According to the Zhongtong Financial APP, Soochow Securities released a research report stating that on October 11, 2024, Tesla (TSLA.US) held the WeRobot conference, publicly launching Robotaxi and Robovan, and updating the latest developments of the humanoid robot Optimus. 2025 may be the first year of mass production of humanoid robots, with automobile factories potentially being the first application scenarios to be implemented. Mass production of humanoid robots still needs to solve the cost reduction issue, and it is recommended to pay attention to investment opportunities in domestic components.

The main viewpoints of Soochow Securities are as follows:

Event: On October 11, 2024, Tesla held the WeRobot conference, publicly launching Robotaxi and Robovan, and updating the latest developments of the humanoid robot Optimus.

At the WeRobot event, Optimus performed well, with improved hardware stability maturity.

On October 11, 2024, Tesla held the WeRobot conference, showcasing the latest developments of Optimus, and demonstrating on-site actions such as dancing, pouring drinks, dispensing gifts, and interacting with the audience, showing higher flexibility and stability compared to previous presentations. In addition, a brief solo presentation at the event showcased a new type of dexterous hand configuration unlike before, with faster and smoother movements, and increased degrees of freedom compared to the current version. The upper limbs of humanoid robots are an important part for motion output, and continuous hardware iteration and upgrades are expected to further enhance the interactive performance of humanoid robots.

The diversification of application scenarios and the entry of AI have become the breakthrough in the industrialization of humanoid robots.

The on-site presentation at the press conference showcased the application performance of humanoid robots in home service scenarios, capable of providing caretaker-type services similar to humans. The increasing complexity of application scenarios raises the software intelligence requirements for humanoid robots, and the entry of AI is expected to accelerate the software learning and training of humanoid robots.

2025 may be the first year of mass production for humanoid robots, with automotive factories potentially being the first landing application scenario. On one hand, automotive factories have the characteristics of large scale and high standardization, providing conditions for practical training of humanoid robots, which could help humanoid robots apply their skills to more scenarios. On the other hand, the automotive industry technology in areas such as autonomous driving, sensors, and machine vision shares commonalities with humanoid robots. Deep collaboration 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. It is recommended to focus on investing in domestic components.

The introduction of core components of domestic humanoid robots can help solve the problem of high production costs. It is recommended to focus on investment mainlines such as screws, reducers, and sensors: ① Sensors: For the sensor segment, donghua testing technology is recommended, with a focus on keli sensing technology (603662.SH), hanwei electronics group corporation (300007.SZ), guangzhou haozhi industrial (300503.SZ), etc. ② Screws: For the screw segment, wuxi best precision machinery and jiangsu hengli hydraulic are recommended; for screw processing equipment segment, hiecise precision equipment co.,ltd. and qinchuan machine tool & tool group share are highly recommended. ③ Gearboxes: For the gearbox segment, leader harmonious drive systems and zhejiang shuanghuan driveline are recommended.

Risk Warning: Production timing of humanoid robots may not meet expectations, core component development may lag expectations, macroeconomic risks.