Huajin Securities·2025-06-05 04:25Investment Rating - The industry is rated as "Outperform" compared to the market [2] Core Insights - The humanoid robot industry is accelerating its industrialization process, with six-dimensional force sensors being a key incremental component for motion control. The opportunities for domestic substitution are noteworthy [1][3] - The market for six-dimensional force sensors is expected to reach CNY 14.442 billion by 2030, with a CAGR of 49.73%, and CNY 27.780 billion by 2035, with a CAGR of 30.6% [3][57] Summary by Sections 1. Importance of Six-Dimensional Force Sensors - Motion control capability is a key area for improvement in humanoid robots, with six-dimensional force sensors potentially being the optimal solution [3][7] - Six-dimensional force sensors can measure ground forces in real-time, aiding in the stability and gait adjustment of humanoid robots [3][16] 2. High Technical Barriers in the Industry - Six-dimensional force sensors are suitable for complex force scenarios, with their main application in high-precision environments like robotics [20] - The current mainstream technology for six-dimensional force sensors is strain gauge sensors, which excel in stability, rigidity, and precision [32] - The core barriers in the industry lie in calibration and testing, requiring extensive sample points for accurate measurement [42][45] 3. Market Growth and Domestic Substitution Opportunities - The humanoid robot sector is projected to be a significant growth market for six-dimensional force sensors, with industrial robots currently being the largest application area [54] - The demand for cost reduction in six-dimensional force sensors is urgent, as their current production costs are high, with significant room for price reduction through optimization and mass production [59][60] 4. Investment Recommendations - Focus on the sensor sector, particularly companies that have made breakthroughs in product development or have completed sample deliveries, such as Lingyun Co., Anpeilong, and others [65]