Humanoid Robots: Embracing the Trend of “Embodied Intelligence”
A new wave of “embodied intelligence” is sweeping the world, driven by the versatility and tool-wielding capabilities of humanoid robots. These advanced machines are set to reshape various industries and pave the way for innovative applications.
Investing in the Future: Highlights from the World Robot Conference
At the highly anticipated World Robot Conference 2023, held at the Beijing Beiren Eichuang International Convention and Exhibition Center from August 16th to 22nd, more than 10 domestic humanoid robots took the spotlight. Major focus was directed towards core component suppliers seeking to push the boundaries of robotic design and functionality.
Among the exhibitors, industry giants such as UBTECH, Dart, Yushu, Xiaomi, Zhuimi, and Passini showcased nearly 600 cutting-edge robot products, including their latest humanoid models. UBTECH, Beijing Huahui Institute of Technology and other manufacturers demonstrated the walking capabilities of their humanoid robots, while a mesmerizing latte art coffee by a chasing humanoid robot left the audience captivated.
When it comes to performance, leading domestic manufacturers of humanoid robots are on par with Tesla in terms of degrees of freedom and weight, with some even surpassing Tesla’s Optimus in these aspects. However, there is still room for improvement in terms of battery life, where Chinese manufacturers lag behind their electric vehicle counterpart.
Exploring the core components reveals fascinating differences. Body joints in domestic humanoid robots primarily employ rotary joints, whereas Tesla combines rotary and linear joints. While linear joints offer advantages such as increased space utilization and energy efficiency, they pose challenges in terms of push rod end position accuracy and cost. On the other hand, the dexterity of hand movements in Chinese humanoid robots rivals that of Tesla, as they strive to create highly flexible and versatile robotic solutions. Additionally, Chinese manufacturers rely on a combination of multiple sensors, while Tesla implements a pure vision-based solution.
The Rising Demand for Humanoid Robots
Forecasts estimate a demand of approximately 1.77 million humanoid robots by 2030, reflecting significant growth potential in the global market. The projected market space is expected to reach 169.2 billion yuan, with a impressive Compound Annual Growth Rate (CAGR) of 25% between 2023 and 2030. In the short term, industrial and commercial applications will be the first to reap the benefits, while personal scenarios hold great potential in the medium to long term.
Examining the core components further, planetary roller screws account for approximately 19% of the value, with Europe and the United States being the main production hubs. However, domestic enterprises face challenges due to their late entry into the market, small scale, and heavy reliance on foreign imports. Coreless motors, constituting around 8% of the value, are currently dominated by industry leaders Maxon in Switzerland and Fauhalber in Germany. There is ample room for domestic manufacturers to enhance their technological capabilities to meet the demand. Additionally, Japanese manufacturers prevail in the reducer sector, capturing approximately 13% of the market value. Although Chinese manufacturers have made significant progress in overcoming key technological barriers, further improvement can be achieved through accumulating process experience. Sensing solutions range from Tesla’s pure vision approach to other companies’ fusion of multiple devices.
Focus on Core Component Manufacturing Leaders
Targeting the manufacturing leaders for core components of quadruped/humanoid robots is paramount. For motors, companies such as MOONS’ Electric, Inovance Technology, Jiangsu Leili, Kinco, Veichuang Electric, and Topband are worth keeping an eye on. When it comes to lead screws, Hengli Hydraulic, Changsheng Bearing, Wuzhou New Year, Best, Dingzhi Technology, and Qinchuan Machine Tool offer promising prospects. Reducer experts include Shuanghuan and Green Harmonic Transmission, as well as Zhongda, Shanghai Electromechanical, Hanyu Group, Fengli Intelligent, Han’s Laser, and Haozhi Electromechanical. Notable players in the sensor field are Huayi Technology, Keli Sensing, Hanwei Technology, and Innosilicon. For controllers, Huazhong CNC stands out, while STATE, EFT, and INVT deserve attention. Lighting solutions from Seiko Technology, Zhongfu Shenying, Jilin Chemical Fiber, and Jilin Carbon Valley offer excellent choices. Additionally, Sanhua Zhikong and Tuopu Group are noteworthy integration providers. The industrial robot sector recommends Estun, with SIASUN robots attracting interest. Finally, Crystal Special Pack specializes in special robots.
Identifying Risks
It is essential to consider potential risks in this industry. Exceeding expectations, the trade conflict between China and the United States can negatively impact the market. Additionally, the pace of AI technology iteration may fall short of expectations, leading to potential risks and uncertainties. Finally, careful attention must be paid to ensure accurate data measurements and mitigate the risk of deviation.
(Source: Zheshang Securities)
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Introduction Humanoid robots have attributes such as versatility and the ability to use tools, and the wave of “embodied intelligence” is the general trend.
Investment points
World Robot Conference: More than 10 domestic humanoid robots unveiled, focus on core component suppliers
1) The World Robot Conference 2023 will be held at the Beijing Beiren Eichuang International Convention and Exhibition Center from August 16th to 22nd. This year’s conference held 6 main forums and related activities, and also held a robot expo More than 140 companies including UBTECH, Dart, Yushu, Xiaomi, Zhuimi, and Passini brought nearly 600 robot products to the show. exhibition including more than 10 humanoid robot products Among them, the humanoid robot products of UBTECH, Beijing Huahui Institute of Technology and other manufacturers showed the walking function on the spot, and the chasing humanoid robot showed the function of latte art coffee.
2) From the perspective of basic performance, the current domestic leading manufacturers of humanoid robots are on par with Tesla in terms of degrees of freedom and weight, and some manufacturers can even achieve more degrees of freedom and lighter weight than Tesla Optimus. Currently, the leading manufacturers of humanoid robots in China still have a certain gap compared to Tesla in terms of battery life.
3) From the perspective of core components: Body joints: At present, domestic humanoid robot manufacturers mainly use rotary joints for body joints, while Tesla uses a combination of rotary and linear joints. Linear joints have the advantages of high space utilization, larger motors can be arranged to achieve more thrust, and the posture can be automatically locked when the lower body does not move, which saves more energy, however, it is also face disadvantages such as poor stability in terms of push rod end position accuracy and high cost. Dexterous hand: Currently, most domestic humanoid robot manufacturers have or are in the process of developing a dexterous hand solution, which is similar to Tesla in terms of freedom. Sensors: Currently, most domestic humanoid robot manufacturers use a combination of multiple sensors, while Tesla uses a pure vision solution.
Humanoid robots: with features such as versatility and wearable tools, the wave of “embodied intelligence” is the general trend
1) The demand for humanoid robots is estimated to be around 1.77 million units in 2030, and the global market space is expected to reach 169.2 billion yuan, with a CAGR of 25% between 2023 and 2030. The short-term industrial and commercial scenarios (3-5 years) are the first to apply; the medium and long-term personal scenarios (5-10 years later) have a lot of room for applications.
2) Core components: planetary roller screw: the value accounts for about 19%, and the current production capacity is mainly concentrated in Europe, the United States, etc. Domestic enterprises started late, with small scale and high dependence on foreign imports. Coreless Motor: The value accounts for about 8%. Currently, the industry leaders are Maxon in Switzerland and Fauhalber in Germany. It is difficult to manufacture in batches, and there is a lot of room for domestic manufacturers to improve their technology. Reducer: The value accounts for about 13%. At present, Japanese manufacturers dominate the reducer industry. The key technologies of domestic manufacturers have been overcome, and there is still room for improvement in accumulating process experience. . Sensors: Currently, there are Tesla’s pure vision solutions and other companies’ multi-device fusion solutions.
Core target: focus on manufacturing leader of core components of quadruped/humanoid robots
Motors: pay attention to MOONS’ Electric, Inovance Technology, Jiangsu Leili, Kinco, Veichuang Electric, and Topband;
Lead screw: recommend Hengli Hydraulic, Changsheng Bearing, Wuzhou New Year, pay attention to Best, Dingzhi Technology, Qinchuan Machine Tool;
Reducer: Recommended Shuanghuan and Green Harmonic Transmission, pay attention to Zhongda, Shanghai Electromechanical, Hanyu Group, Fengli Intelligent, Han’s Laser, Haozhi Electromechanical;
Sensors: Recommend Huayi Technology, pay attention to Keli Sensing, Hanwei Technology, Innosilicon;
Controller: Huazhong CNC is recommended, pay attention to STATE, EFT, INVT;
Light: recommend Seiko Technology, pay attention to Zhongfu Shenying, Jilin Chemical Fiber, Jilin Carbon Valley;
Integration: pay attention to Sanhua Zhikong and Tuopu Group;
Industrial robots: recommend Estun, pay attention to SIASUN robots;
Special Robots: Crystal Special Pack is recommended.
risk warning:The trade conflict between China and the United States exceeded expectations, the iteration of AI technology was less than expected, and the risk of data measurement deviation.
(Source: Zheshang Securities)
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