SIASUN(SZ:300024)2025-02-08 12:38Summary of Conference Call Notes Industry Overview - The humanoid robot market is driving a surge in demand for high-precision ball screws, prompting traditional low-precision manufacturers to transition, which in turn boosts demand for machine tools and equipment manufacturers acting as "shovel sellers" in this expanding market [2][3][22] Key Points - Core Components of Ball Screws: Ball screws consist of four main components: screw, nut, rolling element, and inner gear ring. The processing flow for the first three components includes pre-treatment, rough grinding, semi-fine grinding, and fine grinding, followed by assembly [4][3] - Processing Techniques: There are three main processing techniques for ball screws: grinding, milling, and roller burnishing. Grinding is preferred by Japanese and European manufacturers, while domestic manufacturers utilize a mix of all three, focusing mainly on grinding and roller burnishing [3][8] - Market Potential: Assuming an annual production of 1 million humanoid robots, the required number of grinding machines would be around 1,000, corresponding to a market space of approximately 30 billion yuan, indicating significant growth potential in this sector [11][12] - Domestic Machine Tool Companies: Key domestic companies involved in ball screw processing include Hanjing, Qinchuan, and Nanjing Industrial. These companies are increasingly entering the high-precision ball screw market due to rising demand from the humanoid robot sector [2][3] - Challenges in High-Precision Machine Tools: Domestic high-precision CNC machine tools face bottlenecks due to a lack of high-precision grinding machines, relying heavily on imports. However, domestic manufacturers are actively iterating products to reduce dependence on imported equipment [12][13] Company Insights - Huachen Equipment: Focuses on roller repair, with over 80% of revenue from this sector. The company has developed a multifunctional grinding center and is expanding into high-precision fields, including humanoid robot components [16][17] - Qinchuan Machine Tool: A state-owned enterprise with a diverse business structure, including machine tools and core components. The company has a strong market share in traditional grinding machines and is looking to expand into the humanoid robot market [19] - Rifa Precision: A leading company in bearing grinding machines with an 80% market share. The company is venturing into screw thread grinding machines, which could become a new growth point [20] - Wald: A leading domestic player in the superhard tool market, focusing on CBN tools essential for screw processing. The company is gradually overcoming technical barriers and is expected to benefit significantly from the humanoid robot market [21] Additional Considerations - Technological Trends: There is a trend towards "turning instead of grinding," aiming to reduce costs and improve efficiency, although no company has fully achieved this yet, particularly in the processing of internal threads [10][11] - Market Dynamics: The competition between domestic and imported machine tools is intensifying, with domestic companies like Qinchuan, Rifa, and Huachen poised to replace imports and drive down costs in the humanoid robot component supply chain [22][23] This summary encapsulates the key insights from the conference call, highlighting the growth potential in the humanoid robot market and the strategic positioning of domestic companies in the machine tool industry.