SIASUN(SZ:300024) 3 6 Ke·2025-08-20 02:54Core Viewpoint - The humanoid robot sector is experiencing significant positive developments, indicating a potential shift towards commercialization despite previous concerns about market bubbles [2][3]. Market Developments - Since July, there have been multiple positive events in the humanoid robot sector, including acquisitions, new product launches, and production announcements from major companies like Tesla [1]. - The 2025 World Robot Conference is expected to attract 271,000 attendees, with 52 million viewers for live broadcasts, marking a 62% increase from the previous event [1]. Market Size Predictions - Various institutions have made differing predictions regarding the future market size of humanoid robots, with estimates for 2030 ranging from 150 billion RMB to 300 billion USD [5][6]. - By 2050, the humanoid robot market could reach 24 trillion USD, suggesting a potential market larger than the automotive industry [6]. Investment Trends - The humanoid robot sector is characterized by event-driven market behavior, with significant interest from investors due to long-term growth potential and short-term catalysts [6]. - The capital market is currently focused on hardware related to humanoid robots, as it provides clearer valuation metrics compared to software components [8]. Industry Structure - The humanoid robot industry can be divided into three functional modules: perception layer, decision layer, and execution layer, each comprising various components [7]. - The supply chain includes core components such as actuators, sensors, and control systems, with a significant number of listed companies involved in these areas [11][12]. Key Component Analysis - The value distribution of humanoid robots shows that the execution system accounts for 53.2% of the BOM, while the perception system accounts for 7.3% [10]. - Major components include planetary roller screws (19%), frameless torque motors (17%), and reducers (13%), with many companies already engaged in these areas [13][15][17]. Company Engagement - Over 80 listed companies have announced plans to produce or are already producing components for humanoid robots, with a significant concentration in the automotive and machinery sectors [12]. - Companies like Huichuan Technology and Changhua Group are making substantial progress in developing planetary roller screws, while others like Boke and Leisai Intelligent are commercializing frameless torque motors [14][16]. Emerging Players - Established companies are entering the humanoid robot sector, including Top Group and Midea, which are developing key modules and components for humanoid robots [25]. - The market is seeing a mix of traditional manufacturers and new entrants, indicating a broadening of the competitive landscape [26].