Huaxin Securities: Dexterity and high value are the key to the application of humanoid robots

According to the Zhitong Finance APP, Huatai Securities released a research report stating that the dexterous hands of robots will simplify functions based on specific scenarios, balancing the relationship between cost and flexibility. The performance and cost of robots are jointly influenced by their three core components - drive, transmission, and sensing devices. Tesla (TSLA.US) currently uses a structure with a hollow cup + planetary gearbox + encoder + driver + sensor for the drive solution, and a structure with a metal tendon rope + worm gear transmission for the transmission solution. Apart from Tesla, among the major participants in the dexterous hand field, Maxon is a leading manufacturer of precision drives with prominent advantages in customized modules; Harmonic Drive is a leading manufacturer of precision reducers and has successfully implemented dexterous hand miniature harmonic solutions.

The structure of dexterous hands is intricate and complex. The real human hand has 21 degrees of freedom in one hand, while the dexterous hands of robots will simplify functions based on specific scenarios to balance the relationship between cost and flexibility. Currently, Tesla's robotic hand has only 11 degrees of freedom in one hand. The performance and cost of dexterous hands are jointly influenced by their three core components - drive, transmission, and sensing devices.

Dexterous hands have various driving routes, with differences mainly in drive form and transmission form. The driving source is an important factor affecting the size and weight of dexterous hand modules. The driving methods of dexterous hand modules include motor drive, pneumatic drive, hydraulic drive, and shape memory alloy drive. The stability and flexibility of dexterous hand operation mainly depend on the transmission system, with transmission modes including link transmission, tendon transmission, gear transmission, etc. Tesla currently uses a structure with a hollow cup + planetary gearbox + encoder + driver + sensor for the drive solution, and a structure with a metal tendon rope + worm gear transmission for the transmission solution.

There are many motor solutions for electrically driven dexterous hands, with different module compositions for different motor solutions. The most commonly used is the hollow cup motor, which is characterized by being lightweight and efficient. Due to relatively low torque, it often needs to be used in conjunction with a planetary gear reducer. The main suppliers are Maxon and Faulhaber. Frameless torque motors can directly drive loads without the need for belts, gears, etc. Brushless slotted motors have lower module speeds compared to hollow cup motors, which can save on gearboxes. In addition to motor solutions, dexterous hand modules have different structures for other components, with reducers including harmonic reducers, planetary reducers, etc., and sensors in various forms such as force sensors and tactile sensors.

The main participants in the dexterous hand field include Tesla (TSLA.US), Harmonic Drive, Maxon, Zowee Technology (003021.SZ), and Mingzhi Electric (603728.SH). Maxon is a leading manufacturer of precision drives with outstanding advantages in customized modules. Harmonic Drive is a leading manufacturer of precision reducers and has successfully implemented dexterous hand miniature harmonic solutions. Mingzhi Electric started with stepper motors, and currently, the cost advantage of hollow cup motors is prominent. Zowee Technology is a benchmark in the field of miniature transmission, with rich experience in customizing robot products. Recommended domestic core targets for dexterous hand alternatives are Zowee Technology (003021.SZ) and Mingzhi Electric (603728.SH)