国投证券：PEEK深化赋能具身智能 国产化程度持续深化

Core Viewpoint - The PEEK (Polyether Ether Ketone) industry chain is expected to enter a high-growth phase, driven by increasing downstream demand and the ability of domestic companies to respond quickly and reduce costs, enhancing their market share in the domestic substitution process [1][2]. Group 1: PEEK Characteristics and Market Potential - PEEK is a high-performance engineering plastic with superior rigidity and toughness compared to general engineering plastics, significantly surpassing metal materials in specific strength, and offers advantages such as high temperature resistance, wear resistance, chemical corrosion resistance, and flame retardancy [1]. - The current market price for PEEK is estimated at 350,000 yuan per ton, corresponding to a market space of approximately 2.3 billion yuan. If PEEK's penetration in robotic components increases, the actual demand scale will further expand [1][4]. Group 2: Supply Side Dynamics - The global PEEK production capacity is dominated by international companies such as Victrex, Solvay, and Evonik, which have established high barriers in intellectual property and industrial-scale production. Domestic companies are actively expanding production and leveraging advantages in raw materials to accelerate substitution [2]. - China's PEEK production has significantly increased from approximately 200 tons in 2017 to an estimated 3,808 tons in 2024, indicating a deepening level of domestic production [2]. Group 3: Demand Side Trends - China, Europe, and the Americas are the main consumption regions for PEEK. China's demand for PEEK has grown from 80 tons in 2012 to 1,980 tons in 2021, with a CAGR of 42.84%, significantly outpacing the global average [3]. - The application of PEEK is expanding in high-end fields, with increasing commercialization and maturity in processing methods. It is gaining traction in sectors such as high-pressure charging, automotive lightweighting, medical devices, and humanoid robots [3]. Group 4: PEEK's Role in Humanoid Robotics - Breakthroughs in humanoid robotics and embodied intelligence are creating strong new growth opportunities for PEEK. The global number of humanoid robots in use is expected to exceed 100 million units by 2045, corresponding to a market size of approximately 10 trillion yuan [4]. - In the cost structure of robots, the motion layer (including components like planetary roller screws and harmonic reducers) accounts for about 55% of the total value. PEEK's advantages in lightweight and durability make it an ideal choice for enhancing the performance of these components [4].