Huafu Securities·2025-03-20 11:06Investment Rating - The report gives an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [5]. Core Insights - The industrial robot market is experiencing stable growth, laying a foundation for humanoid robots, with projections indicating a significant increase in market size and sales volume by 2030 [3][18]. - The humanoid robot market is expected to reach a size of $15 billion by 2030, with a compound annual growth rate (CAGR) exceeding 56% from 2024 to 2030 [3][27]. - The report highlights the importance of rare earth permanent magnets in the manufacturing of robot joints, suggesting that the magnetic materials and components sector could open up a market worth billions [4][31]. Summary by Sections 1. Industrial Robots and Humanoid Robots - The global industrial robot market is projected to see new installations grow from 54.1 thousand units in 2024 to 60.2 thousand units by 2027, with a cumulative installation of 428.2 million units by the end of 2023 [11][12]. - China remains the largest market for industrial robots, accounting for 51% of global installations in 2023 [12]. - The humanoid robot market is expected to grow from $1.017 billion in 2024 to $15 billion by 2030, with sales increasing from 11,900 units to 605,700 units during the same period [3][27]. 2. Rare Earth Permanent Magnets - The cost of humanoid robot joints accounts for over 60% of the total cost, with significant components including rotary and linear actuators [4][31]. - The market for electric motor rotors is projected to reach $2.03 million, $3.58 million, and $5.73 million from 2025 to 2027, while the permanent magnet market is expected to reach $1.22 million, $2.15 million, and $3.44 million in the same timeframe [4][48]. - If humanoid robot sales reach 1 million units, the rotor market could reach $2 billion, corresponding to a permanent magnet market of $1.2 billion, with a demand for 3,500 tons of neodymium iron boron [4][48]. 3. Key Listed Companies - Major domestic producers of high-performance neodymium iron boron are concentrated in companies like Jinli Permanent Magnet, Zhuhai Yuheng, and Ningbo Yunsheng, which are actively entering the humanoid robot market [4][53]. - By 2025, the combined production capacity of high-performance neodymium iron boron in China is expected to reach 203,500 tons, with significant expansions planned by leading companies [53][56].