YAPP(SH:603013) Huaxin Securities·2026-01-26 09:29Investment Rating - The report maintains a "Buy" rating for the automotive industry, particularly focusing on humanoid robots and aerospace sectors [2][10]. Core Insights - The humanoid robot market is expected to significantly drive the demand for rotary transformers, with a projected market size of 6.15 billion yuan by 2030 and 47.1 billion yuan by 2035, reflecting a CAGR of 85.9% from 2026 to 2035 [4][27]. - The aerospace sector is also experiencing growth, with satellite launches increasing rapidly, leading to a forecasted rotary transformer market size of 700 million yuan by 2030 and 1.8 billion yuan by 2035, with a CAGR of 22.7% from 2026 to 2035 [5][30]. Summary by Sections 1. Humanoid Robots and Aerospace Driving Rotary Transformer Market - Rotary transformers are expected to replace encoders in humanoid robots due to their superior shock resistance and longevity, making them ideal for complex operational environments [4][24]. - The market for rotary transformers in humanoid robots is projected to outpace traditional markets, with each robot requiring multiple transformers for various joints [27][28]. 2. Market Performance of Humanoid Robots - The humanoid robot sector is anticipated to see a substantial increase in market size, driven by the need for high reliability and durability in robotic joints [4][27]. - The report emphasizes the importance of rotary transformers in enhancing the performance and lifespan of humanoid robots [24][27]. 3. Market Performance of Aerospace Sector - The aerospace sector is witnessing a surge in satellite launches, which will increase the demand for rotary transformers used in satellite attitude and orbit control systems [5][30]. - The report highlights the significant growth potential in the satellite rotary transformer market, driven by ambitious launch plans from companies like SpaceX [5][30]. 4. Company Recommendations - The report recommends several companies as key players in the humanoid robot and aerospace rotary transformer markets, including Yingshu Technology and Suzhou Delta, which are positioned to benefit from the growing demand [5][10][40]. - Specific investment opportunities are identified in companies involved in the production of components critical to humanoid robots, such as joints, sensors, and motors [10][40].