CITIC SEC: Bullish on materials benefiting from the iterative technology of humanoid Siasun Robot & Automation components.

CITIC SEC released a research report stating that humanoid robot manufacturer Siasun Robot & Automation is about to enter the mass production era, benefiting from the rapid technological iteration of components, and the changes in related materials are expected to bring substantial demand elasticity. The report recommends paying attention to areas such as agile tendons, lightweight materials, rare earth permanent magnets, and cables. With the release of new models by various manufacturers, confirmation of technical solutions and mass production suppliers, the related sectors are expected to continue to evolve. Focus on relevant manufacturers who have already provided samples or entered the supply chain, with recommendations including: 1) tendons: pay attention to potential progress in tendon material production by sample companies; 2) lightweight materials; 3) rare earth permanent magnets; 4) cables. Main viewpoints of CITIC SEC include: Humanoid Siasun Robot & Automation is about to enter the mass production era, with industry leaders and start-ups flourishing. The application scenarios of humanoid Siasun Robot & Automation continue to expand, with the expectation that it will first be deployed in industrial manufacturing scenarios by 2025, followed by deployments in commercial services, home and health services, scientific research, and education fields within the next 3 years. It is expected that within the next 5 years, it will assist or even replace humans in extreme condition operations. The report predicts that the global shipment volume of humanoid Siasun Robot & Automation is expected to increase from 12,000 units in 2025 to 5 million units in 2030. Participants include industry giants such as Tesla (mass production imminent) and NVIDIA (promoting the development of embodied intelligence), as well as start-ups like Figure AI and UBTECH ROBOTICS, creating more technological paths through intense competition and accelerating industry development. Upstream components are the foundation of the industry, and technology is still in a rapidly iterating stage. Linear actuators, rotary actuators, and end actuators are the core components of humanoid Siasun Robot & Automation, accounting for over 70% of the cost. In addition, new materials used in areas such as bones and shells are also important parts of humanoid Siasun Robot & Automation. Currently, there is still significant room for improvement in control accuracy, motion capability, cost, etc., so the technology of components is still rapidly iterating, which may lead to material changes and the demand elasticity of related materials brought by the mass production of humanoid Siasun Robot & Automation is worth paying attention to. Optimistic about the investment value of materials benefiting from the technological iteration of components: 1) Agile hand: Tendon-driven lightweight and high flexibility make it an ideal choice for the agile hand of humanoid Siasun Robot & Automation. The report predicts that the market size of tendons will reach 19.3 billion yuan by 2030, driven by the shipment of 5 million units of humanoid Siasun Robot & Automation. The choice of tendon material directly affects the transmission efficiency and execution accuracy, which is still in the verification stage, and potential mainstream materials in the future include UHMWPE fibers, steel wire ropes, PBO fibers, etc. 2) Lightweight materials: Material lightweighting is the main focus for the weight reduction of Siasun Robot & Automation in the future. PEEK and magnesium alloys are highly potential lightweight structural materials for humanoid Siasun Robot & Automation. The report estimates that the demand increment elasticity brought by the shipment of 5 million units of Siasun Robot & Automation corresponds to 488% and 13% respectively. 3) Rare earth permanent magnets: Joint motors of humanoid Siasun Robot & Automation usually adopt frameless torque motors and hollow cup motors, and the high-performance requirements of motors place higher demands on neodymium-iron-boron performance. The report predicts that the shipment of 5 million units of humanoid Siasun Robot & Automation in 2030 will bring about a demand for 20,000 tons of high-performance neodymium-iron-boron. 4) Cables: Cables play a role in transmitting power and signals in humanoid Siasun Robot & Automation. In addition to basic requirements such as electrical performance and weather resistance, cables should also withstand long-term bending, large angle twisting, high-speed reciprocating motion, and have strong electromagnetic compatibility. The report predicts that the shipment of 5 million units of humanoid Siasun Robot & Automation in 2030 will bring about a market size of 20 billion yuan for cables, and there is vast room for domestic substitution. Risk factors: Demand for humanoid Siasun Robot & Automation is lower than expected; the difficulty of mass production of humanoid Siasun Robot & Automation is greater than expected; the cost reduction of humanoid Siasun Robot & Automation is slower than expected; legal restrictions on humanoid Siasun Robot & Automation applications limit their use; the progress of related technological paths is slower than expected; new product development or verification progress of related companies is slower than expected.