炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 汽车|复盘新能源汽车，掘金人形机器人 来源：中信证券研究 文|李景涛 丁科翔 尹欣驰 本篇报告通过复盘新能源汽车产业发展及投资周期、新能源汽车关键技术卡点及突破路径、政策及资本 对产业的关键影响节点、共同链主特斯拉对产业的影响、产业链构成及价值分布、竞争格局及"赢家特 征"、投资节奏等维度，从而得出具身智能机器人产业研究及投资思路。我们认为目前人形机器人处于 技术验证期，但商业化落地时间相比于新能源汽车将缩短；建议重点关注机器人产业中价值最厚、格局 最清、确定性最高环节，因为业绩弹性最大，同时我们认为龙头在产业趋势投资阶段最为核心，因此我 们建议积极寻找机器人细分环节中非标、技术、成本、扩产壁垒高的龙头企业，因为这类企业能够穿越 产业周期。整体上，我们认为机器人公司本身（软硬一体的平台型企业）、高算力SOC芯片（大脑端侧 驱动）、灵巧手（软硬件一体的小机器人）、执行器、精密传感器（软硬件一体）等环节属于人形机器 人产业高价值、高壁垒环节。 ▍机器人与新能源汽车高度可比，但也存在技术、场景等维度的差异。 新能源汽车及机器人产业均属于全球战 ...

智通财经APP获悉，中信证券发布研报称，目前人形机器人处于技术验证期，但商业化落地时间相比于新能源汽车将缩短；建议重点关注机器人产业中价 值最厚、格局最清、确定性最高环节，因为业绩弹性最大，同时中信证券认为龙头在产业趋势投资阶段最为核心，因此中信证券建议积极寻找机器人细分 环节中非标、技术、成本、扩产壁垒高的龙头企业，因为这类企业能够穿越产业周期。 整体上，中信证券认为机器人公司本身（软硬一体的平台型企业）、高算力SOC芯片（大脑端侧驱动）、灵巧手（软硬件一体的小机器人）、执行器、精 密传感器（软硬件一体）等环节属于人形机器人产业高价值、高壁垒环节。 中信证券主要观点如下： 机器人与新能源汽车高度可比，但也存在技术、场景等维度的差异。 | 序号 | 对比维度 | 内容 | | --- | --- | --- | | 1 | 产业发展阶段与投资周期 | 复盘新能源汽车产业发展及投资周期 | | 2 | 技术演进与突破路径 | 新能源汽车关键技术卡点及突破路径 | | 3 | 政策与资本助力 | 政策及资本对产业的关键影响节点 | | ব | 链主:特斯拉 | 共同链主特斯拉对产业的影响 | | 5 | 产业链结 ...

摘要 ► 深耕制动系统 剑指线控底盘 产品端：公司为国内汽车制动系统龙头，现已形成机械制动+智能电控+机械转向+轻量化结构件四大业务布局，剑指线控底盘。客户端：公司客户结构从机械制动的奇瑞、吉 利、长安等自主品牌，逐步向智能电控的蔚小理、赛力斯、东风日产、江铃福特及轻量化的上汽通用、北美通用、欧洲沃尔沃等新势力、合资及全球化平台升级。 ► 智能化&电动化齐驱 全球化再进一步 1）智能化：公司为自主线控制动龙头，拓展业务至主动悬架领域，2022年收购浙江万达布局电控转向，打造线控底盘平台型布局，受益于行业智能化渗透率的持续提升。2）电 动化：公司是国内首家实现EPB量产的供应商，后拓展业务至ESC/电动尾门等领域，把握行业电动化机遇。3）全球化：公司2020年开始筹建墨西哥生产基地，2023实现墨西哥 基地投产，2024年起筹划摩洛哥基地，全球化持续加深。 ► 产业化拐点确立 三重驱动开启人形机器人万亿赛道 技术端，大模型突破通用性瓶颈，DeepSeek低成本训练范式加速AGI落地；产业端，特斯拉、英伟达、华为等科技巨头密集布局；政策端，政府工作报告明确，培育具身智能等 未来产业，大力发展智能机器人。我们预计2 ...

BREAKING: Elon Musk Just Dropped New Tesla Bot Demo https://t.co/PaXf3oYupK ...

Core Insights - The automotive industry is increasingly investing in humanoid robots, viewing them as a new growth engine and a strategic positioning battle in the smart industry landscape [1][3][7] - Major automotive companies like GAC Group and Xpeng Motors are showcasing their humanoid robots and have announced production timelines, indicating a shift towards mass production [2][4] - The market for humanoid robots is projected to reach $20 trillion, highlighting the significant potential for growth in this sector [3] Group 1: Industry Trends - Automotive companies are leveraging their expertise in mechanical engineering, power systems, and artificial intelligence to enter the humanoid robot market [1][2] - The integration of humanoid robots into automotive production is seen as a way to enhance efficiency and reduce manufacturing costs [2][4] - The competition in the humanoid robot space is characterized by a long-term race focused on technology, cost, and compliance [1][8] Group 2: Production and Development Strategies - Companies are adopting various strategies to enter the humanoid robot market, including self-research and investment partnerships [4][5] - Self-research allows companies to reuse core technologies, while investment partnerships provide flexibility and reduce risks associated with technology uncertainty [4][5] - The timeline for mass production of humanoid robots is set for 2026, with companies like Tesla and Xpeng leading the charge [7] Group 3: Application Scenarios - Humanoid robots are envisioned for various applications, including industrial manufacturing and customer service roles [6][8] - Current applications are primarily in the testing phase, with significant challenges remaining in achieving the necessary perception, decision-making, and interaction capabilities for home use [6][8] - The industry is still in the exploratory stage, with many companies yet to generate substantial revenue from humanoid robots [7][8]

Core Insights - The automotive industry is increasingly investing in humanoid robots, viewing them as a new growth engine and a strategic positioning battle in the smart technology sector [1][3][7] - Major automotive companies are showcasing their humanoid robots at exhibitions, with clear timelines for mass production announced by several firms [2][3] - The integration of technologies from the automotive sector into humanoid robots is seen as a way to enhance production efficiency and reduce manufacturing costs [2][4] Industry Trends - The humanoid robot market is projected to reach a market size of $20 trillion, indicating significant growth potential [3] - Companies like Xpeng and GAC Group are planning to achieve mass production of their humanoid robots by 2026, with GAC aiming for batch production of self-developed components by 2025 [2][3] - The competition in the humanoid robot space is characterized by a mix of self-research and investment partnerships, with companies leveraging existing technologies to expedite development [4][5] Technological Integration - Automotive companies are applying their expertise in sensors and algorithms to humanoid robots, which allows for a smoother transition and lower trial costs compared to other industries [2][4] - The development of humanoid robots involves addressing complex technical challenges, such as bipedal movement and environmental interaction, necessitating dedicated research teams [4][6] Application Scenarios - Initial applications for humanoid robots are focused on industrial manufacturing, with potential future uses in customer-facing roles and household environments [6][8] - The industry is still in the exploratory phase regarding the practical applications of humanoid robots, with many concepts remaining untested in real-world scenarios [6][8] Market Challenges - Despite the promising outlook, many automotive companies have yet to generate substantial revenue from humanoid robots, facing technical and commercialization hurdles [7][8] - High costs associated with software training and integration pose significant barriers to mass production, with companies needing to ensure affordability for consumers [8] - The current state of the humanoid robot industry is still largely in the research and development phase, with a lack of mature supply chain systems [7][8]

Core Insights - The development of humanoid robots is rapidly advancing, with increasing applications in various sectors, moving from entertainment to practical industrial uses [1][7] - Humanoid robots are seen as a new generation of super terminals, similar to smartphones and electric vehicles, with significant potential to drive economic growth and innovation [9] Group 1: Technological Advancements - Humanoid robots are becoming more versatile, capable of performing complex tasks such as quality inspection and assisting in various environments [4][7] - The technology is evolving to allow humanoid robots to autonomously complete approximately 80% of tasks in unfamiliar settings, marking a significant breakthrough [7][8] - Companies are focusing on enhancing the performance, cost control, and algorithm application of humanoid robots to achieve scalable production capabilities [9] Group 2: Industry Trends - The humanoid robot industry is currently in a phase of exploration, with a consensus forming around the need for collaboration between academia and industry to drive commercialization [8][9] - The upcoming year is anticipated to be critical for the commercial rollout of humanoid robots, particularly in industrial applications, with expectations of significant unit deliveries [9][10] - The industry is expected to witness a major milestone with the delivery of over 10,000 units by a single company, akin to the emergence of the "ten thousand club" in the electric vehicle sector [10]

Core Insights - The development of humanoid robots is advancing rapidly, with increasing applications in various fields, showcasing their potential to enhance productivity and efficiency in both industrial and service sectors [1][7][9] Group 1: Application and Performance - Humanoid robots are demonstrating diverse capabilities, from performing martial arts to assisting in tasks like fetching water, indicating their versatility in both entertainment and practical applications [2][4] - The AEON industrial humanoid robot can move at a speed of 2.4 meters per second and is designed for high-precision tasks in complex environments, highlighting advancements in industrial automation [4][7] Group 2: Industry Trends and Future Outlook - The humanoid robot sector is seen as a new generation of super terminals, akin to smartphones and electric vehicles, with significant potential for integration across various industries [9] - Industry leaders predict that 2024 will be a pivotal year for the commercialization of humanoid robots, with expectations of significant deliveries, potentially exceeding 10,000 units from a single company [10] - The current state of humanoid robot development is compared to the early years of ChatGPT, indicating a phase of exploration and potential breakthroughs in autonomous task completion [7][8]

Group 1 - Humanoid robots are increasingly becoming a focal point at the China International Import Expo, showcasing diverse applications and advanced technology [1][2] - The robots demonstrated various skills, including martial arts and service tasks, indicating their versatility in both entertainment and practical applications [2][3] - The integration of humanoid robots in industrial settings is expected to enhance efficiency and redefine quality inspection processes in manufacturing [2][4] Group 2 - The industry recognizes humanoid robots as a new generation of super terminals, following smartphones and electric vehicles, with significant potential for driving economic growth [6][4] - There is a consensus on the industrialization path for humanoid robots, focusing on solving automation challenges rather than competing with existing industrial robots [5][4] - The upcoming year is anticipated to be crucial for the commercialization of humanoid robots, with expectations of significant deliveries in industrial applications [7][8]

Core Insights - Humanoid robots are increasingly becoming a focal point at the 8th China International Import Expo, showcasing their diverse applications and advanced technology [1][6] - The industry is witnessing a shift from entertainment and demonstration to practical applications in factories and public services, indicating a growing integration of humanoid robots into everyday life [3][6] Group 1: Technological Advancements - Humanoid robots are demonstrating capabilities such as autonomous movement and task completion, with examples including robots that can perform martial arts and assist with simple tasks like fetching water [2][3] - The AEON industrial humanoid robot showcased at the expo can move at a speed of 2.4 meters per second and is designed for high-precision detection tasks in complex environments, marking a significant advancement in industrial automation [3][6] Group 2: Industry Perspectives - The humanoid robot sector is viewed as a new generation of super terminals, akin to smartphones and electric vehicles, with companies focusing on enhancing their utility across various industries [8] - Industry leaders emphasize the importance of collaboration and data sharing to push the boundaries of humanoid robot capabilities, with training centers established to refine their performance [8] Group 3: Market Potential and Future Outlook - The humanoid robot market is expected to experience significant growth, with predictions of individual companies delivering over 10,000 units next year, marking a potential turning point for the industry [9] - Experts believe that the next year will be crucial for the commercialization of humanoid robots, particularly in industrial settings, as they move towards full autonomy [9]