丝杠国产替代在即，人形机器人带来星辰大海

Investment Rating - Investment recommendation: Outperform the market (maintained) [5] Core Viewpoints - The rapid development of humanoid robots is expected to drive significant growth in the planetary roller screw industry, with domestic screw manufacturers likely to expand their market share as production ramps up [2][12] - The planetary roller screw is a key component in Tesla's Optimus Gen2 humanoid robot, indicating a new demand growth point for the screw industry [8][25] Summary by Sections 1. Planetary Roller Screws and Market Potential - Planetary roller screws are crucial precision transmission components that convert rotational motion into linear motion, widely used in precision machinery [7][16] - The global market for planetary roller screws reached USD 1.27 billion in 2022, with a compound annual growth rate (CAGR) of 4.5% from 2018 to 2022 [8][21] - The demand for planetary roller screws is expected to surge with the mass production of humanoid robots, potentially exceeding RMB 10 billion in market size [8][25] 2. Domestic Replacement and Market Structure - The planetary roller screw market is currently dominated by foreign manufacturers, with the top four suppliers holding approximately 80% market share [9][33] - Domestic manufacturers like Best and Nanjing Technology are gradually achieving mass production and entering mainstream supply chains [9][33] - The market for ball screws is more fragmented, with a concentration ratio (CR5) of about 45% [9] 3. Investment Recommendations - Focus on companies that achieve mass production and enter the supply chains of leading enterprises [11][12] - Key industry players to watch include: - Hengli Hydraulic: A leading domestic hydraulic cylinder manufacturer, expected to enter the Tesla robot supply chain as it ramps up production [11][12] - Best: A leading turbocharger component manufacturer that has achieved mass production in both ball and planetary roller screws [11][12]