开源证券：Figure03震撼发布 人形机器人板块迎来“燃点时刻”

Core Insights - Figure has launched its next-generation humanoid robot, Figure03, designed for mass production from the outset, marking a significant milestone in the humanoid robotics sector [1][4] - The company has established a "self-research + external support" supply chain model, collaborating with multiple domestic manufacturers to enhance production capabilities [5][6] - The robot is engineered for home environments, featuring soft fabric coverings and lightweight structures to improve safety and comfort during human-robot interactions [1][3] Technological Advancements - Figure03 integrates advanced features such as a dexterous hand with visual-tactile sensors, enabling stable operation in visually restricted environments [1][3] - The robot supports wireless charging through its feet, allowing for seamless operation and continuous learning while charging [3][4] - The hardware architecture is designed to maximize the capabilities of Helix, the robot's AI brain, facilitating end-to-end reasoning from visual perception to action control [3] Production and Market Strategy - Figure03 is the first humanoid robot designed with mass production in mind, shifting from high-cost CNC machining to more efficient mold-based processes [4] - The company plans to establish its BotQ smart factory with an initial production capacity of 12,000 units per year, aiming for a total capacity of 100,000 units within four years [4] - The anticipated valuation for Figure is projected to reach $39 billion by 2025, supported by significant investments from major tech companies [2] Supply Chain Integration - The supply chain strategy involves both self-designed and vertically integrated components, with partnerships established with global suppliers to support production goals [5][6] - The reliance on Chinese hardware suppliers is expected to deepen, benefiting those with engineering mass production capabilities and cost control advantages [6]