XUSHENG(SH:603305) Soochow Securities·2025-07-12 08:35Investment Rating - The report suggests a focus on magnesium alloy die-casting leading companies such as Baowu Magnesium and Xingyuan Zhuomai, and recommends lightweight joint component companies in humanoid robots like Xusheng Group, as well as leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [2] Core Viewpoints - The trend towards lightweight humanoid robots is driven by material and process design, addressing issues like insufficient endurance, low flexibility, and poor heat dissipation. The main paths for achieving this include structural optimization, component performance enhancement, and material replacement, with magnesium alloys and high-performance engineering plastics being key materials [2][4] - Magnesium alloys offer significant advantages, including better weight reduction compared to aluminum alloys, lower costs due to sustained low raw material prices, and improved electromagnetic shielding and heat dissipation efficiency. The semi-solid process addresses corrosion resistance issues, making magnesium alloys suitable for humanoid robot components [2][21] - High-performance engineering plastics like PEEK, PPS, and PPA are gaining traction in the lightweight revolution, with PEEK being particularly notable for its applications in high-value areas such as joint bearings and gear components, indicating a potential market space in the billions [2][67] Summary by Sections 1. Lightweight Trend in Humanoid Robots - The lightweight trend is evident in various humanoid robot models, with significant weight reductions achieved while increasing height [6][8] - Lightweight solutions address critical issues such as limited endurance and flexibility, with a notable example being a 40% weight reduction leading to a 6-hour operational time [13][14] - The main paths to achieve lightweight humanoid robots include structural optimization, component replacement, and material substitution, with a focus on magnesium alloys and high-performance engineering plastics [18][19] 2. Cost Down & Technological Breakthroughs for Magnesium Alloys - The report highlights that the cost of magnesium ingots has been decreasing since 2022, making magnesium alloys more economically viable compared to aluminum [27][28] - China is a major supplier of magnesium, with a significant increase in production capacity, ensuring stable pricing and supply [27][28] - The semi-solid forming technology is identified as a future trend for magnesium alloys, improving product quality and performance [36][40] 3. High-Performance Engineering Plastics Revolution - Engineering plastics like PEEK and PPS are positioned as superior alternatives to traditional materials, with a high concentration of production among a few key players [73][89] - PEEK is noted for its exceptional mechanical properties, making it comparable to metals, and is increasingly used in various high-value applications [78][84] - PPS is recognized for its excellent chemical resistance and cost-effectiveness, further solidifying its position in the market [90]