KAIYUAN SECURITIES·2026-01-18 10:41Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The report emphasizes the potential of thermoplastic polyurethane (TPU) materials in humanoid robots, highlighting their excellent performance in safety protection and shock absorption, making them an ideal choice for the latest developments in robotics [5][19][30] - The application of TPU in humanoid robots is expected to drive significant market growth, with a projected increase in TPU consumption from 447,000 tons in 2019 to 720,000 tons in 2024, reflecting a CAGR of 10% [7][41] - The report identifies key companies that are likely to benefit from the growth in humanoid robots, particularly those involved in the manufacturing of TPU structural components [8][45] Summary by Sections TPU Material Advantages - TPU combines high elasticity and mechanical strength, making it suitable for various applications in humanoid robots, including safety protection, structural components, and sensor packaging [6][24] - The material's properties, such as high wear resistance, tear resistance, and fatigue resistance, make it ideal for high-contact and high-friction scenarios [30][31] Market Expansion Potential - The humanoid robot market is expected to create a new growth space for TPU, with an optimistic scenario projecting a market space exceeding 3 billion yuan when production reaches one million units [7][40] - The report suggests that the TPU market will expand significantly as it replaces and penetrates traditional applications in footwear, films, and automotive sectors [41] Beneficiary Companies - Midstream TPU structural component manufacturers are expected to benefit first from the volume production of humanoid robots, with companies like Kaizhong Co. and Mould Technology identified as key players [8][45] - Other beneficiaries include companies involved in flexible protective materials and electronic skin production, such as Riyi Electronics and Henghui Security [8][52] Investment Logic - The report outlines that the production of humanoid robots will lead to an increase in TPU market size and push industry valuation upwards, with a projected single-unit TPU usage of 6-10 kg per robot [40][41] - The existing experience and production lines in the automotive sector can be leveraged for the production of TPU components for humanoid robots, facilitating a quicker adaptation to market demands [45][46]