Zhongjin Company released a research report stating that the World Robot Expo will be held in Beijing from August 21st to August 25th, 2024. Compared to previous years, more industrial control companies are participating, showing confidence in the industry. Hechuan Technology (688320.SH) has launched the humanoid robot ontology YOLO Youlong 01. Currently, industrial control companies are mainly accelerating the layout of the humanoid robot industry from the perspective of core components and continuously iterating and upgrading products. The future development of industrial control companies in the field of humanoid robots is still bullish.

Industry Recent Situation: The World Robot Expo will be held in Beijing from August 21st to August 25th, 2024. Compared to previous years, more industrial control companies such as Hechuan, Laisai, and Weichuang have started to participate, demonstrating confidence in the industry.

Humanoid robot ontologies are emerging rapidly. This year, the manufacturers of humanoid robot ontologies have participated intensively, and more than ten manufacturers such as Galaxy General, Kepler, UBTECH, ZUJIDongli, Yushu, and Zhiyuan have exhibited in Hall B, indicating the industry's steady and gradual development.

Hechuan Technology has launched the humanoid robot ontology YOLO Youlong 01. The humanoid robot is a collaborative research and development between Zhejiang University of Technology and Hechuan Technology. The former provides software algorithms, and the latter provides core components. Over 90% of the components are independently developed by Hechuan, including hollow cup motors, frameless torque motors, and lead screws. Yolo-01 is 175cm tall, weighs 75kg, has 52 degrees of freedom, a rotational joint torque density of 200Nm/kg, and a linear joint thrust density of 4kN/kg.

Industrial control companies' humanoid robot component solutions continue to be upgraded. Industrial control companies are mainly focused on products such as hollow cup motors, frameless torque motors, servo drives, and rotational joints. Looking at hollow cup motors, Laisai, Mingzhi, Hechuan, and Dingzhi have exhibited products with diameters as small as 6mm, while Faulhaber and Maxon's smallest products are approximately 3-4mm in diameter, with domestic manufacturers continuing to catch up. In terms of frameless torque motors, the overall development speed is faster, and many manufacturers have launched their own representative products. For example, Laisai's FM2 has further upgraded the maximum speed to 10,000rpm based on FM1. Mingzhi exhibited its C5-level ball screw, as well as the LC series wrist joint push rod motor. In addition, robot joint modules are also developing towards being lighter, thinner, and with higher torque density.

Dexterous hands continue to be upgraded and iterated: 1) The Korean company AIDIN's dexterous hand with a single finger and triple links was first unveiled. Different from most dexterous hand solutions on the market, AIDIN's single finger is composed of three thinner hollow cup motor modules internally, with the middle module controlling the bending and stretching of the upper finger joint, and the left and right finger joints controlling the left and right swing of the finger. The overall AIDIN dexterous hand is able to perform more flexible actions. According to on-site personnel, the current price of this dexterous hand is 0.07 million US dollars. 2) Yins Exhibition display of the fourth-generation product: Compared to the previous third-generation product, the fourth-generation product has increased the grasping force from 4-5kg to 10kg, and at the same time, has added 12 tactile sensors and six-axis force sensors inside the palm.

At present, the industrial control company continues to accelerate the layout of the humanoid robot industry from the perspective of core components, and the products continue to iterate and upgrade. china international capital corporation continues to be bullish on the future development of the industrial control company in the field of humanoid robots.

Valuation and recommendations: Maintain the profit forecast, target price, and rating of the relevant companies.

Risk: The development of humanoid robots is below expectations, and industry competition intensifies.