机器人行业点评报告：控制器：人形机器人技术高地，关注车域控和工控公司

Investment Rating - The report gives an "Overweight" rating for the robotics industry, indicating that it is expected to outperform the overall market [1][8]. Core Insights - The robotics controller is crucial for the performance of the robot body and is a key factor in the future commercialization of robotics. Recent developments in the controller segment are noteworthy, including the release of the VLA model Helix and the 1X NEO intelligent upgrade [2]. - Robotics controllers can be categorized into "brain" and "cerebellum" based on functionality. The brain handles complex algorithms and data processing, while the cerebellum is responsible for motion control [2]. - The manufacturing difficulty and standards of robotics controllers place them between automotive domain controllers and industrial control systems, with the brain being significantly more valuable due to the cost of main control chips [2]. - Key companies in the robotics controller space include Tianzhun Technology, Zhiwei Intelligent, Desay SV, Gokong Technology, Leisai Intelligent, Rockchip, and Horizon Robotics, with a focus on their partnerships and technological capabilities [2]. Company Summaries - Tianzhun Technology: A key partner of NVIDIA, launched the first embodied intelligent controller with a computing power of 275 TOPS [2]. - Zhiwei Intelligent: Provides solutions for mobile robots and industrial robotic arms, with a dedicated platform for humanoid robots [2]. - Desay SV: A leading company in automotive domain controllers [2]. - Gokong Technology: Focuses on motion control systems with strong industrial control capabilities [2]. - Leisai Intelligent: Supplies core components and solutions for motion control [2]. - Rockchip: A supplier of SoC system chips [2]. - Horizon Robotics: A domestic supplier of domain control chips [2]. Valuation Summary - The report includes a valuation table for key companies, showing projected EPS and PE ratios for the years 2023 to 2026. For example, Tianzhun Technology has an estimated EPS of 1.62 CNY per share for 2025, with a PE ratio of 35 [3].