2024人形机器人在工业领域发展机遇行业壁垒及国产替代空间分析报告

Industry Investment Rating - The report highlights the potential for industry upgrades due to the high overlap between robotics and automotive supply chains, with 2025 expected to be the first year of mass production, bringing new investment opportunities in components [10][11] Core Views - The high overlap between robotics and automotive supply chains presents significant opportunities for industry upgrades, particularly in components like precision screws, which are critical for humanoid robots [10][11] - Tesla's rapid iteration in humanoid robotics is expected to have a "catfish effect" on the global robotics market, stimulating innovation and competition [11] - The development of humanoid robots is expected to accelerate, driven by major players entering the market, technological advancements, and policy support, with 2025 likely to be the year of mass production [10][11] Key Components and Technologies - Precision Screws: Precision screws, including trapezoidal screws, ball screws, and planetary roller screws, are core components for linear joints in humanoid robots. Planetary roller screws, despite higher manufacturing costs, offer advantages in efficiency, precision, and load capacity, making them suitable for humanoid robots [23][26][27] - Barriers to Entry: The manufacturing of planetary roller screws involves high barriers, including advanced equipment and complex processes. Imported high-precision equipment is expensive, and the production process requires significant know-how, particularly in threading and heat treatment [58][59][60] - Market Analysis: The high-end market for precision screws is dominated by foreign brands, but domestic players are catching up, driven by the potential for humanoid robots to create new demand for screws [10][11] Investment Recommendations - Companies with strong manufacturing capabilities and equipment reserves, such as Top Group, Sanhua Intelligent Control, Beite Technology, Best Precision, and Shuanglin Co., are recommended for investment due to their potential to benefit from the growth in humanoid robotics [10][11] Industry Trends and Future Outlook - The humanoid robotics market is expected to see significant growth, with Tesla's Optimus robot leading the way. The market is projected to expand from specific industrial applications to more general-purpose scenarios, with mass production expected by 2025 [20][21] - The development of humanoid robots will drive demand for high-precision components, particularly screws, which are expected to account for 15%-25% of the total value of robot components [30][31]