机械设备行业点评报告：谐波减速器为人形机器人核心部件，看好国产谐波厂商充分受益

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Viewpoints - Harmonic reducers are identified as the core components for humanoid robots, with domestic manufacturers expected to benefit significantly [1] - The report highlights four main challenges in the application of harmonic reducers in humanoid robots: ratchet phenomenon, resonance issues, weight reduction tasks, and mass production difficulties [2] - The competitive landscape shows that leading companies like Harmonic Drive and Green Harmonic are well-positioned to benefit from the upcoming production wave of humanoid robots [3] Summary by Sections 1. Harmonic Reducers: Core Components of Humanoid Robots - Harmonic reducers are characterized by low load, high precision, and compact structure, making them suitable for small load six-axis, SCARA, and collaborative robots [14][15] - The selection of harmonic reducers for humanoid robots is driven by their small size, light weight, and cost-effectiveness, as well as high transmission efficiency [15][16] 2. Real-World Applications: Challenges in Using Harmonic Reducers - The four main challenges include: 1. Ratchet phenomenon leading to excessive vibration and wear [2] 2. Resonance issues causing instability in simultaneous movements [2] 3. The need for further weight reduction despite existing advantages [2] 4. Difficulties in mass production due to reliance on skilled labor for assembly [2][17] 3. Competitive Landscape: Domestic Leaders to Benefit - Harmonic Drive holds the largest market share at 38%, followed by Green Harmonic at 26% [3][22] - Green Harmonic is noted for its capability to scale production, with plans to raise 2.027 billion yuan for new manufacturing projects [3][24] 4. Investment Recommendations - The report strongly recommends investing in Green Harmonic as a leading domestic harmonic reducer manufacturer [4][25]