汽车行业：AI 赋能汽车系列：人形机器人领域：逻辑比事实更重要

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes that the humanoid robot industry is on the verge of mass production, with significant advancements made by leading companies in both domestic and international markets. The year 2024 is highlighted as a pivotal year for the commercialization of humanoid robots, with many products entering pilot testing phases [7][13]. - Automotive companies are accelerating their entry into the humanoid robot sector due to overlapping supply chains and technological synergies with their existing operations in autonomous driving and manufacturing [7][41]. - The report suggests focusing on automotive parts companies that have a high degree of overlap with leading humanoid robot firms, strong technical alignment, and rich application scenarios, as they are well-positioned to expand into the humanoid robot business [7][53]. Summary by Sections Humanoid Robots Overview - The humanoid robot industry is poised for significant growth, with major players making substantial progress in research and development. The report identifies five key modules in humanoid robots, with a significant cost attributed to the joint modules [10][16][22]. - The report outlines that the integrated joint module accounts for approximately 50% of the total cost of humanoid robots, with the overall BOM cost estimated at around 316,200 CNY per unit [22][31]. Automotive Sector - Automotive companies are uniquely positioned to leverage their existing supply chains and expertise in AI and manufacturing to facilitate the commercialization of humanoid robots. The report notes that the assembly line, which involves complex, non-programmatic operations, is an ideal application scenario for humanoid robots [41][42]. - Several automotive manufacturers, including GAC Group and Xiaomi, are actively developing humanoid robots for use in their production lines, with plans for mass production in the coming years [49][51]. Automotive Parts Companies - The report recommends focusing on automotive parts companies that exhibit high customer overlap with leading humanoid robot firms, strong technical compatibility, and a high degree of business focus. Companies such as Top Group, Silver Wheel, and Aikodi are highlighted as having significant potential in this emerging market [53][55].