SIASUN(SZ:300024)2025-02-19 07:37Summary of Conference Call Notes Industry Overview - The conference call focuses on the screw rod manufacturing industry, particularly in the context of humanoid robots and the associated equipment and technology advancements [1][2][3]. Key Points and Arguments 1. Cost Reduction Trends: The screw rod manufacturing industry is experiencing a trend towards cost reduction primarily through the domestic production of equipment. This shift is expected to significantly lower costs [2]. 2. Market Focus Shift: The market's attention has shifted from merely producing screw rods to the technical details of manufacturing, such as using turning instead of grinding and washing instead of grinding, indicating a focus on production efficiency and cost control [2]. 3. Supply Constraints: The market for thread grinding machines is limited, dominated by small-scale companies like PSS Group and Japan's Mitsui Seiki. This creates potential supply bottlenecks when demand increases, presenting opportunities for domestic companies [2][5]. 4. Domestic Companies' Advantages: Domestic firms have advantages in developing small, high-precision thread grinding machines that meet the needs of the humanoid robot industry. Companies like Rifa Precision have quickly introduced relevant equipment with significant technical reserves [6][7]. 5. Market Potential: The market space for C5 level planetary roller screw rod production is estimated to be between 4 to 6 billion yuan, with processing times of approximately 30 minutes to 1 hour for domestic equipment, which can meet the production needs of 1 million humanoid robots [2][9]. 6. Stable Competitive Landscape: The thread grinding machine market has few participants, leading to a stable competitive environment. Major players include Yunfan Machine Tool, Huachen Equipment, and Rifa Precision, with a high market concentration and strong investment certainty [10]. 7. Huachen Equipment's Position: Huachen Equipment is recognized for its high-end positioning and technical strength in the thread grinding machine sector, successfully entering this market with products that have reached the price ceiling for domestic equipment [12][13]. 8. Future Directions for Huachen: Huachen plans to expand into general sub-micron model centers and the semiconductor equipment sector, enhancing its market coverage and technical capabilities [15][17]. Additional Important Insights 1. Challenges in Grinding Processing: Grinding processing faces challenges such as heat generation from grinding wheels, which can affect machine performance and lead to thermal deformation of screw rods. High-performance components and techniques are required to address these issues [4]. 2. Emerging Technologies: The adoption of super-hard tools (e.g., PCD, PCBN) is crucial for improving cutting efficiency and surface quality, indicating a trend towards advanced materials in manufacturing [20][21]. 3. Market Dynamics for Super-Hard Materials: Companies like World are optimistic about the market for super-hard materials, with significant growth potential even with a small market share [22]. 4. Investment Safety in Humanoid Robots: World has a relatively low market expectation in the humanoid robot sector, providing a safety margin for investments amidst market volatility [26]. Conclusion The screw rod manufacturing industry is poised for growth driven by domestic equipment production, technological advancements, and a focus on efficiency. Key players are strategically positioned to capitalize on these trends, with significant market potential in the humanoid robot sector.