人形机器人系列报告（七）：人形机器人扩容市场，国产减速器进军国际

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities in the humanoid robot and precision reducer sectors [6]. Core Insights - The rapid development of humanoid robots is driving the demand for domestic precision reducers, which are increasingly entering the supply chains of major companies like Tesla, suggesting potential for market share expansion and high growth [1][8]. - The precision reducer market is characterized by high technical barriers and is transitioning from a simple niche market to a more diversified one, with domestic leaders expected to capture over 25% of the global market share in the future [5][9]. Summary by Sections 1. Precision Reducers and Humanoid Robots - Precision reducers are essential components in high-end equipment, with applications in robotics, semiconductor devices, and aerospace equipment. The domestic market for harmonic reducers, RV reducers, and precision planetary reducers has reached approximately 25 billion, 43 billion, and 36 billion RMB respectively [2][18]. - The demand for precision reducers is expected to see significant growth driven by humanoid robots, with optimistic projections estimating global sales of 2 million units by 2035, leading to market impacts of 50 billion and 423 billion RMB for precision planetary and harmonic reducers respectively [4][48]. 2. Market Dynamics and Competition - The precision reducer market is currently experiencing a phase of rapid domestic share increase, with the top three companies in harmonic and RV reducers holding over 60% market concentration. The industry is characterized by strong technical barriers and a relatively small market size [5][28]. - The report highlights that the domestic market for precision reducers is expected to grow, with the potential for leading companies to solidify their positions globally [9][10]. 3. Investment Recommendations - The report suggests focusing on leading companies in the precision reducer sector, such as "Lüde Harmonic" and "Shuanghuan Transmission," which are well-positioned within the global supply chains and have strong operational stability [6][10]. - The short-term demand for precision reducers is expected to recover slowly, but there are significant long-term growth opportunities driven by the expansion of humanoid robots and related technologies [6][10].