short-term pressure in 2023. Northeast ** pointed out that the company's CNC thread grinder for new energy vehicles, humanoid robots on the screw and nut test grinding is good, efficient and accurate in line with customer requirements, has been recognized by customers. In addition, the company has also made some progress in market development. From the perspective of the future, the company will focus on tracking the technical development route of downstream customers and end users of CNC thread grinders, and take product research and development in related fields as the key direction of future development. As a leading enterprise of high-end equipment in China, the company is expected to open up more downstream fields in the future and further improve its market position by relying on its core technology advantages.