Guotai Junan Securities: High-value and high-barrier core components of power control, domestic suppliers continue to make efforts

According to the Zhitong Finance APP, Guosen Securities has released a research report stating that attention should be paid to investment opportunities arising from the progress of humanoid robots. They are optimistic about the development of humanoid robots under technological upgrades and iterations, as well as the potential demand for supply chain components and investment opportunities brought about by mass production of robots. They recommend companies like Lingyun Ind and ANHUI ZHONGDING that have ongoing layouts in areas such as six-dimensional force sensors. The main points of Guosen Securities are as follows: Six-dimensional force sensors are the core components for humanoid robot perception, with high importance and significant value Sensors are an important bridge for humanoid robots to interact with the outside world. Humanoid robots need to be equipped with various sensors (visual, tactile, inertial, temperature, etc.), among which force sensors are highly important (perceiving and measuring force) and have significant value (according to Head Leopard Research Institute, they account for 16% of the value in robots); force sensors can be divided into one to six dimensions based on measurement dimensions, with six-dimensional force providing the most comprehensive tactile information, primarily installed in areas such as wrists and ankles on humanoid robots, aiding robots in achieving precise perception and compliant control. Performance indicators, technical routes, structural breakdown, and working principle analysis of six-dimensional force sensors Six-dimensional force sensors can measure forces in three directions + torques in three directions in a spatial coordinate system: 1) Performance indicators: including crosstalk, accuracy, precision, sensitivity, resolution, overload capacity, and other measurement indicators; 2) Technical routes: types include strain gauge, capacitive, piezoelectric, and photoelectric, among which strain gauge technology is mature, with high precision, lower cost, and more widespread applications; 3) Structural breakdown: the main components of strain gauge six-dimensional force sensors include elastic body, strain gauge, chassis, base, and top cover, with the elastic body and strain gauge being the core; 4) Working principle: based on the deformation of the elastic body, the strain gauge attached to the elastic body deforms, causing a change in resistance value, which is converted into a voltage signal through the measurement circuit, and after algorithm decoupling, six-dimensional force information is obtained. High barriers exist in design, process, and testing dimensions Six-dimensional force sensors have high know-how in structural design, decoupling capability, calibration detection, and processes, essentially constituting a "system engineering": 1) Design: involves multiple key points, such as selection and optimization of elastic body, design and selection of strain gauge, where the elastic body needs to balance stiffness and sensitivity, and there are many types of strain gauges that affect the choice of process route; 2) Decoupling: the core issue that six-dimensional force needs to solve, ① structural decoupling processing difficulty is high, and costs are high; ② algorithm decoupling requires improvements to the decoupling model, with deep know-how; 3) Calibration and detection: calibration and detection of six-dimensional force require six-dimensional joint loading, with a complex process, and equipment needs to be self-developed; 4) Process: the process flow of core components, elastic body and strain gauge, is long and requires high precision; metal strain gauge bonding still requires manual work, making consistent mass production difficult; looking ahead, silicon strain gauges with high precision and sensitivity, combined with glass micro-melting processes, can improve mass production efficiency and are expected to become the future direction of process evolution for mass shipments. Humanoid robots bring incremental demand, and domestic players continue to layout The high-end market for six-dimensional force sensors is mainly dominated by foreign capital, but in recent years, domestic players have gradually entered the market, with product performance continuously iterating and narrowing the gap with foreign brands; in terms of cost, the current unit price of six-dimensional force sensors is about 10,000 to 20,000 yuan, and with the increase in robot shipment volume and installation rates leading to cost amortization, the unit price is expected to gradually drop to around 1,000 yuan According to GGII's estimation, the market size of six-dimensional force sensors in the humanoid robot field will reach 13.8 billion yuan by 2030. Risk Warning: Risks of industry progress and technological iteration falling short of expectations, and uncertainties in supplier orders