Haitong Securities·2025-12-17 06:28Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In industrial scenarios, humanoid robots are primarily suited for handling and quality inspection tasks, with a focus on ROI and the potential for expansion into more processes as their generalization capabilities improve [1][10][11] - The market demand for humanoid robots in China's industrial sectors, including automotive manufacturing, electronics manufacturing, and logistics warehousing, is projected to reach 484,000 units by 2035, with a market space exceeding 48 billion yuan [4][12] Summary by Sections 1. Core Insights - Humanoid robots are best suited for handling and quality inspection tasks, gradually expanding into basic assembly tasks as their capabilities develop [3][11] - The commercial viability hinges on achieving a return on investment (ROI) within two years, necessitating a reduction in robot prices to around 100,000 yuan and efficiency improvements to match human performance [3][11] 2. Industrial Manufacturing Flexibility - The demand for flexibility in manufacturing is increasing, with humanoid robots starting from short-chain tasks and gradually taking on more complex tasks [2][16] - Humanoid robots complement industrial robots, adapting to flexible production needs and enhancing operational efficiency [2][17] 3. Market Potential - The total demand for humanoid robots in the industrial sector is expected to reach 484,000 units by 2035, with a market potential of 48.36 billion yuan [4][12] - Collaboration between automotive companies and robotics firms is crucial for the deployment of humanoid robots in industrial settings, with companies like Tesla and XPeng leading the way [4][12]