Planetary Roller Screws

Search documents
人形机器人供应链最新情况:实地走访舍弗勒中国-Capital Goods-Humanoid supply chain update Visiting Schaeffler on the ground in China.
2025-09-26 02:29
Summary of the Conference Call on Schaeffler and the Humanoid Robotics Industry Industry Overview - **Industry**: Capital Goods, specifically focusing on Humanoid Robotics in Europe - **Company**: Schaeffler, a key supplier in the humanoid robotics supply chain Key Points and Arguments 1. **Schaeffler's Market Position**: - Schaeffler is a critical component supplier in the humanoid robotics sector, with an expanding addressable market [2][9] - The company generated €4.7 billion in revenue from its China operations in 2024, accounting for approximately 26% of total group sales [7] 2. **Local-for-Local Business Model**: - Celebrating its 30th anniversary in China, Schaeffler has established a highly localized business model with six R&D centers and 17 manufacturing plants [7] - This localization strategy enhances its competitiveness in the Chinese market [7] 3. **Market Share Objectives**: - Schaeffler aims to increase its market share in E-mobility and humanoid robotics, targeting further gains against domestic competitors [7] 4. **Humanoid Robotics Exposure**: - Schaeffler's components, such as ball screws and planetary roller screws, represent about 20% of humanoid hardware costs, with potential to increase its addressable content to over 50% [7][9] - The company emphasizes its role as a "trusted supplier" to OEMs rather than an integrator [8] 5. **Technological Differentiation**: - Schaeffler's products are positioned to meet high standards for long-term functionality, with a focus on precision and payload advantages [12] - The company has a first-mover advantage in the humanoid hardware supply chain, ready for mass production without significant capacity build-outs [10] 6. **Future Development in Humanoids**: - Management is optimistic about the global humanoid opportunity, emphasizing the need for clear use cases and scalable applications in industrial settings [12] 7. **Global Humanoid Market Forecast**: - Morgan Stanley's model estimates a total addressable market of 1 billion humanoids and $5 trillion in annual revenue by 2050, with a cumulative adoption forecast of 134 million units by 2040 [14] 8. **Recent Developments**: - Key integrators in China have announced orders totaling close to RMB 1 billion (approximately $140 million) as of September 2025 [13] - Tesla's Optimus V3 project is highlighted as a significant challenge requiring a new supply chain for its components [13] Additional Important Insights - **Schaeffler's Competitive Edge**: - The company differentiates itself through technology and scale, which will be crucial as humanoids transition into mass production [12] - The management team expressed confidence in improving competitiveness against local suppliers once domestic volume production is established [12] - **Valuation Trends**: - Recent funding rounds have seen significant valuations for humanoid developers, with Figure valued at $39 billion and Unitree at $1.7 billion [13][14] - **Cost Breakdown in Humanoid Robotics**: - A breakdown of costs indicates that screws account for approximately 20.2% of the total costs, with reducers and motors also contributing significantly [15][16] This summary encapsulates the critical insights from the conference call regarding Schaeffler's role in the humanoid robotics industry and the broader market dynamics.