SIASUN(SZ:300024)2025-02-24 07:34Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the robotics industry, specifically focusing on the development and sales of robotic dogs and humanoid robots. Core Points and Arguments - Pricing and Cost Structure: - Large robotic dogs are priced between 400,000 to 450,000 yuan, with potential sales exceeding 900,000 yuan, where the cost accounts for 40%-45% of the selling price, approximately 160,000 to 180,000 yuan [1][3][6]. - The main cost components include motors (approximately 120,000 yuan), laser radar (16,000 yuan), and chips (1,500 yuan) [1][6]. - Product Development and Strategy: - The company plans to focus on the B-end market while developing smaller robotic dogs for cultural tourism applications [1][11]. - A new humanoid robot is set to be released in June-July 2025, featuring a complete redesign and the latest joint technology [1][12]. - Sales Projections: - The company anticipates revenue exceeding 100 million yuan in 2024, with expectations to triple this figure in 2025 due to the launch of 2 to 3 new products, including humanoid robots [2]. - Component Details: - The large robotic dog utilizes four 360-degree laser radars, costing around 16,000 yuan, and employs the RK3,588 chip, totaling about 1,500 yuan [1][6]. - The joint modules consist of motors, reducers, and drivers, with each joint module retailing between 10,000 to 20,000 yuan, totaling approximately 120,000 yuan for the large dog [7][8]. - Market Position: - The company holds a leading position in the global market, second only to its competitors, with a strategic focus on B-end applications [11]. Other Important but Possibly Overlooked Content - Technical Capabilities: - Current robotic dogs can understand and execute simple voice commands, with a response time of under 100 milliseconds [9][10]. - The lifespan of the planetary reducer motors is estimated to be over five years, even under extreme conditions [23][24]. - Future Developments: - The company does not currently plan to develop dexterous hands but will focus on improving motion and perception capabilities [14][30]. - The new humanoid robot will primarily target light industrial applications, with potential for training in specific tasks like control cabinet operations [18]. - Challenges in Robotics: - The complexity of four-legged walking is higher than wheeled movement due to the need for coordination among multiple legs [20]. - The company is exploring the use of reinforcement learning for motion control, which has shown superior adaptability compared to traditional methods [21]. - Supply Chain and Manufacturing: - Most components, including motors and encoders, are sourced from external suppliers, primarily located in the Zhejiang region [29].