Investment Rating - The report recommends investment in companies such as Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing [2][4] Core Insights - The report emphasizes that reducers are the core components of humanoid robot joints, ensuring high precision and stability in motion control [2][9] - The humanoid robot precision reducer market is expected to grow steadily, with domestic manufacturers enhancing their supply capabilities [2][19] - Different types of reducers (harmonic, RV, planetary, and cycloidal) have distinct characteristics and applications, with cycloidal reducers emerging as a promising option for high-load joints [2][88] Summary by Sections 1. Reducers as Core Components - Reducers are essential for reducing speed and increasing torque in humanoid robots, connecting the power source to the execution structure [9][14] - The market for reducers in China is projected to reach approximately 144.8 billion yuan in 2024, with a steady growth rate of 4% to 5% over the past five years [19] 2. Demand Differentiation and Application of Cycloidal Reducers - The report identifies a growing application space for cycloidal reducers, which offer significant torque increase relative to cost and size [2][88] - Tesla's Optimus Gen2 utilizes a combination of planetary and harmonic reducers, highlighting the trend towards hybrid solutions in humanoid robots [76][80] 3. Prominent Companies and Technological Collaboration - Fuda Co., Ltd. is positioned as a leading player in the precision reducer market, with significant growth in revenue and net profit driven by the demand for new energy vehicles [99] - Jinguan Technology is expanding its footprint in the reducer market through joint ventures and product diversification [103] - Shuanghuan Transmission's subsidiary, Huandong Technology, is a key player in the RV reducer segment, contributing to the company's overall growth [108] - Zhongding Sealing is investing heavily in the humanoid robot sector, focusing on the production of harmonic reducers and joint assemblies [114] 4. Investment Recommendations - The report suggests focusing on leading companies in the reducer market, including Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing, while also monitoring emerging players like Haoneng Co., Ltd. and Landai Technology [2][4]