人形机器人思考专题1：重视行星价值重估、谐波确定性

Investment Rating - The report maintains an "Add" rating for the automation equipment industry [1] Core Insights - The report discusses the ongoing debate regarding the hardware choices for humanoid robots, particularly focusing on the upper and lower limb actuator solutions [1] - It highlights the importance of the upper limb in humanoid robots, emphasizing that the choice of actuator significantly impacts practicality [2] - The report concludes that while harmonic reducers are currently the only solution for upper limbs, they face challenges such as high cost and low impact resistance [3] - For lower limbs, planetary gear systems are favored due to their cost-effectiveness and sufficient load-bearing capacity [4] - The report anticipates a coexistence of both planetary gear systems and screw systems in the future, depending on application scenarios [7] Summary by Sections Upper Limb Selection - Harmonic reducers are predominantly used for upper limbs due to their compact size and high load capacity, but they are expensive, with BOM costs ranging from 200,000 to 300,000 yuan [2] - Planetary gear systems are cheaper but have lower load capacities, making them less suitable for upper limb applications [3] - The report suggests that harmonic reducers are the only viable option in the short term, despite their drawbacks [3] Lower Limb Selection - Planetary screw systems are gaining traction but face production and cost challenges [4] - Planetary gear systems are preferred for lower limbs due to their high cost-performance ratio and adequate load-bearing capabilities [4] - The report clarifies common misconceptions about actuator choices and emphasizes the importance of application context [7] Market Outlook - The report expresses confidence in the harmonic reducer industry chain and recommends specific companies such as Green Harmonic and Siling Co. [7] - It also highlights the need for market re-evaluation of planetary gear system companies, suggesting potential undervaluation [7]