人形机器人：黎明破晓，AI归宿

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - Humanoid robots are entering a critical phase of commercialization, with significant advancements in AI technology enabling their practical applications. Major tech companies like Tesla, OpenAI, Nvidia, and Samsung are actively investing in this sector, indicating a competitive landscape [2][14] - The global demand for humanoid robots is projected to reach 2 million units by 2030, corresponding to a market potential exceeding 570 billion yuan. The industry is expected to transition through three stages: initial factory applications, broader manufacturing integration, and eventual household adoption [2][29] - Key components of humanoid robots include execution systems (with a focus on screws, motors, and reducers), perception systems (utilizing various sensors), and control systems (primarily relying on self-developed algorithms) [2][3] Summary by Sections Humanoid Robots: Dawn of a New Era - Humanoid robots are seen as a prime vehicle for AI technology to enter the physical world, with significant developments in general models enhancing their capabilities. The industry is poised for initial commercialization, with Tesla's Optimus robot leading the charge [2][14] Execution Systems - The flexibility of humanoid robots is largely determined by their hardware, with critical components such as screws, motors, and reducers accounting for over 50% of costs. The report highlights the urgent need to reduce costs in these areas, particularly screws, which currently represent 23.4% of total costs [2][3] Perception Systems - Sensors play a crucial role in enabling robots to perceive their environment, with the current cost of sensors making up approximately 24.7% of the total. Key sensors include torque sensors, visual sensors, and tactile sensors, with advancements expected to drive industry trends [2][3] Control Systems - The control system acts as the "brain" of the robot, requiring tailored designs to meet specific task demands. The report emphasizes the importance of low power consumption, high computing power, and high integration in control systems, with a trend towards self-developed algorithms [2][3] Investment Recommendations - The report suggests focusing on specific investment opportunities within the humanoid robot sector, including Tier 1 suppliers, screw manufacturers, sensor companies, reducer manufacturers, motor producers, and domestic complete machine manufacturers [3]