SIASUN(SZ:300024) Guang Fa Yin Hang·2024-05-23 02:43Summary of the Conference Call on Humanoid Robots Industry Overview - The conference focused on the humanoid robot market, discussing recent industry changes and advancements from various manufacturers, particularly highlighting Hamunako's performance outlook for the upcoming quarters [1][2]. Key Points and Arguments - Hamunako's Revenue Forecast: Hamunako expects humanoid robot revenue to account for approximately 10% of total income over the next four quarters, projecting sales to rise from under 100 million JPY (approximately 5 million RMB) last year to about 3-4 billion JPY (around 160 million RMB) this year [1][2]. - Production Guidance: The company anticipates producing between 4,500 to 5,000 humanoid robots in the next quarter, aligning with market expectations for mass production [2]. - Long-term Growth: From 2024 to 2026, Hamunako forecasts a total revenue increase exceeding 30 billion JPY, with over 50% of this growth attributed to humanoid robots [2]. - Market Re-engagement: The recent performance guidance from Hamunako has rekindled market interest in humanoid robots, particularly among undervalued assets [2]. Technological Developments - Shift from Hydraulic to Electric Drive: Bosch Power has transitioned from hydraulic to electric drive technology for its humanoid robots, citing the latter's advantages in control and cost-effectiveness [3][5]. - Product Launches: New humanoid robots from various manufacturers, including Yushu Technology, have been launched, with prices starting around 100,000 RMB. These robots feature advanced capabilities such as tactile sensors and high degrees of freedom [6][7]. - Collaboration with NVIDIA: Yushu Technology has partnered with NVIDIA for high-performance computing modules, enhancing their robots' capabilities [7]. Market Dynamics - Tesla's Innovations: Tesla's Optimus robot has shown significant advancements, including improved dexterity and operational capabilities in factory settings, which could influence the broader humanoid robot market [10][11]. - Increased Degrees of Freedom: The potential increase in the number of degrees of freedom for robotic hands could enhance their operational capabilities, making them more versatile for various applications [11][12]. Future Trends - Focus on Cost Reduction: The industry is moving towards reducing costs in humanoid robot production, with expectations that hardware costs will be lower than those of automobiles due to fewer components [6][12]. - Emerging Manufacturers: Several manufacturers are entering the production phase, indicating a shift from experimental to mass production, which is crucial for the industry's growth [14][15]. Investment Opportunities - Key Players: Recommendations include focusing on companies with strong positions in the supply chain, such as T2 One and Green Land, which are expected to benefit from increased demand for humanoid robots [16][17]. - Sensor Market: The sensor market is identified as a significant growth area, with various companies developing specialized sensors for humanoid robots [16][17]. Conclusion - The humanoid robot industry is poised for significant growth, driven by technological advancements, increased production capabilities, and renewed market interest. Investors are encouraged to focus on key players within the supply chain and emerging technologies that support this growth trajectory [16][17].