人形机器人行业深度报告：AI加速具身智能落地，关注电机、传感器部件

Investment Rating - The report maintains a "Buy" rating for companies involved in the humanoid robot industry [10]. Core Insights - The humanoid robot industry is expected to see significant advancements in hardware and software, with a focus on reducing costs through mass production. The timeline for mass production is anticipated between 2024 and 2025, with the potential for earlier deployment due to rapid AI advancements [3][5][19]. - Domestic manufacturers are prioritizing hardware breakthroughs, while international firms are focusing on algorithm iterations. The market for humanoid robots is projected to expand significantly, with potential sales reaching millions of units at prices below $20,000 [13][23]. Summary by Sections 1. Hardware and Algorithm Development - Humanoid robots are expected to replace complex human movements, with significant market potential as highlighted by Elon Musk's projections of millions of units sold at under $20,000 [13][19]. - Current hardware solutions are largely defined, with key components available commercially, while software and algorithms still require improvement to meet consumer demands for "embodied intelligence" [3][19]. 2. Domestic vs. International Focus - Domestic manufacturers are advancing demo models with a focus on hardware and motion performance, with commercial production expected in the next two years. Notable products include Walker X, Unitree H1, and Fourier GR-1, with prices anticipated to remain within several hundred thousand RMB [3][23][25]. - International firms are slower in commercializing their products, with a focus on industrial applications. Companies like Digit and Tesla plan to deliver their humanoid robots by 2025, with varying price points and application scenarios [4][23]. 3. Investment Opportunities in Components - Key investment opportunities are identified in the actuator and sensing components of humanoid robots. The demand for frameless torque motors is expected to grow, with recommendations to focus on companies like Step Science [5][19]. - In the sensing layer, visual technologies such as TOF and multi-view systems are highlighted, with six-dimensional force sensors presenting significant investment value [5][19].