Guoxin Securities: Domestic suppliers of high-value and high-barrier power control core components continue to gain strength

The Zhitong Finance App learned that Guoxin Securities released a research report stating that it is concerned about the investment opportunities brought about by the progress of humanoid robots. I am optimistic about the development of humanoid robots under technological upgrading and iteration, I am optimistic about the demand and investment opportunities for potential supply chain components brought about by mass production of robots, and recommend companies with a continuous layout in the field of six-dimensional force sensors, such as Ling Yun Co., Ltd., and Zhongding Co., Ltd.

Guoxin Securities's main views are as follows:

The six-dimensional force sensor is the core component of humanoid robot sensing. It is highly important and valuable

Sensors are an important bridge for humanoid robots to interact with the outside world. Humanoid robots need to be equipped with various sensors (vision, force, inertia, temperature, etc.). Among them, force sensors are highly important (sensing and measuring force) and have a high value (Head Panther Research Institute estimates that they account for 16% of the value in robots); force sensors can be divided into one to six dimensions according to the measurement dimensions, of which six dimensions can provide the most comprehensive force information. They are mainly installed on the wrist, ankle, etc., to help the robot achieve accurate sensing and smooth control.

Analysis of performance indicators, technical routes, structural disassembly and working principle of six-dimensional force sensors

A six-dimensional force sensor can measure 3 directional forces plus 3 directional moments in a spatial coordinate system, 1) Performance indicators: including crosstalk, accuracy, accuracy, sensitivity, resolution, overload capacity, etc.; 2) Technical route: strain type, capacitive type, piezoelectric type, photoelectric type, etc., among which strain type technology is mature, has high accuracy, low cost, and is widely used; 3) Structural disassembly: The main components of a strain-type six-dimensional force sensor include elastomers, strain gauges, chassis, base, roof, etc. It's the core; 4) Working principle: based on elastomer deformation, attached to the elastomer The resistance value changes due to deformation of the strain gauge, which is converted into a voltage signal through a measurement circuit. After the algorithm is decoupled, six-dimensional force information is obtained.

There are high barriers in design, process, inspection, etc.

Six-dimensional force sensors have a high level of knowledge in structural design, decoupling capability, calibration and inspection, process, etc.; essentially, it is a “system engineering”: 1) Design: involving multiple key points, such as elastomer selection and optimization, strain gauge design and selection, etc., the elastomer needs to balance stiffness and sensitivity, and there are many types of strain gauges and influence process route selection; 2) Decoupling: the core problem that six-dimensional force needs to be solved, ① Structural decoupling is difficult and expensive; ② Algorithmic decoupling requires improvements to the decoupling model, know how deep 3); Calibration and testing: six-dimensional force calibration and testing It requires six-dimensional co-loading, the process is complicated, and the equipment requires self-research; 4) Process: The core component elastomer and strain gauge process is long, and refinement requirements are high; metal strain gauge patches still require labor, and consistent mass production is difficult; looking forward to the future, silicon strain gauges have high accuracy and sensitivity, and can be combined with the glass micro-melting process to improve mass production efficiency, which is expected to become the process evolution direction for future batch shipments.

Humanoid robots bring incremental demand, and domestic players continue to deploy

The high-end 6-dimensional force sensor market is dominated by foreign investors. Domestic players have gradually entered the market in recent years, and product performance has been continuously iterated and the gap with foreign brands has been reduced; at the cost level, the current unit price of the six-dimensional force sensor is about 10,000 to 10,000 yuan, and the unit price is expected to gradually drop to around 1,000 yuan as subsequent robot shipments and load rates increase; combined with GGII estimates, the size of the six-dimensional force sensor market in the humanoid robot field will reach 13.8 billion yuan in 2030.

Risk warning: Risk of industry progress and technology iterations falling short of expectations, and uncertainty about supplier orders.