人形机器人行业点评报告：Figure自研端到端模型，未来一月将有重大更新

Investment Rating - The report gives an "Overweight" rating for the humanoid robot industry, indicating it is expected to outperform the overall market [1]. Core Insights - Figure, a leading humanoid robot company, has shown rapid development since its establishment in May 2022, with significant milestones including the release of its Figure 01 robot and subsequent advancements in AI capabilities and commercial partnerships [2]. - The humanoid robot industry is anticipated to enter a phase of commercial application in 2025, driven by advancements in artificial intelligence and ongoing training in real-world environments [2]. - The report highlights potential investment opportunities in companies related to the humanoid robot supply chain, such as 绿的谐波 (Green Harmonic), 鸣志电器 (Mingzhi Electric), 兆威机电 (Zhaowei Electromechanical), 领益智造 (Lingyi Zhi Zao), and 长盈精密 (Changying Precision) [2]. Summary by Sections Company Overview - Figure has made significant strides in AI and has signed contracts with major clients, indicating a strong market potential for humanoid robots [2]. - The company has terminated its partnership with OpenAI to focus on its proprietary AI developments, which are expected to be showcased in the near future [2]. Market Trends - The humanoid robot industry is set to accelerate its commercialization, with Figure positioned as a key player due to its advanced capabilities in language interaction, autonomous learning, and logical reasoning [2]. - The report suggests that 2025 could be a pivotal year for the industry, marking the beginning of widespread commercial applications [2]. Valuation Metrics - The report includes a valuation table for key companies in the humanoid robot sector, providing EPS and PE ratios for 2023 to 2026, indicating varying levels of market performance and growth potential [3].