智通财经网·2025-08-14 09:20Core Viewpoint - The report from Shenwan Hongyuan emphasizes the necessity for humanoid robots to achieve complex and fluid movements, highlighting the critical role of motors that must meet various demanding requirements such as high torque density, rapid response, lightweight, low noise, high efficiency, high reliability, and low cost. Traditional motor solutions have limited room for upgrades, necessitating the introduction of disruptive motor technologies. The technology route for humanoid robots is still evolving, with leading companies actively seeking new motor solutions, among which PCB axial flux motors are identified as a potential option [1][3]. Group 1: Axial Flux Motors - Axial flux motors exhibit significant advantages in torque density and efficiency, with existing applications in robotics. For instance, the YASA axial flux motor achieves torque density and power density of 160 Nm/L and 14.9 kW/kg, respectively, which is four times that of traditional radial flux motors. These motors typically exceed 96% efficiency and operate with low noise and vibration. They are widely used in new energy vehicles and aerospace, and are beginning to extend into robotic joints to meet the requirements for rapid response, low inertia, high torque density, and high load [2][3]. Group 2: PCB Motors - PCB motors, a branch of axial flux motors, have gained more application potential due to advancements in PCB technology. These motors replace traditional iron core stators with printed circuit boards (PCBs), allowing for a significant reduction in copper usage by 66% and a substantial decrease in weight. The axial flux structure minimizes magnetic path losses and enhances efficiency by reducing hysteresis and eddy current losses. PCB motors also offer superior thermal stability, low noise operation, and flexible design capabilities, making them suitable for rapid product iterations in robotics [3][4]. Group 3: Investment Opportunities - The PCB axial flux motor in the robotics sector is poised for new development opportunities, with several companies recommended for attention: 1. Wolong Electric Drive (600580.SH): A comprehensive motor supplier focusing on high torque density axial flux motors 2. Xiamen Precision (001306.SZ): Holds a 10% stake in ZhiJian ZhiQing, specializing in micro motors and has launched micro axial flux joint modules 3. Mingyang Circuit (300739.SZ): Possesses full PCB manufacturing capabilities and is focused on small batch production with robotics-related layouts 4. Dongmu Co., Ltd. (600114.SH): Holds a 22% stake in Xiaoxiang Motor, which specializes in axial flux motors with leading technology 5. Yidelong (603380.SH): A flexible EMS manufacturer offering products including PCBA, assembly, wiring harnesses, sensors, and coils [4].