机械行业：工业母机是人形机器人批量化生产降本的核心

Investment Rating - The industry investment rating is "Positive/Maintain" as of December 4, 2024 [1]. Core Insights - The machine tool industry is crucial for China's manufacturing future, with machine tools accounting for 40%-60% of the total manufacturing workload. In 2021, the revenue of China's metal products industry reached 4.97 trillion yuan, representing 16% of the total manufacturing output [14][1]. - The industry is expected to experience a significant demand for machine tool upgrades starting in 2024, as over 60% of the existing machine tools are over 10 years old, indicating a substantial market for replacements [2][29]. - The industrial mother machine is essential for the cost-effective mass production of humanoid robots, with its core components overlapping significantly with those of humanoid robots [3][30]. Summary by Sections 1. Industrial Mother Machines and China's Manufacturing Future - Machine tools are foundational to modern industrial development, with a direct correlation to the output of the metal products industry. The machine tool sector plays a vital role in high-end manufacturing and the overall economy [14][1]. 2. Urgent Need for High-End Machine Tools - The domestic production of high-end machine tools is critical, as key components are still heavily reliant on imports. The localization rate for high-end machine tools remains low, with only 6% for high-end CNC machine tools as of 2018 [16][17]. 3. Industry Recovery and Growth - The machine tool industry has experienced a cyclical recovery since 2019, with production increasing significantly in 2020 and 2021. The industry is now poised for further growth as domestic manufacturing rebounds [28][29]. 4. Cost Reduction in Humanoid Robot Production - The industrial mother machine is pivotal for reducing costs in the mass production of humanoid robots, with its components being integral to the robot's core parts. The expansion of the humanoid robot market will drive further advancements in the industrial mother machine sector [3][30]. 5. Market Opportunities - Companies likely to benefit from these trends include Kede CNC, Haitai Precision, and others, as they are positioned to capitalize on the growing demand for high-end machine tools and components [3][30].