Investment Rating - The report maintains a "Recommended" rating for Xianglou New Materials, with projected net profits of 243 million, 295 million, and 351 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 31, 25, and 21 times [4][5]. Core Insights - Precision reducers are critical components in humanoid robots, converting high-speed, low-torque output from servo motors into low-speed, high-torque power needed for robotic joints [1][10]. - Harmonic reducers are primarily used, supported by precision planetary reducers, due to their compact size, high torque density, and ability to operate in confined spaces [1][14]. - The demand for special steel is expected to rise significantly with the mass production of humanoid robots, particularly from Tesla's plans to produce thousands of units by 2025 and over 500,000 by 2027 [3][71]. Summary by Sections 1. Harmonic Reducers as Preferred Solutions - Precision reducers are essential for robots, providing reliable and stable performance in high-end applications [10][11]. - The report highlights the advantages of harmonic reducers, including their high reduction ratio and compact design, making them suitable for lightweight humanoid robots [24][21]. 2. Reducer Materials: Process Optimization is Timely - Harmonic reducers require high-performance materials due to their operational demands, with common materials including high-strength alloy steels [26][32]. - The report discusses the potential of precision stamping technology to reduce costs and improve efficiency in producing flexible wheels for harmonic reducers [2][50]. - Ductile iron is proposed as a lightweight alternative for rigid wheels, offering better wear resistance and self-lubricating properties compared to traditional alloy steels [59][64]. 3. Upcoming Demand for Special Steel - The report anticipates a surge in demand for special steel materials driven by the upcoming mass production of humanoid robots, with significant market size projections for harmonic reducer steel materials [3][71]. - Investment suggestions include focusing on Xianglou New Materials for precision stamping steel and Hengong Precision for ductile iron applications [3][4]. 4. Key Company Profit Forecasts, Valuation, and Ratings - The report provides detailed earnings forecasts and valuations for key companies, emphasizing the growth potential in the precision steel and ductile iron sectors [4].
人形机器人材料需求系列报告之四：减速器材料：工艺优化正当时