The Zhitong Finance App learned that Guotai Junan released a research report saying that on November 2, the Ministry of Industry and Information Technology issued the “Guiding Opinions on the Innovation and Development of Humanoid Robots”, proposing that by 2025, breakthroughs will be made in key technologies such as the “brain, cerebellum, and body” to ensure the safe and effective supply of core components. The development goals of humanoid robots in China have been further clarified. At the same time, with continuous breakthroughs in key robot technologies, application scenarios are being expanded at an accelerated pace, and costs are gradually reduced after mass production. The development prospects for humanoid robots are broad. Domestic core component companies are expected to fully benefit, focusing on: 1) assembly; 2) motors; 3) speed reducers; 4) screws; 5) sensors.

Guotai Junan's main views are as follows:

The Ministry of Industry and Information Technology issued the “Guiding Opinions on the Innovation and Development of Humanoid Robots”:

On November 2, 2023, the Ministry of Industry and Information Technology issued the “Guiding Opinions on the Innovation and Development of Humanoid Robots”, proposing that by 2025, breakthroughs will be made in key technologies such as the “brain, cerebellum, and body” to ensure the safe and effective supply of core components. The whole machine product has reached the international advanced level, and mass production has been achieved. It has been demonstrated and applied in special, manufacturing, and livelihood services scenarios, cultivating 2-3 ecological enterprises with global influence and a number of specialized and new small and medium-sized enterprises. By 2027, humanoid robot technology innovation capabilities will be significantly enhanced, a safe and reliable industrial chain supply chain system will be formed, an internationally competitive industrial ecosystem will be built, and its comprehensive strength will reach the world's advanced level. The development goals of humanoid robots are clear, guiding the development direction of domestic robot companies.

Break through key robot technology and create complete robot products.

Opinions point out that it is necessary to develop a humanoid robot “brain” based on a large artificial intelligence model and a “cerebellum” that controls movement, break through technologies such as lightweight, rigid and flexible coupling design, full-body coordinated motion control, and dexterous arm movement control, and dynamic arm handling, and improve the technological innovation system. At the same time, a basic version of the complete machine was built, focusing on basic components such as special sensors, high power density actuators, and special chips, and building a special operating system for humanoid robots. The bank believes it is expected to accelerate the launch of humanoid robot products, achieve breakthroughs in key technologies, lead the world, and achieve a safe supply of core hardware.

Robotic application scenarios are being expanded at an accelerated pace, and mass production is expected to accelerate.

Opinions suggest speeding up the application of humanoid robots in special environments, focusing on key manufacturing areas such as 3C and automobiles, improving the tool operation and task execution capabilities of humanoid robots, and expanding the service applications of humanoid robots in the fields of people's livelihood such as medical care and home economics. The bank believes that humanoid robots are expected to solve the pain points of lack of application scenarios, that costs are expected to continue to decrease after large-scale mass production, that the development of humanoid robots will further accelerate, and it is expected that a number of high-quality domestic humanoid robot companies will emerge.

Investment advice:

Assembly: The beneficiaries are Tuopu Group (601689.SH) and Sanhua Intelligent Control (002050.SZ).

Motors: The recommended targets are Mingzhi Electric (603728.SH), Hechuan Technology (688320.SH), and the beneficiary targets are Jiangsu Raleigh (300660.SZ), Step by Step Co., Ltd. (), Haozhi Electromechanical (300503.SZ), and Reisai Intelligence (002979.SZ). 688160.SH

Speed reducers: The recommended targets are Guomao Co., Ltd. (603915.SH), Fengli Intelligence (301368.SZ), and the beneficiary targets are double ring transmission (002472.SZ) and Zhongda (002896.SZ).

Screws: Recommended targets are Wuzhou Xinchun (603667.SH) and Hengli Hydraulic (601100.SH), and the beneficiary targets are Best (300580.SZ).

Sensors: Beneficial targets are Colliers (603662.SH), Oppo Optoelectronics (002338.SZ), Obi Zhongguang (688322.SH), and Core Technology (). 688582.SH

Risk warning:1) The humanoid robot technology research and development process fell short of expectations; 2) the commercial application scenarios fell short of expectations; 3) the cost reduction process fell short of expectations; 4) the implementation of industrial policies fell short of expectations.