Dongwu Securities: It's time to replace the precision speed reducer, the core component of the robot's rotating joint, with domestic production
The Zhitong Finance App learned that Dongwu Securities released a research report stating that the speed reducer is the core component of the rotating joint of humanoid robots to ensure the high accuracy and stability of robot motion control by decelerating and increasing torque. The reducer is an intermediate structure connecting the power source to the execution structure. The size of China's speed reducer market continues to grow, the process level of speed reducer companies is constantly improving, and the supply capacity of domestic speed reducers is increasing.
The main views of Dongwu Securities are as follows:
Currently, humanoid robot joint module precision reducers can be divided into harmonic reducers, RV reducers, planetary reducers, and cycloid pinwheel reducers
1) Harmonics: high transmission ratio and high precision, but due to the continuous deformation of the flexible wheel, it can be applied to the robot arm, wrist and hand; 2) Planets: low cost, difficult to manufacture, but not high accuracy, currently mainly used in robot hands; 3) RV: high load, high rigidity and large volume, can be applied to robot seats, large arms, shoulders, etc.; 4) Cycloidal needle wheel: high accuracy, high load, low noise and small size, can be applied to robot hips, legs, etc. The line preliminarily compared and ranked the different reducer schemes within a range to obtain transmission accuracy: harmonic/cycloid pinwheel > RV> planet; volume: RV> harmonic> planet/ cycloid; price: RV> cycloid pinwheel > harmonic> planet.
From the perspective of the main body manufacturer, the cycloid needle wheel may be a better choice for “taking advantage of strengths and making up for shortcomings”
Take Tesla and other downstream integrated manufacturers as an example. Harmonic+ Planet is the current mainstream solution. Specifically, harmonics were selected for accuracy & load requirements; planets were selected for cost reduction. On the premise of satisfying basic actions, performance improvement is the future development direction. As a new type of reducer, the company believes that the cycloid pin wheel is expected to usher in application space at large load joints: 1) Compared to harmonics, the torque increase of the cycloid wheel is significantly greater than the cost & volume increase; 2) compared to planets, the specific structure makes it more accurate.
Investment advice
I recommend Fuda Co., Ltd., Precision Forging Technology, Double Ring Drive, and Zhongding Co., Ltd., and focus on leading robot reducer companies, Zhongda Shares, and Landai Technology.
Risk warning: The development of the core technology of humanoid robots falls short of expectations; the industrialization and implementation process of humanoid robots falls short of expectations; the humanoid robot technology route changes.