机械设备行业专题报告：人形机器人量产路线清晰，看好丝杠需求提升

Investment Rating - The investment rating for the general equipment sector is positive, while specialized equipment and transportation equipment are rated neutral. The engineering machinery and automation equipment sectors are rated positively as well [5]. Core Insights - The report highlights that ball screws are a core component of precision transmission with a wide range of applications, particularly in machine tools, robotics, and the automotive industry. The demand for ball screws is expected to increase significantly due to the growth in high-end machine tools and the development of humanoid robots [1][3][27]. Summary by Sections 1. Ball Screws as Core Precision Transmission Components - Ball screws are essential for converting rotational motion into linear motion and are categorized into sliding, rolling, and hydrostatic types. Rolling ball screws are favored for their high efficiency and precision, making them widely used in various applications [1][10]. 2. Positive Outlook on Downstream Demand - China is a major consumer market for ball screws, with a supply-demand gap of 4.92 million sets in 2023. The machine tool industry is the largest application area for ball screws, which are critical for machine tool feed mechanisms. The automotive sector, particularly with the rise of electric vehicles, is also expected to drive demand for ball screws [3][27][35]. 2.1 Humanoid Robots as a Growth Point - The production roadmap for humanoid robots is becoming clearer, with Tesla planning to launch its humanoid robot by 2026. Each robot is expected to use 14 ball screws, indicating a significant potential market size for ball screws as production scales up [3][31][34]. 2.2 Growth Driven by High-End Electric Vehicles - The rapid development of domestic electric vehicles is expected to increase the demand for ball screws used in steering and braking systems. The market for electric power steering systems (R-EPS) and electronic mechanical braking systems (EMB) is anticipated to grow, further driving the need for ball screws [3][35][38]. 2.3 Benefiting from High-End Machine Tool Development - The machine tool industry is receiving strong policy support, and as a key component of high-end equipment, ball screws are expected to benefit from the increasing domestic production of high-end machine tools. The market for five-axis CNC machine tools is projected to grow significantly, further enhancing the demand for ball screws [3][42][51]. 3. Company Profiles 3.1 Best - Best Precision Machinery Co., Ltd. focuses on precision components and intelligent equipment, with a revenue of 1.042 billion yuan in the first three quarters of 2024, showing a year-on-year growth of 3.52% [52][53]. 3.2 Hengli Hydraulic - Hengli Hydraulic Co., Ltd. specializes in hydraulic transmission control systems, achieving a revenue of 6.936 billion yuan in the first three quarters of 2024, with a year-on-year growth of 9.32% [55][56]. 3.3 Wuzhou Xinchun - Wuzhou Xinchun Group Co., Ltd. is involved in the production of bearings and automotive parts, reporting a revenue of 2.473 billion yuan in the first three quarters of 2024, a decrease of 1.76% year-on-year [57][58].