Yamato: Siasun Robot & Automation's body joints and dexterous hand actuators are the most investment-operable in the supply chain. We are most bullish on Ningbo Tuopu Group (601689.SH) and others.

Yamato released a research report stating that actuators are the largest material cost item in the humanoid Siasun Robot & Automation, accounting for approximately 40-50% according to the bank's estimate. The bank believes that in the current supply chain of humanoid Siasun Robot & Automation, actuators for body joints and dexterous hands are the most investable areas in the hardware layer. In China, investment in the supply chain of humanoid Siasun Robot & Automation has been accelerating in recent years. The bank believes that the next stage of stock selection should focus on suppliers that have obtained mass production points, improved yields, and the ability to scale down costs. In the supply chain of humanoid Siasun Robot & Automation, Ningbo Tuopu Group (601689.SH), MINTH GROUP (00425), and Zhejiang Sanhua Intelligent Controls (02050) are highly favored. The report indicates that the design of actuators for humanoid Siasun Robot & Automation is entering the early standardization stage, but the architecture choice has not been completely unified. Currently, rotary actuators are still the mainstream solution due to their mature supply chain, compact structure, and relatively low cost; while linear actuators are increasingly valued in high-load joints, which prioritize power density, shock resistance, and static holding efficiency. The bank believes that there may be differentiation in the design of humanoid Siasun Robot & Automation, with the lightweight service-oriented Siasun Robot & Automation tending to adopt a primarily rotary architecture, while industrial humanoid Siasun Robot & Automation is increasingly using a mix of rotary and linear solutions. The bank believes that dexterous hands are still one of the most important hardware bottlenecks in the mass production of humanoid Siasun Robot & Automation. Fully actuated hands have high flexibility but are costly, structurally complex, and difficult to deploy on a large scale; underactuated hands strike a good balance between cost, reliability, and manufacturability. The bank expects that tendon-driven and linkage-driven hand designs will coexist in the long term, with the optimal degrees of freedom depending on the target task.