Soochow Securities Co., Ltd.: Tesla WeRobot conference held, humanoid robots accelerate industrialization process, focus on investment opportunities in domestic components

According to the report released by Soochow Securities Co., Ltd., on October 11, 2024, Tesla (TSLA.US) held the WeRobot conference, publicly unveiling Robotaxi and Robovan, and providing updates on the humanoid robot Optimus. 2025 may be the year of mass production for humanoid robots, with automotive factories potentially being the first application scenarios. Mass production of humanoid robots still needs to address cost reduction issues, and it is recommended to pay attention to investment opportunities in domestic components.

Key points from Soochow Securities Co., Ltd.:

Event: On October 11, 2024, Tesla held the WeRobot conference, publicly unveiling Robotaxi and Robovan, and providing updates on the humanoid robot Optimus.

Optimus showcased at WeRobot with impressive performance, demonstrating improved hardware stability

On October 11, 2024, Tesla held the WeRobot conference, showcasing the latest progress of Optimus and demonstrating actions such as dancing, pouring drinks, distributing gifts, and interacting with the audience, showing higher flexibility and stability compared to previous demonstrations. Additionally, a new type of dexterous hand, different from previous configurations, was briefly showcased at the event. This dexterous hand moves more rapidly and smoothly, with increased freedom compared to existing versions. The upper limbs of humanoid robots are crucial for motion output, and continuous hardware iteration is expected to further enhance the interactive performance of humanoid robots.

Diversified application scenarios, AI involvement as a breakthrough in industrializing humanoid robots

The conference showcased the application performance of humanoid robots in home service scenarios, capable of providing humanoid-like nanny services. The complexity of application scenarios increases the demand for software intelligence of humanoid robots, and AI involvement is expected to accelerate the learning and training of humanoid robot software.

2025 may be the year of mass production for humanoid robots, with automotive factories potentially being the first application scenario. On one hand, automotive factories have the conditions for practical training of humanoid robots due to their large scale and high standardization, which can help humanoid robots expand into more application scenarios through practical training in car factories. On the other hand, the automotive industry's technologies such as autonomous driving, sensors, and machine vision have commonalities with humanoid robots, and deep cooperation between car factories and humanoid robot manufacturers can leverage synergies between the two.

Mass production of humanoid robots still needs to address cost reduction issues, recommended to focus on investment opportunities in domestic components

The introduction of core components for domestic humanoid robots can help address the high production costs, and it is recommended to focus on investment themes such as screws, reducers, and sensors: ① Sensors: For the force sensor segment, Donghua Testing is recommended, and attention is advised on companies like Keli Sensing (603662.SH), Hanwei Technology (300007.SZ), and Haozhi Electromechanical (300503.SZ). ② Screws: For the screw segment, Best and Hengli Hydraulic are recommended; for screw processing equipment, Huachen Equipment and Qinchuan Machine Tool are highlighted. ③ Reducers: For the reducer segment, Green Harmonic and Double Ring Transmission are recommended Risk Warning: The mass production timing of humanoid robots is later than expected, core component research and development is behind schedule, macroeconomic risks