研报掘金丨浙商证券：维持恒立液压“买入”评级，主业加速向上，人形机器人突破放量在即

Core Viewpoint - The humanoid robot industry presents significant growth opportunities, with Hengli Hydraulic's linear actuators successfully entering mass production, indicating a strong market potential for the company and the industry as a whole [1] Company Developments - Hengli Hydraulic has developed over 50 new products in the first half of the year, all of which have successfully entered mass production and are now on the market [1] - The company has added nearly 300 new clients, indicating a growing customer base and market penetration [1] - Future plans include promoting key products such as precision lead screws, linear guides, and electric cylinders in more application scenarios, aiming to enhance the company's leading position in electric and hydraulic transmission [1] Industry Insights - The humanoid robot company Figure announced the debut of "Figure 03," highlighting advancements in the industry [1] - Planetary roller screws are identified as a reliable linear joint solution, with a high barrier to entry, accounting for nearly 20% of the total value of robots [1] - Domestic leading manufacturers are expected to accelerate the adoption of linear joint solutions, indicating a shift in industry practices [1] Market Potential - It is projected that by 2030, the combined demand for humanoid robots in the manufacturing and domestic service sectors in China and the U.S. will reach approximately 2.1 million units, representing a market space of about 314.6 billion RMB [1] - The company’s strong technology and deep manufacturing barriers position it well to supply linear assemblies for humanoid robots, suggesting potential for new growth avenues [1] Excavator Sector - The excavator sector is experiencing an upward industry cycle, and as a leading core component manufacturer, the company is expected to continue benefiting from this trend [1]