Investment Rating - Industry Rating: Outperform the market [5] - Rating Change: Maintain [5] Core Insights - Dexterous hands are the core solution for humanoid robot end effectors, with current technology routes not converging and significant customization demands from downstream customers, giving an advantage to whole hand and module manufacturers [1][3] - Dexterous hands mimic human hands, integrating drive systems, transmission systems, and sensing systems, offering high flexibility but at a higher cost and lower reliability and maintainability compared to traditional grippers [1][3] - The report identifies three main trends in the development of dexterous hands: the coexistence of multiple technology routes, an increase in degrees of freedom and sensor usage, and the necessity for collaboration between manufacturers and external suppliers due to high R&D costs and long cycles [3][27] Summary by Sections Section 1: Dexterous Hands as Core Solutions - Dexterous hands are designed to flexibly manipulate objects and meet various operational needs, with Tesla's dexterous hand currently in its third iteration capable of performing complex tasks [13][15] - The key difference between dexterous hands and traditional grippers is the higher degree of freedom in dexterous hands, allowing for more complex grasping operations [1][19] Section 2: Core Systems of Dexterous Hands - The dexterous hand consists of three core systems: drive system, transmission system, and sensing system [27] - The drive system primarily includes electric, hydraulic, pneumatic, and shape memory alloy drives, with the electric drive being the mainstream solution [27][30] - The transmission system includes reducers, screws, and tendon systems, with planetary reducers and worm gearboxes being the most commonly used [27][46] - The sensing system comprises force/moment sensors, position sensors, and tactile sensors, which are crucial for providing feedback and enhancing the dexterous hand's functionality [27][75] Section 3: Development Trends of Dexterous Hands - The technology routes for dexterous hands are expected to remain diverse in the short term, with no convergence anticipated [3][92] - Future improvements in dexterous hands will likely include increased degrees of freedom and a rise in the usage of tactile sensors, which will enhance the overall value of the dexterous hand [3][92] - The high R&D investment and long development cycles necessitate collaboration between manufacturers and external suppliers, as dexterous hand development constitutes a significant portion of humanoid robot engineering [3][92] Section 4: Investment Recommendations - Companies such as Jiechang Drive, Longsheng Technology, Zhaowei Electromechanical, and Jiangsu Leili are highlighted for their potential in the dexterous hand market due to their innovative approaches and collaborations [8][4]

Core Insights - The development of tendon ropes, a key component of cable-driven robots, is accelerating among listed companies and startups to meet future demands in robotics [1][2] Group 1: Industry Overview - Cable-driven robots are characterized by their lightweight, flexibility, high safety performance, energy efficiency, and strong biomimetic capabilities [1] - Current prototypes of cable-driven robots have been developed by various companies, including a university's octopus-like robotic arm capable of handling fragile and irregular objects [1] Group 2: Company Developments - Jiangsu Henghui Security Co., Ltd. is actively developing ultra-high molecular weight polyethylene fibers for use in robotic tendons, having completed multiple rounds of sample testing with leading robotics firms [2] - Shandong Daye Co., Ltd. is focusing on the development of metal tendons for cable-driven robots, having received small batch orders based on their research in high-performance steel wire [2] - Shandong Nanshan Zhishang Technology Co., Ltd. is producing ultra-high molecular weight polyethylene fibers with properties suitable for robotics, and is in the process of sending samples to various downstream robotics companies [2] Group 3: Material Innovations - Some companies are exploring carbon fiber materials for tendon development due to their superior tensile strength, corrosion resistance, and fatigue performance compared to metals and polymers [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company is experiencing significant revenue growth in its 3C precision metal components, particularly in the wearable sector, with a projected revenue of 793 million yuan in 2024, representing a year-on-year increase of 40.26% [1]. - The automotive components segment also shows promising growth, with revenue expected to reach 223 million yuan in 2024, a 21.12% increase, and an improved gross margin of 14.22%, up by 2.77 percentage points [1]. - The company has established a subsidiary focused on humanoid robotics, investing 1 billion yuan to develop components such as micro screws and springs, indicating a strategic shift towards diversifying its product offerings [2]. Financial Summary - Revenue is projected to grow from 1.285 billion yuan in 2024 to 3.190 billion yuan by 2027, with corresponding net profits increasing from 55 million yuan to 308 million yuan over the same period [4][12]. - The company’s earnings per share (EPS) is expected to rise from 0.26 yuan in 2024 to 1.19 yuan in 2027, reflecting a strong growth trajectory [12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 57.12 in 2024 to 21.61 by 2027, indicating improving valuation metrics as the company scales [12].

Summary of the Conference Call on Dexterous Hands and Humanoid Robotics Industry Overview - The humanoid robotics sector is experiencing a sentiment correction, primarily due to production delays, but the industry trend remains positive. [3] - The dexterous hand is a critical component in humanoid robots, requiring continuous iteration and optimization. [5] Key Points and Arguments - **Dexterous Hand Technology**: The generalized grasping capability of dexterous hands is currently around 80%, indicating room for improvement. Technical bottlenecks exist in visual modules, particularly in 3D image processing. [1][5] - **Market Trends**: The textile, inspection, and logistics sectors are expected to be the first to achieve mass deployment of humanoid robots. [9] - **Technological Diversity**: Various domestic dexterous hand technologies include micro-screw control, tendon-driven designs, and ultra-bionic designs. Tesla's adoption of tendon-driven designs has influenced domestic manufacturers towards lightweight and cost-effective motor solutions. [1][10][13] - **Motor Manufacturing Advances**: Progress in micro-motor manufacturing has been noted, with hollow cup motors becoming smaller and brushless permanent magnet motors showing cost advantages. The future may see a mixed use of both types to balance sensitivity and space utilization. [1][17][18] - **Transmission Module Development**: The micro-screw technology is gaining traction due to its high precision and driving force, although manufacturing challenges remain. [19][21] - **Sensor Technology**: The demand for sensors in humanoid robots is significant, with various types such as resistive, capacitive, and Hall effect sensors showing industrialization potential. [26][27] Additional Important Insights - **Challenges in Grasping**: Dexterous hands face challenges in generalized grasping, with visual alignment and data insufficiency being critical issues. The success rate for grasping tasks fluctuates between 40% and 80%. [29] - **Future Market Potential**: If humanoid robots achieve mass production, the market for tendon materials could reach approximately 4 billion yuan, highlighting the growth potential in this area. [24] - **Importance of Data and Learning**: The combination of visual and tactile feedback is essential for improving the capabilities of dexterous hands, with a comprehensive database being crucial for enhancing performance. [33] Conclusion The humanoid robotics industry, particularly in the area of dexterous hands, is poised for growth despite current challenges. Continuous technological advancements and market demand are expected to drive innovation and application in various sectors.

Core Insights - The conversation highlights the advancements in the supply chain for humanoid robots, particularly focusing on the development of tendon ropes, which are crucial for the dexterity of robotic hands [4][10] - The company Zhongke Silicon Valley has made significant progress in domestic supply chains, achieving a 100% localization rate for core components of their robotic hands [5][23] - The market for dexterous robotic hands has gained traction, with increased investor interest and recognition of their importance in the functionality of humanoid robots [5][9] Industry Overview - The cost of motors used in robotic hands has decreased from approximately 2,000 yuan to under 500 yuan over the past six to seven years, indicating a trend of cost reduction in key components [4][23] - The dexterous hand is seen as a critical competitive point in the humanoid robot sector, with the industry recognizing that the "last mile" of automation relies heavily on the capabilities of robotic hands [4][5] - The company anticipates rapid development and deployment of upper limb capabilities in humanoid robots, which will drive overall industry growth [5][15] Market Dynamics - The interest in dexterous hands has surged since the second half of last year, with many investors now actively seeking engagement with companies in this space [5][9] - Despite the hype around humanoid robots, there are concerns regarding the clarity of commercialization paths, as highlighted by investor Zhu Xiaohu's withdrawal from the sector [6][10] - The industry faces challenges with product homogeneity, as many new entrants produce similar offerings without distinct features, raising concerns about long-term sustainability [7][11] Company Positioning - Zhongke Silicon Valley has launched the Casia Hand series, which can perform complex tasks such as screwing and grasping fragile items, although large-scale delivery is still pending [5][16] - The company aims to target niche industry users and is focused on validating applications in specific scenarios, such as industrial settings where robots can assist with tasks like loading and sorting [16][20] - The company plans to scale production and promote its products in specific applications next year, with a revenue target in the millions [17][16]

Core Viewpoint - The article discusses the advancements and applications of tendon-driven dexterous hands in humanoid robots, highlighting the importance of tendon materials and transmission mechanisms in enhancing performance and flexibility [4][11][20]. Group 1: Transmission Mechanisms - Tendon transmission is crucial for dexterous hands, utilizing mechanisms like tendon, gear, and linkage transmissions, each with distinct advantages and disadvantages [4][6][10]. - Tendon transmission mimics human muscle function, allowing for lightweight and flexible designs, which improve speed and reduce energy consumption [6][14]. - The main tendon transmission schemes include N-type, N+1 type, and 2N type, each varying in the number of actuators and load capacities [8][10][13]. Group 2: Material Selection - Tendon materials are primarily categorized into stainless steel and high molecular fibers, with high molecular fibers being more widely used due to their superior properties [11][14]. - UHMWPE fibers are favored for their high strength and low weight, significantly enhancing the dexterous hand's performance [14][46]. - The tensile strength of UHMWPE fibers is reported to be 15 times that of high-quality steel, making them ideal for robotic applications [14][15]. Group 3: Industry Policies and Market Potential - Recent policies in China emphasize the development of humanoid robots, which is expected to drive demand for tendon materials [17][18]. - The market for humanoid robots is projected to reach significant levels, with estimates suggesting a market size of 352 billion yuan for tendon materials alone, based on the expected production of 10 million units [34][36]. - The humanoid robot industry is entering a competitive phase, with various companies developing advanced models, indicating a robust growth trajectory [31][33]. Group 4: Application Cases - Tesla's Optimus series showcases the evolution of tendon-driven dexterous hands, with each generation improving in flexibility and functionality [20][24][25]. - The 1X NEO Gamma home service robot utilizes tendon-driven designs, demonstrating the practical applications of these technologies in consumer products [26][27]. - Various international research and development efforts are ongoing, leading to the creation of multiple tendon-driven robotic hands, indicating a growing interest in this technology [20][23].

Group 1 - The Fuliwang high-end precision component R&D and production base project officially commenced in Kunshan, with a total investment of approximately 2 billion yuan and an expected annual output value of 3 billion yuan upon completion [1] - The project will focus on the R&D of high-precision micro-screws and small-sized joint drive components, primarily for the robotics sector, marking a significant step for Fuliwang into the robotics market [1][2] - Fuliwang aims to leverage its expertise in precision metal manufacturing to transition into the production of components for humanoid robots, which is expected to create a new growth point for the company [2] Group 2 - The humanoid robot industry is anticipated to enter a mass production phase by 2025, with a significant market scale and potential, becoming a disruptive product following computers, smartphones, and new energy vehicles [2] - Joint modules account for approximately 55% of the overall cost of humanoid robots, with dexterous hands being the most valuable segment, comprising about 30% of the total cost [2] - Fuliwang has over 40 years of technical expertise and has established itself as a leading manufacturer in the precision metal components sector, holding over 80% market share in niche markets [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **dexterous hand industry**, highlighting its potential for widespread application in households over the next 5-10 years, driven by advancements in micro-screw and tactile sensors [1][2]. Core Components of Dexterous Hands - Dexterous hands consist of three core components: **motors**, **reduction components**, and **transmission modules**. Common motor types include hollow cup motors, brushless DC motors, and frameless torque motors [3][4]. Development Trends - The industry is witnessing a **diversification of design solutions**, with companies exploring various technological routes. Notable examples include Tesla's tendon-driven designs and other companies' unique approaches [1][2][18][19]. Key Technologies and Components - **Micro-screws** are becoming the mainstream transmission solution due to their efficiency, outperforming worm gears and gear transmissions [1][13]. - **Tactile sensors** are crucial for enhancing the precision and stability of dexterous hands, with companies like Hanwei Technology and Fule New Materials actively developing these technologies [1][7][8]. Motor Selection Impact - Motor selection significantly affects the performance of dexterous hands. Hollow cup motors are favored for their high power density but are costly, while brushless DC motors are more economical but have lower power density [6][10]. Investment Opportunities - Recommended investment targets include **Zhejiang Rongtai** and **Hengli Hydraulic** in the micro-screw sector, and **Hanwei Technology** and **Fule New Materials** in the tactile sensor field, as these companies hold competitive advantages in their respective areas [9][26][27]. Cost and Industrialization Challenges - The high cost of dexterous hands, which can exceed tens of thousands of yuan, poses a significant barrier to industrialization. Companies must focus on cost-effectiveness to meet industrial application demands [24]. Future Development and Market Trends - The industry anticipates that a specific design solution will mature and gain widespread acceptance within the next 3-5 years, as companies focus on their technological routes [22]. Competitive Landscape - Companies like **Zhejiang Rongtai** and **Hengli Hydraulic** are noted for their competitive edge in the micro-screw sector, while **Hanwei Technology** and its subsidiaries are highlighted in the tactile sensor domain [25][26][27]. Conclusion - The dexterous hand industry is evolving with significant technological advancements and investment opportunities, but challenges related to cost and design standardization remain critical for future growth and industrial application.

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 投资要点 の 东吴证券 2 ◆ 灵巧手vs夹爪:场景落地不同,稳定性与泛化性的博弈。场景应用决定硬件需求，不同的场景匹配不同的硬件, 无论是灵巧手还是夹爪,都有英适合的应用场景。夹爪:泛化能力有限但稳定性高,更适合工业应用场景。夹 爪的泛化性弱于灵巧手,但低成本与高稳定性的特性使其更适配工业场景。一方面工业场景不会为多余的功能 买单,夹爪可以以最高的性价比满足工业端需求;另一方面夹爪泛化性差但操作简单,现有的控制算法已可以 赋予其较高的稳定性,这对于工业场景对高良率和高稳定性的要求比较友好。灵巧手:终局泛化能力强,适配 更复杂的应用场景。灵巧手相比夹爪能实现更多复杂的操作,例如需要抓握、手指联动的场景中,灵巧手是必 然选择。长期来看,人形机器人的最终目标就是融入人类的环境,因此灵巧手会是终局解决方案,能够适用于 更多的应用场景。 驱动模块/减速模块/传动模块是灵巧手的三大组成部分。1驱动 ...

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The dexterous hand is a crucial hardware module for humanoid robots, with integrated and multi-degree-of-freedom development expected to open a market worth nearly 43 billion yuan [4][30] - The market for dexterous hands is projected to reach approximately 428 billion yuan with a million units sold, driven by advancements in technology and cost reductions [30] Summary by Sections 1. Dexterous Hand as an Independent Hardware Module - The dexterous hand serves as an important interface for humanoid robots, comprising three main sub-modules: drive, transmission, and perception [12][14] - The development of dexterous hands has evolved towards multi-degree-of-freedom, integration, and biomimicry since the 1970s, with applications in various fields such as medical, aerospace, and industrial [15][18] 2. Drive System - The main drive solution is electric, with hollow cup motors and brushless gear motors being the primary choices [5][33] - Electric motor drive is the most widely used solution, providing stable output torque and high precision [44] 3. Transmission System - Tendon transmission is the mainstream solution, with micro-screws and micro-harmonic reducers accelerating industrial progress [5][30] - The advantages of tendon transmission include flexibility and distance transmission, which are expected to be widely adopted as material performance improves [5][30] 4. Perception System - The perception system is essential for the intelligence of dexterous hands, with internal and external sensors providing feedback on the hand's state and the external environment [6][30] - The development of flexible tactile sensors is progressing rapidly, with domestic companies actively involved in research and development [6][30] 5. Investment Recommendations - Key companies to watch include those involved in motors (e.g., Mingzhi Electric, Zhaowei Electromechanical), reducers (e.g., Green Harmonic, Shuanghuan Transmission), screws (e.g., Hengli Hydraulic, Beite Technology), tendons (e.g., Daye Co.), and sensors (e.g., Keli Sensor, Donghua Testing) [6][30]