Guohai Securities·2025-06-21 14:01Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, particularly focusing on dexterous hands [1]. Core Insights - The report discusses various component combinations for dexterous hands, emphasizing that the mainstream driving method is motor-driven, which typically requires a reducer to achieve the desired output speed. Multiple transmission options are available, including lead screws, linkages, tendons, gear transmission groups, and synchronous belts [8][12]. - The humanoid robot industry is currently in the early stages of technological breakthroughs and commercialization, with potential for mass production in the future. The report suggests monitoring companies involved in motors and reducers, micro lead screws, tendons, and electronic skin technologies [8]. Summary by Sections 1. Driving and Transmission: Core Components and Options - The report outlines the driving and transmission components necessary for dexterous hands, highlighting the importance of motor and reducer combinations [9][10]. - Various driving methods are analyzed, with electric motors being the most common, often paired with reducers to achieve speed reduction [12]. 2. Component Selection for Dexterous Hands - The report details the selection of components for driving modules and their connection to transmission parts, using examples from companies like Star Motion and InTime Robotics [8]. - It discusses the differences in transmission methods, such as rolling ball lead screws and tendon systems, providing examples of designs from Shadow Hand and Tesla [8]. 3. Application Cases - The report presents application cases from companies like Star Motion and InTime Robotics, showcasing their unique designs and driving mechanisms [48][52]. - It highlights the advantages of using brushless hollow cup motors in dexterous hands, including compact size, lightweight, fast response, and longer lifespan [25]. 4. Market Performance - The mechanical equipment sector has shown a 23.2% increase over the past 12 months, outperforming the CSI 300 index, which only increased by 9.8% [5]. 5. Investment Recommendations - The report recommends focusing on companies involved in electric motors and reducers, micro lead screws, tendons, and electronic skin technologies, such as Zhaowei Electromechanical, Xinjie Electric, and Hanwei Technology [8].