Humanoid robots, advancing by leaps and bounds.
Huawei released version 5.0 of the Pangu model at its developer conference, and the Leju Kuafu robot equipped with this model also made a stunning appearance, which is the first application of Pangu on robots.
At the same time, iFLYTEK cooperated with Zhiyuan Robotics to enable the iFLYTEK Spark model to empower the robot industry chain; China University of Science and Technology Humanoid Robot Research Institute and Yangtze River Delta Robot Alliance have been established.
The integration of artificial intelligence models into humanoid robots can make the applicable scenarios more abundant, no longer limited to industry (manufacturing, logistics, packaging, etc.), but also expand family scenarios such as cleaning, stir-frying, education and training, so as to further open up the market space.
So, what links in the humanoid robot industry chain are worth paying attention to?
Robots mainly include the brain, cerebellum, machine body, and robot limbs. Among them, the robot actuator is a component with both demand and value, and a large number of actuators are required for the limbs and torso.
For example, Tesla's Optimus includes 52 joints and requires 28 actuators, Unitree Unitree G1 includes 23-43 joints, and UBTECH WalkerX carries 41 joints.
In addition, the value of actuators in humanoid robots accounts for about 78%, the value of rotary actuators accounts for the highest 42%, and the value of linear actuators accounts for the highest proportion of 36%.
So, what exactly is an actuator?
Actuator, also known as joint actuator and robot integrated joint, is a piece of hardware installed at the joints of the robot to drive the movement of the robot's arms, legs, waist, etc.
Actuators include motors (Mingzhi Electric, Buke Co., Ltd.), reducers (Green Harmonic, Shuanghuan Transmission, Zhongda Virtue), sensors (Donghua Testing, Innosilicon, Sai Microelectronics), planetary roller screws (Best, Beite Technology), etc.
Among them, the planetary roller screw is a new demand for humanoid robots compared with traditional industrial robots, and the value of core components accounts for a relatively high proportion (calculated according to Tesla Optimus).
In the scheme adopted by Tesla, the value of planetary roller screws accounts for as much as 15%, and the price of a screw is as high as 2,000 yuan.
So, what is a roller screw?
Planetary roller screw is a kind of mechanical transmission device that can convert rotary motion and linear motion into each other, which is the core component of linear transmission and the integration of various high-precision technologies, and urgently needs to be replaced by domestic production.
Lead screws are widely used in high-precision industries such as military, medical equipment, aerospace, and semiconductors, and now humanoid robots have brought it new market space.
It is estimated that from 2023 to 2030, the global humanoid robot roller screw market will grow from 30 million yuan to 22.96 billion yuan, thereby driving the screw market size from 15.95 billion yuan to 47.3 billion yuan, with a compound annual growth rate of 16.8%.
Best's planetary roller screws have been successfully sampled, and they are suppliers of Tesla and Huawei, and the "leading technology + binding of major customers" has basically locked in the win.
The reason why Best was able to successfully independently develop the lead screw is that there is a foundation. The company started as a turbocharged parts and has accumulated rich technical experience in the field of precision machining.
After that, the company expanded the second growth curve in the direction of new energy auto parts, formed a scale, and then entered the new track of "industrial machine tools and humanoid robots", and achieved certain results.
At present, the ball screw pair, linear guide pair and other products produced by Best have been successfully rolled off the production line and are in the process of sample verification, and the self-developed planetary roller screw has also been successfully sampled, but has not yet formed income.
However, the company's other two businesses performed well, supporting the company's steady growth. From 2019 to 2023, Best's revenue increased from 802 million yuan to 1.343 billion yuan, and the net profit attributable to the parent company increased from 168 million yuan to 264 million yuan.
So, how does Best achieve performance growth?
- Customer Benefits.
In the original business of turbocharged parts, the company's customers include Garrett (formerly Honeywell), BorgWarner, Pierburg, Cummins, Boma Technology, Shanghai Lingzhong, Mitsubishi Heavy Industries, Changchun Fawer Ishikawajima, etc., covering almost all the world's well-known turbocharger and automotive engine manufacturers.
Among the new energy auto parts, Best has entered Tesla's supply chain through mergers and acquisitions, as well as the supply system of Huawei Motor, General Motors, Dongfeng Motor, etc.
- Product Advantages:
Best did not choose to compete with Tuopu Group, Wencan Co., Ltd., Huayang Group, Bethel, Guangdong Hongtu and other automotive die castings, but gave full play to its own advantages in general-purpose precision small parts.
Best has the technical precipitation of the production of tooling and fixtures, which can achieve precise positioning and precision machining in the production of precision parts, and high precision means that the added value of the product is also high.
Therefore, Best's profitability ranks high in the industry, and the company's gross profit margin will always remain at the level of about 35% from 2019 to 2023, which is much higher than that of Tuopu Group, Wencan Co., Ltd., iKedi and other companies in the same industry.
So, what's next for Best?
First, demand for turbochargers is still rising.
Turbochargers are mainly used in fuel vehicles, new energy hybrid vehicles, and hydrogen fuel cell vehicles, which can achieve the function of energy saving and emission reduction, which is in line with our environmental awareness.
It is expected that by 2025, the turbocharger installation rate of fuel vehicles in mainland China will reach about 71%, and the turbocharger installation rate of hybrid passenger cars will be close to 90%, so the demand is still rising.
As a senior leader in turbochargers, and with the support of major downstream customers, Best's business will continue to grow.
Secondly, new energy vehicles are in full swing.
In 2023, the sales of new energy vehicles in mainland China will be 9.495 million units, a year-on-year increase of 36.2%, and the penetration rate will be about 35.7%, but it is far from reaching the upper limit.
BYD, Tesla, Li and Huawei have all made efforts to promote brand sales in terms of intelligent driving, cost control and price reduction, and it is expected that domestic new energy vehicle sales will reach 14.44 million units by 2026.
Therefore, Best's new energy auto parts business still has room for growth, and the company is also a supplier of Tesla and Huawei.
Finally, the roller screws in the company's industrial machine and robot tracks have been sampled, and the company is the supplier of Sanhua Intelligent Control Roller Screws, which in turn is a supplier of Tesla, and the company is expected to fully benefit from the wave of robots.
To sum it up.
Humanoid robots and new energy vehicles are both current and future tracks with great certainty and growth, and Best is one of the manufacturers with outstanding advantages, which is full of highlights.
The above is only for the analysis of listed companies and does not constitute specific investment advice.
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Source: Flying Whale Investment Research