广发证券：四足机械狗在多领域具备发展潜力 持续关注关键零部件等三大方向

Core Insights - The report from GF Securities highlights the strong development potential of quadruped robotic dogs across various sectors including industrial, military, and consumer applications, emphasizing their faster commercialization compared to humanoid robots due to lower technical requirements [1][2] - Domestic players in the quadruped robotic dog market are focusing on application scenarios and cost control, which may provide greater commercialization potential despite starting later than overseas competitors [2] Industry Analysis - The quadruped robotic dog industry features key participants such as Boston Dynamics and ANYbotics internationally, while domestic companies like Yushu Technology and Cloud Deep Technology are concentrating on industrial and consumer-grade robotic dog development [2] - The main hardware and software architecture of quadruped robotic dogs includes perception (sensor systems), decision-making (navigation and planning systems), and control (motion control systems), with technology shared with humanoid robots potentially benefiting their mass production [2][3] Technical Development - Current mainstream control algorithms for robotic dogs utilize SLAM for positioning and navigation, combined with Model Predictive Control (MPC) or reinforcement learning, with advancements in AI expected to bridge the perception-decision-execution gap [3] - The hardware components, particularly joint motor actuators, are crucial for the movement of robotic dogs, with each unit typically equipped with 12 actuators, which represent a significant portion of the overall value [4] Supply Chain Dynamics - The supply chain for quadruped robotic dogs is relatively stable, with a focus on the collaboration between component suppliers and manufacturers, particularly as mass production increases and cost considerations come into play [4] - The potential for module manufacturers to join the supply chain is highlighted, as current manufacturers primarily rely on self-research for actuator production, which may shift with increased production volumes [4]