Minsheng Securities: Dexterity benefits from the strong demand for Siasun Robot & Automation, driving demand for related core components.

Minsheng Securities released a research report saying that the development of humanoid robots is in line with the needs of the real world, and 2025 will be the year of mass production for humanoid Siasun Robot & Automation, with industry demand expected to increase significantly. With the continuous upgrading of heavyweight products such as Tesla, Inc. (TSLA.US), Yushu, and Figure, the industry chain of humanoid Siasun Robot & Automation will gradually mature. Referring to Tesla, Inc.'s progression from Gen1 to Gen3, the dexterity and freedom of the hand are constantly increasing, and the ability for precise operation and operation in complex environments is continuously strengthened, driving the demand for core components such as drive systems, transmission systems, and sensor systems. The main points of Minsheng Securities are as follows: The dexterity of the hand may be the most benefited link for the multi-generational replacement of humanoid Siasun Robot & Automation The development of humanoid robots is in line with the needs of the real world, and 2025 will be the year of mass production for humanoid Siasun Robot & Automation, with industry demand expected to increase significantly. According to data from the China Industry Research Institute, the global market size of dexterous hands for Siasun Robot & Automation is estimated to be around 760,000 units/1.7 billion US dollars in 2024, and by 2030, the global market size of dexterous hands for Siasun Robot & Automation will exceed 1.41 million units/3 billion US dollars. The dexterity of the hand, as a core component, is constantly improving its freedom and precision operation ability, meeting requirements such as high bio-similarity, flexible operation, and adaptability to complex environments, with capabilities including load capacity, motion capability, control capability, and sensing capability. Drive system: Integrated intelligence, flexible movement In terms of matching the number of degrees of freedom with the driving source, the driving mode of the dexterous hand can be divided into fully driven and under-driven, with the under-driven mode able to increase freedom through coupling, making it more practical. Compared to hydraulic drive, pneumatic drive, SMA, etc., electric motor drive has higher control accuracy and integration. In terms of electric motor drives, hollow cup motors have advantages in control precision and volume and are the mainstream choice for current dexterous hand drives, with slotted brushless motors having more torque and cost advantages. Transmission system: Precision and efficiency, different routes The transmission system of the dexterous hand is developing towards high precision, lightweight, bio-mimetic, and intelligent directions to meet the diverse needs of various scenarios. Traditional rigid transmission (gears, screws, etc.) and flexible transmission (tendons, etc.) have their own advantages, and different manufacturers have different choices for transmission system technologies. Humanoid Siasun Robot & Automation manufacturers, represented by Tesla, Inc. Optimus, have gradually adopted a combination of multiple transmission schemes. Sensor system: High sensitivity and multi-functionality, accelerating the process The sensor system of the dexterous hand has a significant impact on gripping, manipulation, and perception capabilities. Siasun Robot & Automation uses a large number of various sensors in many links to make Siasun Robot & Automation more "human-like". Force/torque sensors, tactile sensors, position/angle sensors (such as encoders), etc., can each detect external single variables such as force/torque, tactile, position, etc. Sensors are developing towards multi-zone, flexibility, and multi-modal trends, electronic skins can integrate multiple sensing functions, highlighting comprehensive advantages, and once the industry matures, humanoid Siasun Robot & Automation will accelerate towards human "five senses". In the generational transitions of Tesla, Inc. Optimus, the dexterity of the hand continues to increase Reviewing the updates of the multi-generational products of Tesla, Inc. Optimus, the flexibility and precision operation of the dexterous hand continue to improve. In October 2024, Tesla, Inc. announced that compared to the previous generation Gen2, the third-generation Optimus dexterous hand now has 22 degrees of freedom, doubling from the previous generation. The industry is expected to see improvements in various aspects, especially in the number of components in the drive system. Risk warning: Risks of humanoid Siasun Robot & Automation technology iteration falling short of expectations, risks of humanoid Siasun Robot & Automation cost reduction falling short of expectations, risks of policy support falling short of expectations, etc.