华龙证券：灵巧手技术路线逐步收敛 关注边际增量环节

Core Viewpoint - The market for dexterous hands, as end-effectors of humanoid robots, is expected to reach a scale of 45 billion yuan by 2030, driven by the ongoing iteration of technology and the need for performance and cost efficiency [1] Group 1: Market Potential - The dexterous hand is a crucial component of humanoid robots, with its value accounting for 30% of the overall robot cost [1] - The market for dexterous hands is projected to grow significantly, with a potential market size of 45 billion yuan by 2030 [1] Group 2: Mainstream Solutions - Current mainstream dexterous hand solutions focus on lightweight, high freedom of movement, multi-modal perception, and composite transmission [2] - The degrees of freedom in mainstream solutions have increased from 6 to between 12 and 20, enhancing flexibility and reducing weight [2] - Multi-modal perception capabilities are evolving, allowing better handling of soft and irregular objects [2] Group 3: Investment Opportunities in the Supply Chain - Key areas for investment include drive motors, transmission systems, and tactile sensors [3] - The hollow cup motor is ideal for dexterous hands due to its small size and high power density, although it is currently expensive [3] - The composite transmission system of tendon and screw is expected to become mainstream, providing higher flexibility and reduced weight [3] Group 4: Tactile Sensors - Tactile sensors are becoming essential components of dexterous hands, evolving from fingertip-mounted to full-hand array configurations [4] - Domestic manufacturers are expected to gradually achieve localization in tactile sensor production, driven by downstream demand [4]