无框力矩电机：至关重要的关节动力部件-20240107-中邮证券-15页_967kb

Summary of the Report on Unbounded Moment Motors and Their Application in Humanoid Robots

This report analyzes the unbounded moment motor (无框力矩电机) market, focusing on its properties, market growth, and potential in humanoid robots. It highlights key challenges, future prospects, and participants in the industry.

Key Findings

• An unbounded moment motor is a variant of a moment motor without a frame, offering small size, high torque density, and advantages over traditional motors, making it suitable for applications like humanoid robots.
• The global market for moment motors is growing steadily, with projections indicating significant expansion, particularly driven by the humanoid robot sector.
• Current challenges include improving torque density, reducing heat generation, enhancing speed capabilities, and lowering costs, though domestic companies are making progress.
• The burgeoning humanoid robot market could spur substantial demand for unbounded moment motors, with estimates suggesting a market reach exceeding 50 billion yuan by 2030.
• Key domestic firms such as Stepbo (步科股份), Haozhi机电, Leisa Smart (雷赛智能), and Huichuan Tech (禾川科技) are highlighted for their innovations in this field.

Market and Growth Prospects

• The global unbounded moment motor market is expected to surpass 500 billion yuan by 2030, largely boosted by growth in humanoid robot applications.
• By 2027, market demand from humanoid robots could exceed 113.46 billion yuan, with potential reaching up to 428.77 billion yuan.
• Humanoid robot adoption is predicted to grow from under 100,000 units in 2028 to over 36 million units by 2030, with average prices declining to about 1.7 million yuan per unit.

Challenges and Opportunities

• Development hurdles in torque density, thermal management, speed, and cost reduction are being addressed by both domestic and international players.
• Opportunities for domestic companies exist due to their ability to leverage IRL advantages and focus on cost-effective, scalable solutions.

Focus Companies

• Stepbo (步科股份): Has developed third-generation unbounded moment motors with high sales volumes and is positioned to expand capacity to meet demand.
• Haozhi机电: Integrates moment motors into collaborative robotics and is experimenting with applications like massage robots.
• Leisa Smart: Offers advanced motors for robots and is part of robot-related value chains, including partnerships with major players.
• Huichuan Tech: Has a comprehensive product line in motion control, including motors for humanoid robots, supported by collaborations like a potential deal with Bosch.

Risk Assessment

• Potential risks include slower-than-expected scaling of humanoid robots, higher-than-estimated costs, shifts in supply chain or technology, and obstructions in product innovation.

Overall, the report emphasizes the unbounded moment motor's role in enabling advancements in humanoid technology, with domestic firms poised to gain prominence through strategic initiatives.