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机器人行业点评:持续看好机器人板块,关注新玩家、新技术、轻量化
Investment Rating - The report maintains an "Overweight" rating for the robotics industry, indicating an expectation for the industry to outperform the overall market [11]. Core Insights - The humanoid robot index has increased by over 30% since the beginning of the year, driven by various events and announcements from key players like Tesla and Yushutech [5]. - Despite some volatility and pressure from tariff policies in the second quarter, the report suggests that the current position of the sector is not high, making it a suitable time for strategic investments [5]. - Anticipated developments in the second half of the year include significant policy support and product launches from major companies, which could further boost the industry [5]. Summary by Sections Market Performance - The humanoid robot index saw a 30% increase in the first half of 2025, with notable contributions from Tesla's revised output expectations and product launches from various companies [5]. - The market experienced fluctuations due to tariff impacts and earnings pressures, leading to a more differentiated performance among companies [5]. Investment Strategy - The report suggests a dual approach to investment: focusing on both certainty and flexibility in potential opportunities [5]. - For certainty, it highlights key suppliers like Sanhua Intelligent Control and Top Group, which are expected to benefit from the industry's growth [5]. - For flexibility, it emphasizes the importance of lightweight materials and new technologies, as well as the potential of new players entering the market [5]. Key Companies and Valuations - The report provides a valuation table for key companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for the years 2024 to 2027 [6]. - Notable companies include Sanhua Intelligent Control with a PE ratio of 34 for 2024 and Top Group with a PE ratio of 27 for the same year [6].
对话宇树科技王兴兴,造出 9.9 万元人形机器人的 90 后偏才
晚点LatePost· 2024-05-15 14:45
"24 小时一直思考一个问题,我不信问题解决不了。" 文丨贺乾明 编辑丨程曼祺 2023 年 8 月,宇树科技发布用半年时间做出的人形机器人 H1,没有很精致的外形,双手就像哆啦 A 梦那样是两个圆疙瘩,套着一件黑衣服就亮相了,不能后空翻,但走路很稳,人用力踹上去不会 倒,结合 9 万美元的价格,H1 吸引了大量目光。 时任 OpenAI 研究科学家、特斯拉前 AI 总监安德烈·卡帕蒂(Andrej Karpathy)在社交媒体上说, 他想买一两个,或者一些;还建议不要再踹机器人了。 宇树科技创始人兼 CEO 王兴兴显然没听进去。今年 5 月 13 日,宇树发布新款人形机器人 G1,同 步放出的演示视频中,王兴兴不仅踹了它,还戴上拳击手套发动正面攻击。在他看来,这是检验一 款人形机器人运动能力和稳定性的最直观办法,很多公司都不敢这么做。 上图是宇树在 2023 年 8 月发布的人形机器人 H1,下图是今年 5 月发布的 G1。图片来自宇树科技。 与第一代产品相比,8 个月后登场的新机器人能力提升明显:身体和双腿能旋转近 360°,还可以 "缓慢" 地完成鲤鱼打挺,手部也从圆疙瘩变成了有三根指头的灵巧手,能舞棍 ...