Tesla(US:TSLA)2025-09-09 14:53Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the humanoid robot industry, focusing on the development and technology of dexterous hands, which are crucial for precise operations in humanoid robots [1][2][3]. Core Technologies and Trends - Drive Modules: The main drive technologies include hydraulic, motor, pneumatic, and shape memory alloy drives. Motor drives are favored due to their cost-effectiveness and technical advantages, with hollow cup motors being seen as the ideal choice for the future due to their efficiency and low noise [1][3][4]. - Reduction Modules: These modules increase motor torque and include harmonic reducers, planetary reducers, and RV reducers. Harmonic reducers are considered the mainstream choice due to their compact size and high load capacity, while Japanese manufacturers currently dominate the market [5]. - Sensor Modules: These are critical for assessing the usability of humanoid robots, affecting operational flexibility, load efficiency, and interaction safety. The international market is led by Japanese and European manufacturers, but domestic companies are gradually improving their capabilities [6][7]. Market Dynamics - The market for various components is projected to grow significantly over the next three years, with expected market sizes of 13.1 billion, 2.5 billion, 2.5 billion, and 16.3 billion for drive modules, reduction modules, transmission modules, and sensor modules, respectively. The overall compound annual growth rate (CAGR) is anticipated to reach 110% [3][13]. - Hollow Cup Motors: European suppliers currently lead in this segment, but domestic companies like Mingzhi Electric and Dingzhi Technology are emerging with competitive advantages in cost and efficiency [8]. - Tactile Sensors: The dominant technology is resistive sensors due to their maturity, low cost, and high sensitivity. The six-dimensional torque sensor market is primarily led by overseas companies, but domestic firms are beginning to emerge [9][10]. Competitive Landscape - The dexterous hand industry is still in its early stages, with three main player categories: self-research entities, new entrants, and component extension players. Each category has opportunities for growth and differentiation [14]. - Tesla's humanoid robot is expected to lead the market with large-scale production planned for 2025, which could significantly impact the industry and create opportunities for domestic suppliers [15]. Investment Opportunities - Companies such as Longsheng Technology, Qiangjing Technology, Wuzhou Xinchun, Nanshan Zhishang, Hengshuai Co., and Guangyang Co. are highlighted as potential investment targets due to their strengths in specific segments of the humanoid robot supply chain [15]. Additional Insights - The industry is witnessing trends such as increased dexterity in dexterous hands, expansion of micro-screw applications, the emergence of electronic skin technologies, and the promising application of PEEK materials in lightweight humanoid robots [11][12].