专用设备制造业：“WE ROBOT”发布会后，再论人形机器人的投资机会

Industry Investment Rating - The report maintains an "Overweight" rating for the specialized equipment manufacturing industry [1] Core Views - The "WE ROBOT" event is positioned as a showcase of new business models and application scenarios for autonomous driving and robotics, rather than a product or technology launch [3] - Tesla's business model is shifting from selling products to selling services [4] - The Optimus humanoid robot demonstrated significant technological advantages, particularly in autonomous walking and dexterity [4] - The third-generation dexterous hand has increased degrees of freedom from 16 to 22, making it the most advanced in the industry [4] - Future development of Optimus will focus on data collection and model training for hand operations [4] - The report remains optimistic about the humanoid robot industry chain, particularly components like dexterous hands, lead screws, reducers, and various sensors [4] Key Highlights by Section Business Model and Application Scenarios - Tesla showcased autonomous taxi (Cybercab), autonomous delivery vehicle (Robovan), and humanoid robot (Optimus) applications [4] - Optimus demonstrated capabilities including dancing, bartending, and interactive communication [4] - The target cost for Optimus is $20,000-$30,000, aiming for affordability for every household [4] Technological Advantages - Optimus demonstrated stable autonomous walking in challenging nighttime conditions with complex environments [4] - The dexterous hand design moved actuators to the upper arm and used cable-driven fingers for more human-like operation [4] - AI and remote control technologies were integrated to ensure smooth demonstrations [4] Future Development Focus - Data collection and model training for hand operations will be the primary workload for Optimus development [4] - As data accumulates, robot operation models are expected to significantly improve, enabling fully autonomous task completion [4] Investment Opportunities - The report recommends focusing on companies in Tesla's supply chain [4] - Key components with investment potential include dexterous hands, lead screws, reducers, and visual, tactile, and force sensors [4]