人形机器人赛道新动态：特斯拉拜访中国供应商，恒立液压有望加入Optimus供应链？
傅里叶的猫·2025-10-11 11:16

Core Insights - The article discusses the recent stock performance of humanoid robot companies, highlighting a significant drop in shares of UBTECH and a mixed performance among component suppliers, indicating a competitive landscape in the humanoid robotics sector [2][4]. Group 1: Stock Performance Analysis - On October 9, UBTECH's stock fell by 9.5%, while its competitor, Dechang Micro-Motor, saw an 8.3% decline. In contrast, Hengli Hydraulic's stock rose by 8.6% on the same day [2][4]. - Citigroup's analysis attributes the divergent stock performances to three main factors: the launch of Figure AI's new humanoid robot, Tesla's temporary halt in Optimus production, and Tesla's engagement with Chinese suppliers, including Hengli Hydraulic [4]. Group 2: Figure AI's New Robot - Figure AI introduced the Figure 03, a humanoid robot capable of performing human-like tasks and learning directly from humans. Its innovative features include wireless charging and advanced sensors, raising the competitive bar in the humanoid robotics market [5]. - Despite the competitive pressure from Figure AI, Citigroup believes it is premature to conclude that UBTECH lacks competitiveness, as UBTECH plans to release its next-generation robot, Walker S3, in the first half of 2026 [5]. Group 3: Tesla's Optimus Production Insights - Citigroup's research indicates that Tesla's pause in Optimus production occurred in July 2025 due to hardware design challenges. The second-generation Optimus is expected to have a production capacity of up to 2,000 units, although actual output may be lower [7]. - Tesla is assessing suppliers' capabilities to meet production targets of 1,000, 5,000, or 10,000 units per week by August 2026, with a minimum annual production goal of approximately 50,000 units [8]. - Hengli Hydraulic is identified as a potential supplier for Tesla's humanoid robots, with expectations of valuation reassessment due to its core business improvements and potential involvement in the humanoid robotics sector [8].