SIASUN(SZ:300024)2025-09-26 02:29Summary of Humanoid Robot Industry Conference Call Industry Overview - The humanoid robot industry is experiencing increased recognition globally, with ONE.X's valuation reaching $10 billion, indicating accelerated production growth, with a million-unit level as a baseline and a trillion-dollar market potential driven by AI entities [1][2][3] Core Investment Logic - The investment logic in the humanoid robot sector follows the "Three New" principle: capturing new variables, new margins, emphasizing new technologies, and sensing new consumption [3] - The focus is on T-chain's third-generation mass production guidance and domestic application, with a bullish outlook on new technology developments by the end of the year [3][5] Catalysts for Growth - Three clear catalysts in the humanoid robot field by the end of 2025: 1. High-frequency production and new technology testing in overseas supply chains 2. Further ecosystem development and product releases by leading overseas manufacturers 3. Positive domestic supply chain margins and supportive policies leading to accelerated listings of startups [5] Key Components and Market Opportunities - The value of joint assemblies at the million-unit level can exceed $40,000, with attention on new entrants in machining mass production and design changes [6] - The screw rod, a core component of joint assemblies, faces challenges such as lifespan and breakage, with companies like Zhejiang Longtai, Fuda, and Longtai Holdings being noteworthy due to their technological capabilities [7] Technological Developments - The electric drive segment is seeing marginal positive feedback through advancements in power, torque density, stability, and reliability, with companies like New Quality Group and Zhaowei Mingzhi being highlighted for investment [8] - The reducer segment is undergoing significant technological changes, with a focus on micro-screws and new types of reducers, particularly those connecting with North American clients like Shuangwan Keda and Jingzhuang [9] Key Technologies and Materials - Key technologies and materials in the robot industry include reducers, lightweight materials, motor technology, rotary transformers, MEMS technology, and electronic skin [10][11] - Companies like Fuda and Haoneng are actively managing and investing in these areas, with a balanced domestic capability and strong connections to major clients [10] Future Market Trends - The domestic robot market is expected to see explosive growth, potentially reaching 100,000 units by 2026, driven by startups like Yushu and Zhiyuan [12] - The supply chain is anticipated to expand with more companies emerging as Yushu accelerates its listing process [12] Effective Engagement with North American Clients - Chinese companies are effectively engaging with North American clients through direct connections, resource supplementation, and partnerships with capable firms [13] - Companies like Weichuang, Xinjie, and Leisai are working on marketing and technology collaborations to enhance their presence in the North American market [13]