China Leadshine Technology (SZ:002979)2025-05-12 01:48Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the development of dexterous hands in the robotics industry, particularly in the context of human-like manipulation and control technologies [1][2][4][5][6][8][30]. Core Insights and Arguments - Dexterous Hand Structure: Dexterous hands are designed with up to 21 degrees of freedom, closely mimicking human hand anatomy, which is essential for fine manipulation [1][3]. - Key Components: The main components of dexterous hands include drive modules, transmission modules, and sensors. Various technologies are being explored to optimize performance, including hollow cup motors and brushless motors [1][6][14]. - Tesla's Innovations: Tesla has developed a dexterous hand with 22 total degrees of freedom and approximately 17 active degrees, utilizing a tendon-driven system and various sensors to enhance intelligence [1][7]. - Domestic Manufacturers: Companies like Lingqiao Technology, Leisai Intelligent, and Zhiyuan are actively developing and releasing products with advanced features such as tactile sensors and 3D force sensors [1][9][10][12][32]. - Market Trends: The domestic market is seeing a shift towards domestic alternatives in robotics, with companies establishing deep collaborations with downstream clients for mass production [4][13]. Additional Important Content - Technological Diversity: The industry is characterized by a variety of technological approaches, including tendon-driven, linkage-driven, and gear-driven systems, each with its own advantages and challenges [20][21][22]. - Sensor Integration: The rapid integration of electronic skin technology and tactile sensors is becoming standard in dexterous hands, significantly impacting performance and cost [30][31]. - Cost Projections: The cost of dexterous hands is expected to account for about 10% of the total value of humanoid robots, aligning with industry expectations for sensor costs [31]. - Future Market Potential: The market for dexterous hands is projected to grow significantly, with potential revenues reaching hundreds of billions as production scales up [19][26]. Competitive Landscape - Domestic vs. International Players: Domestic companies are making strides in the robotics field, with the potential to replace international competitors despite their earlier market entry [4][13]. - Key Players: Companies like Leisai Intelligent and Zhiyuan are highlighted as significant players due to their comprehensive capabilities in hardware and software integration [36]. Recommendations - Focus on Key Companies: It is recommended to monitor the developments of companies like Leisai Intelligent, which not only manufacture hardware but also provide essential algorithms and motion control solutions, addressing industry challenges effectively [36].