Mai Gao Zheng Quan·2025-10-29 07:39Investment Rating - The industry rating is "Outperform" [5] Core Insights - The application of self-lubricating joint bearings in humanoid robots is highly certain, with potential unit value reaching 5200 yuan, benefiting domestic manufacturers [1][2] - The demand for joint bearings is driven by humanoid robots, with self-lubricating bearing pads being the preferred solution due to their maintenance-free and lightweight design advantages [1][2] Summary by Sections Section 1: New Demand from Humanoid Robots - Self-lubricating joint bearings are suitable for humanoid robots, with a high application ratio for bearing pads [10] - Humanoid robot joints are categorized into three main configurations, with "rotation + linkage" being the primary application area for joint bearings [10][17] Section 2: High Application Certainty for Joint Bearings - The main application types for humanoid robot joint bearings are rod-end bearings, which significantly outperform traditional single-axis bearings [26] - The potential market size for joint bearings in humanoid robots could reach 5.2 billion yuan if one million units are produced, with each unit potentially using 52 joint bearings [53][54] Section 3: High Technical and Market Barriers for Self-Lubricating Bearings - Domestic manufacturers of self-lubricating joint bearings face significant technical and market barriers, but the humanoid robot industry is expected to expand the market size for joint bearings [72] - Longxi Co., Ltd. is the leading domestic manufacturer in the self-lubricating joint bearing market, with a market share of 75% in China and a global market share of 15% [67][69][86] - Changsheng Bearings, a leading self-lubricating bearing manufacturer, has developed self-lubricating joint bearings and established cooperation with key humanoid robot companies [88][92]