Tesla(US:TSLA) Changjiang Securities·2025-07-01 01:22Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant advancements in technology and production capabilities, suggesting a favorable environment for investment opportunities [19]. Core Insights - The humanoid robot industry is experiencing rapid technological iterations and exploration of various applications, leading to the emergence of diverse robot forms. The continuous improvement in hardware and software technologies is enhancing the capabilities of humanoid robots [3][18]. - The report emphasizes that 2025 will mark a significant acceleration in the development of humanoid robots, with substantial breakthroughs in mass production, cost reduction, and technological advancements [19][23]. Summary by Sections Introduction - The report discusses the extensive exploration and rapid iteration of technology in the humanoid robot industry, driven by various application scenarios that foster the development of different robot forms [18]. Key Components - Ball Screw: The report notes that the ball screw's internal thread processing is a major challenge, with various machining methods being explored, including turning, milling, and rolling. Leading manufacturers are beginning to invest in upstream equipment, indicating a trend towards specialized machinery [6][27]. - Reducer: The humanoid robots primarily use harmonic and planetary reducers, with manufacturers exploring new types of reducers to meet lightweight and performance optimization demands [7][40]. - Dexterous Hands: The report highlights the rapid development of dexterous hands in China, with various manufacturers adopting different technical routes, including direct and indirect drive systems [8][57]. - Electronic Skin: There is a growing investment in electronic skin technology, with numerous companies developing products based on various sensing principles to enhance robots' tactile perception [8]. - Sensors: The report categorizes humanoid robot sensors into several types, including force, vision, touch, and positioning sensors, with ongoing exploration of new sensor combinations [9]. - Lightweight Materials: The industry is increasingly focused on optimizing materials for lightweight applications, which is expected to benefit from the rapid growth of the humanoid robot market [10]. - Intelligent Control: The report discusses the importance of embodied intelligence models in humanoid robots, emphasizing the need for high generalization and reasoning capabilities [11]. - Thermal Management: Effective thermal management is crucial for the commercial application of robots, with various cooling technologies being explored [12]. Production and Cost - The report outlines that 2025 will be a pivotal year for mass production, with global production expected to reach tens of thousands of units. Companies like Tesla and Zhiyuan Robotics are leading the way in production capacity [19][22]. - It also highlights significant cost reductions in humanoid robot manufacturing, with the cost of certain models expected to drop from 700,000 RMB to 200,000 RMB by the end of 2025 [23][25]. Technological Advancements - The report notes that core component technologies are undergoing significant upgrades, with new manufacturing processes improving efficiency and reducing costs [26][40]. Investment Recommendations - The report concludes with a strong recommendation for investment in the humanoid robot industry, citing rapid technological advancements and promising market potential [35].