机械行业：人形机器人或解决定制化痛点

Investment Rating - The report maintains a "Positive" investment rating for the mechanical industry, particularly focusing on humanoid robots as a solution to customization challenges [2]. Core Insights - Humanoid robots are expected to address the pain points of customization in manufacturing. They leverage high flexibility and interactivity to integrate traditional production lines into various manufacturing processes, thus meeting personalized consumer demands [2][17]. - The market for humanoid robots is projected to grow significantly, with a forecasted increase from $1.5 billion in 2022 to $13.8 billion by 2028, representing a compound annual growth rate (CAGR) of approximately 44.75% [19]. - The humanoid robot industry is anticipated to evolve through three stages: initial applications in automotive factories, broader penetration in manufacturing, and eventual integration into everyday life [19]. Summary by Sections 1. Why Humanoid? - Traditional manufacturing faces a "trilemma" where it can only satisfy two of the three goals: reducing costs, improving production efficiency, and meeting customization demands [16]. 2. Four Core Components of Humanoid Robots 2.1 Sensors: Strong Differentiated Profitability - The sensor industry requires high customization and has a low degree of generalization, leading to strong differentiated profitability. Major players include both domestic and international firms [22]. 2.2 Motors: High Customization Required - The motor market is characterized by numerous participants and complex models, with a significant need for customization, particularly for hollow cup motors used in humanoid robots [23]. 2.3 Lead Screws: High Standardization - Lead screws are highly standardized components with significant market presence, primarily dominated by foreign manufacturers [24]. 2.4 Gearboxes: Broad Space for Domestic Substitution - Gearboxes serve as precision transmission devices in robots, with increasing domestic market share and potential for further localization [25]. 3. Humanoid Robots Relying on Established Industrial Robot Supply Chains - The report highlights that the humanoid robot sector can leverage the existing industrial robot supply chain, which has a wealth of experience and established players [28].