Open Securities: Humanoid Siasun Robot&Automation is about to begin rapid iteration, commercialization is imminent, and mass production cost reduction is expected.

Open source securities released a research report stating that the humanoid Siasun Robot&Automation exhibited at the 2024 Siasun Robot&Automation Expo has moved beyond the prototype stage and is gradually exploring applications in factory, retail, and home settings. In terms of technological progress, the humanoid Siasun Robot&Automation showcased at the Expo has roughly tripled in its motion capability, with a noticeable improvement in its ability to perform complex movements. However, further accumulation of training data is still needed to enhance its generalization capability. In terms of commercialization, leading manufacturers such as Tesla, Inc. and UBTECH ROBOTICS have started training in automobile factories, and pilot tests in retail service scenarios are also on the agenda. Considering only four domestic manufacturers, including Zhijun, which have provided relatively clear mass production plans, the shipment volume is expected to reach 2000 units by 2025. The humanoid Siasun Robot&Automation has moved past the prototype iteration stage, with significantly improved motion control capability, marking the beginning of commercialization and the potential for cost reduction in mass production. The Expo showcased the humanoid Siasun Robot&Automation moving beyond the prototype stage, gradually exploring applications in factory, retail, home, and other settings. In terms of technological progress, the Expo showcased a roughly threefold increase in the number of humanoid Siasun Robot&Automation units with motion capabilities, and a noticeable improvement in its ability to perform complex movements. However, further accumulation of training data is needed to mature its generalization capability. In terms of commercialization, leading manufacturers such as Tesla, Inc. and UBTECH ROBOTICS have begun training in automobile factories, and pilot tests in retail service scenarios are also on the agenda. Considering only four domestic manufacturers, including Zhijun, which have provided relatively clear mass production plans, the shipment volume is expected to reach 2000 units by 2025. In terms of market entry, open source securities are roughly divided into three categories: star start-up companies, large manufacturers, and industrial Siasun Robot&Automation companies. Among them, large manufacturers have varying resource inputs, platform-based companies like Huawei and NVIDIA Corporation primarily support model platforms, while internet companies like ByteDance have advantages in the algorithm field. Industrial Siasun Robot&Automation companies have mature motion control technology, which can be transferred to the field of humanoid Siasun Robot&Automation. Open source securities believe that star start-up companies with technological accumulation, flexible mechanisms, and existing supply chains can achieve mass production first; large manufacturers may seize the opportunity by virtue of mature supply chain management models and control of application scenarios, achieving a latecomer advantage. Key to mass production of humanoid Siasun Robot&Automation: High-performance low-cost components, focus on gear reducers, ball screws, dexterous hands, sensors, motors, and motion capture. According to the research results of this Expo, the changes in the above components are as follows: (1) Gear reducers are used more than expected. (2) Ball screws remain the preferred option for heavy loads, and domestic manufacturers using planetary roller ball screws are expected to increase with the maturation and price decline. (3) Dexterous hands may be the best competitive component. (4) Sensors are gradually increasing in types as they upgrade functions, with encoders, torque sensors, and vision sensors being basic, while six-axis force and torque sensors and tactile sensors are currently optional. (5) Motors are mostly self-designed and may be mainly externally purchased after mass production. (6) Motion capture is a key component that will help humanoid Siasun Robot&Automation move towards "ground applications", and customer stickiness highlights the advantage of first-mover manufacturers. Investment recommendations: Open source securities believe that as the sales volume of humanoid Siasun Robot&Automation expands, its key component industry will be a core beneficiary, including: (1) Gear reducers: Recommended target: Ningbo Zhongda Leader Intelligent Transmission (002896.SZ), Benefiting target: Leader Harmonious Drive Systems (688017.SH). (2) Ball screws: Recommended target: Zhejiang XCC Group (603053.SH), Benefiting target: Shanghai Beite Technology (603009.SH). (3) Dexterous hands: Benefiting target: Shenzhen Zhaowei Machinery & Electronics (003021.SZ), Shanghai Moons'Electric (603728.SH). (4) Sensors: Recommended target: DongHua Testing Technology (300354.SZ), Beijing ConST Instruments Technology Inc. (300440.SZ), Benefiting target: Keli Sensing Technology (603662.SH), Shenzhen Ampron Technology (300970.SZ). (5) Motors: Recommended target: China Leadshine Technology (002979.SZ), Benefiting target: Kinco Automation (Shanghai) Co., Ltd (603655.SH), Zhejiang He Chuan Technology Corporation (688320.SH), Suzhou Veichi Electric (688698.SH), Jl Mag Rare-Earth (300748.SZ). (6) Motion capture.Risk Warning: Macroeconomic fluctuations, the development progress of the Siasun Robot & Automation industry, and the progress of domestic manufacturers' integration into the Siasun Robot & Automation supply chain may not meet expectations.Cul es tu nombre?