人形机器人深度研究系列八：谐波减速器-差齿传动，持续进化

Investment Rating - The report suggests a strong investment outlook for the humanoid robot industry, indicating a potential supply-demand gap for harmonic reducers by 2027, with a recommendation to focus on companies that have established relationships with leading clients, especially overseas [2][4]. Core Insights - The harmonic reducer industry is characterized by high technical barriers, primarily in gear design, material preparation, precision processing, and equipment. The leading overseas company, Harmonic Drive, excels in performance metrics compared to domestic manufacturers [2][17]. - The humanoid robot market is expected to experience explosive growth, with global humanoid sales projected to exceed 500,000 units by 2027, leading to a demand for 6 million harmonic reducers, alongside traditional demand reaching a total of 8.8 million units [2][42]. - The competitive landscape is rapidly evolving, with domestic manufacturers increasingly capturing market share in the humanoid segment, particularly by establishing connections with overseas clients [2][4]. Summary by Sections PART 1: Design, Materials, Process, and Equipment Create High Barriers for Harmonic Reducers - The harmonic reducer's high barriers stem from the complexity of gear design, material quality, and precision manufacturing processes, with a significant reliance on imported equipment [2][21]. - Key performance indicators for harmonic reducers include lifespan, transmission accuracy, efficiency, stiffness, temperature rise, and noise levels, with Harmonic Drive leading the industry [17][18]. PART 2: Humanoid Robots Drive Explosive Demand for Harmonic Reducers - The demand for harmonic reducers is primarily driven by the humanoid robot sector, with traditional industrial applications growing at a stable rate [2][42]. - The report forecasts that by 2025, the global demand for harmonic reducers will reach 2.27 million units, with China being the largest market [47][48]. PART 3: Deep Binding with Overseas Humanoid Clients Offers Broad Growth Space - Domestic manufacturers are increasingly binding with overseas clients, which enhances their growth potential in the humanoid robot market [2][4]. - The report highlights several recommended stocks, including Lide Harmonic and Keda Li, which are positioned well to capitalize on this growth [2][4].