Wanlian Securities·2025-11-06 12:01Investment Rating - The report maintains a "Buy" rating for the precision reducer industry, indicating a strong outlook for growth and investment opportunities [5]. Core Insights - The precision reducer is a critical component in humanoid and industrial robots, significantly impacting their performance. The market for precision reducers is expected to see substantial growth, particularly driven by the humanoid robot sector, which could generate hundreds of billions in market space by 2030 [2][5]. - The domestic production of precision reducers is on the rise, supported by government policies and technological advancements, leading to an increase in the localization rate of these components [2][5]. Summary by Sections 1. Overview of Reducers - Reducers are essential components in the transmission field, responsible for reducing speed and increasing torque, with widespread applications across various industries [14]. - The Chinese reducer market is projected to reach 1,447 billion yuan by 2024, maintaining a growth rate of around 5% [15]. 2. Precision Reducers in Robotics - Precision reducers account for 35% of the cost in industrial robots and approximately 16% in humanoid robots, making them a significant cost component [3][26]. - The precision reducer market is expected to grow steadily, with the harmonic reducer market in China projected to reach 33.2 billion yuan by 2025, reflecting a CAGR of 15.47% from 2023 to 2025 [4][32]. 3. Demand Growth and Technological Breakthroughs - The humanoid robot market is anticipated to exceed 20 billion USD by 2028, with a CAGR of 56.99% from 2023 to 2028, indicating a substantial increase in demand for precision reducers [5][62]. - Domestic manufacturers are closing the gap with international standards through technological advancements, enhancing their competitiveness in the precision reducer market [5][54]. 4. Investment Recommendations - The report suggests focusing on domestic leading companies in the harmonic and precision planetary reducer sectors, which are expected to benefit from the growing humanoid robot market and ongoing domestic substitution trends [5][8].