Northeast: Tactile sensor technology evolution market expansion recommended to pay attention to Shanghai Smith Adhesive New Material (603683.SH)

Northeast released a research report stating that as the industrialization of humanoid Siasun Robot&Automation accelerates, tactile sensors as core components are undergoing technological upgrades and market expansion. With the maturation of technology and cost reductions, the industry expects that the electronic skin touchpoints of dexterous hands will transition from five fingertips to full coverage of palms and finger pads. It is also anticipated that by 2030, the market space for electronic skin in humanoid Siasun Robot&Automation will reach 15.5 billion yuan, with the market for dexterous hand electronic skin accounting for approximately 5 billion yuan. The report recommends paying attention to the materials and technology-leading enterprise Shanghai Smith Adhesive New Material (603683.SH). The main points from Northeast are as follows: Tactile sensors are divided into layered tactile sensors and magneto-electric/visual tactile sensors. Layered tactile sensors include resistive, piezoelectric, and capacitive sensors, consisting of sensitive layer, electrode layer, base layer, packaging layer, and adhesive layer. The sensitive layer is located on the top layer, consisting of functional materials with force-sensitive response (such as PDMS/carbon nanotubes), while the base layer uses flexible elastic materials like PI or Ecoflex to provide mechanical structural support and deformability. The packaging layer uses PDMS film to protect internal circuits from moisture, oxidation, and contamination. Other tactile sensors mainly consist of visual tactile sensors & magneto-electric tactile sensors. How to view the evolution of tactile sensor technology solutions in humanoid Siasun Robot&Automation? (1) Piezoelectric/resistive sensors are cost-effective and mature, with basic sensor modules able to only measure normal forces. Complex sensor structures are required for measuring tangential forces by collecting data from different coordinate points and using advanced algorithms for decoupling. The industry predicts that non-precision scenarios in humanoid Siasun Robot&Automation dexterous hands and most humanoid Siasun Robot&Automation platforms like palms/ fingerpads/ limbs will prefer piezoelectric/resistive/capacitive solutions; (2) Magneto-electric & visual tactile sensors are suitable for high-precision scenarios like laboratories. Magneto-electric sensors can directly measure three-dimensional forces and torques, but require precise positioning of magnets on a lattice, leading to complex production processes and higher costs. They are also not suitable for strong magnetic field environments. Visual tactile sensors can perceive texture/temperature and other physical information besides six-dimensional forces, but require high computing power. How to view the competitive barriers of core manufacturers? Material + algorithm + semiconductor-level preparation technology + customer channels are indispensable. (1) Electronic skin materials include active layers/ substrates/ electrodes, where the active layer material is crucial in determining the sensitivity of tactile sensors. The mainstream process involves integrating conductive materials like carbon nanotubes/graphene into elastic materials like PDMS. The active layer material needs to produce measurable changes in electrical signals in response to specific stimuli (resistance/capacitance/voltage/current/frequency), and players with a deep understanding of materials have a certain advantage in developing electronic skin. (2) Common signal processing algorithms for tactile sensors include dimensionality reduction algorithms, time-frequency analysis algorithms, and classification algorithms. (3) The most common form of electronic skin is a multilayer stacked structure, consisting of a sensing layer + dielectric layer + substrate, vertically superimposed through processes like coating. Conductive materials are used to manufacture wires and simple circuit elements on a flexible base, requiring semiconductor-level processes like screen printing/3D printing/laser transfer/printing, forming a barrier. As applications gradually improve, the report estimates that the market space for electronic skin in humanoid Siasun Robot&Automation could reach 15.5 billion yuan by 2030. With the maturation of technology and cost reductions, the report predicts that the touchpoints of dexterous hand electronic skin will shift from five fingertips to full coverage of palms and finger pads, estimating a market space of 5 billion yuan by 2030. Currently, electronic skin is not yet applied to other parts such as arms/legs/foot soles, but with cost reductions, the application range is expected to expand further. The report estimates that by 2030, the overall market space for electronic skin in humanoid Siasun Robot&Automation could reach 15.5 billion yuan. Risk warning: Technological progress below expectations; Cost reduction progress below expectations; Deterioration of competitive landscape.