国泰海通｜机械：智元&宇树获1.24亿订单，人形机器人商业化加速

Core Viewpoint - The recent procurement of humanoid robot manufacturing projects by Zhiyuan and Yushu, totaling 1.24 billion yuan, signifies a shift from research to commercialization in the humanoid robot industry, highlighting the acceleration of application scenarios, particularly in telecommunications [1][3]. Group 1: Company Strengths - Zhiyuan Robotics has achieved mass production of its general-purpose humanoid robots, with the 1,000th unit expected to roll off the production line in January 2025, demonstrating its capability to implement application scenarios [2]. - Zhiyuan's "body + AI" full-stack technology and its three product families have covered multiple commercial scenarios, enhancing its competitive edge [2]. - Yushu Technology excels in the research, production, and sales of humanoid robots, with significant capabilities in core components, motion control, and perception, leading to a global technological advantage in quadruped robots [2]. Group 2: Industry Development - The recent orders are seen as a "shot in the arm" for the industry, marking a transition to commercialization and attracting more companies to innovate and upgrade the industry [3]. - The procurement by a telecommunications giant indicates a growing demand in traditional industries, suggesting that telecommunications services will become a significant application scenario for humanoid robots [3]. - The collaboration between Zhiyuan and Yushu is expected to create a positive feedback loop in the industry, allowing for data accumulation and product iteration, which will help expand their customer base [3].