20240312_华创证券_机械行业“人形机器人的Optimus时刻”系列：IMU（姿态感知）旧火新茶其时已至_32页.pdf
2009 1210 2024 03 12 Optimus IMU IMU IMU IMU IMU IMU IMU IMU MEMS IMU Yole IMU 2018 13.79 12.04 2027 27.92 22.82 2027 IMU 75.5 ADI 2021 IMU 88%IMU IMU 1 L2+GNSS+IMU Apollo GNSS+IMU 85%L2+2030 65%2023 IMU 31.51 2030 154.94 CAGR 25.55%2 Optimus IMU Optimus 10/50/100 IMU 2.4/10/16 1 2020 IMU 2022 2023 0 1 2 IMU MEMS 3 皜 MEMS MEMS 2021 MEMS 2.11%MEMS IMU IMU IMU 021-20572562 S0360523020001 祎 S0360523030001%()611 0.08()41,881.20 4.79()32,371.86 4.78%1M 6M 12M 14.8%-7.9%-14.0%9.5%-2.7%-1.9%20240225-20240302 2 PMI PMI 2024-03-04 2024-03-03 22Q4 2024-03-02-32%-20%-8%4%23/03 23/05 23/08 23/10 23/12 24/032023-03-132024-03-11 300 Optimus 2009 1210 IMU ADI IMU MEMS IMU IMU 1 2020 IMU 2022 2023 0 1 2 IMU MEMS 3 皜 MEMS MEMS 2021 MEMS 2.11%MEMS IMU XVBYvMsPoNpOrPmPtOqPpO7N9RbRtRqQmOrNfQmMtQjMnMsR7NnNzRNZoNyRvPnOpO Optimus 2009 1210 3 IMU.6 IMU.6 IMU 1.9 IMU 2.11 IMU.13 MEMS.13 IMU.16.17 IMU.19“G N SS+I N S”L2+.19 IMU.22.24 IMU“0”“1”.24.25 皜 2021 MEMS.26.27.29 Optimus 2009 1210 4 1 IMU.6 2 IMU&.7 3 IMU.7 4 IMU.8 5.8 6.9 7.9 8.10 9.10 10 ADI.11 11 ADI.11 12.11 13 MEMS.12 14 MEMS“”.12 15.13 16 MEMS.13 17 MEMS.13 18 MEMS.14 19 2018-2027 MEMS.14 20 2020 MEMS.15 21 2026 MEMS.15 22 2020 MEMS.15 23 2026 MEMS.15 24 MEMS.16 25 MEMS.16 26 2018 MEMS.16 27 2027 MEMS.16 28 2021.17 29 2027.17 30 2018-2027.17 31 2021 MEMS.18 32 2022 MEMS.18 33 2022 IMU.19 Optimus 2009 1210 5 34 GNSS.19 35 GNSS/INS.20 36 GNSS/INS.20 37.21 38.21 39.21 40 IMU.22 41 Optimus.22 42 Optimus.22 43 IMU.23 44 Walker X IMU.24 45 IMU.24 46 IMU.24 47 GNSS ASIL-B IMU.25 48.25 49 MEMS.25 50 MEMS.26 51 皜.27 52 皜.27 53 2024 3 11.28 Optimus 2009 1210 6 IMU IMU IMU Inertial Measurement Unit IMU MEMS ASIC IMU IMU IMU 1 IMU yole Dytran IMU IMU IMU IMU IMU Optimus 2009 1210 7 2 IMU&Xu Ru,et al.”MEMS Inertial Sensor Calibration Technology.”IMU IMU IMU MEMS MEMS MEMS IMU 3 IMU TPMS GPS Optimus 2009 1210 8 4 IMU ADI IMU 5 Optimus 2009 1210 9 IMU 1 MEMS ASIC MEMS MEMS 6 ADI 7 ALLAN ppm(parts per million Optimus 2009 1210 10 8 9(g)1000(ppm)10 500 1000 MEMS MEMS MEMS Optimus 2009 1210 11 10 ADI 11 ADI ADI ADI IMU 2 12 ADI Optimus 2009 1210 12 13 MEMS MEMS MEMS MEMS MEMS 14 MEMS MEMS MEMS MEMS MEMS/MEMS MEMS MEMS MEMS Optimus 2009 1210 13 15 IMU MEMS MEMS MEMS ASIC MEMS Micro Electromechanical System MEMS MEMS MEMS MEMS MEMS MEMS 16 MEMS 17 MEMS Optimus 2009 1210 14 18 MEMS Yole ednchina MEMS MEMS MEMS Yole MEMS 2018 99.94 2021 135.95 2027 222.53 2021 2027 8.56%MEMS MEMS 19 2018-2027 MEMS Yole 皜 MEMS 80%MEMS Yole 2020 MEMS 59.22%16.86%12.21%88.29%2026 0%2%4%6%8%10%12%14%16%18%20%0501001502002502018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E YoY Optimus 2009 1210 15 61.69%15.65%11.49%88.83%MEMS MEMS MEMS MEMS 20 2020 MEMS 21 2026 MEMS Yole Yole IMU MEMS MEMS MEMS MEMS IMU Yole 2020 IMU MEMS 28.07%IMU IMU 22 2020 MEMS 23 2026 MEMS Yole Yole,59.22%,16.86%,12.21%,11.71%,61.69%,15.65%,11.49%,11.17%,16.94%,14.61%IMU,12.42%,9.37%,4.83%,11.41%,4.38%,1.45%,24.58%,22.25%,12.98%IMU,11.69%,7.66%,2.64%,10.28%,5.03%,1.00%,26.47%Optimus 2009 1210 16 IMU MEMS 27 50 Yole MEMS 2018 28.31 31.21 2021 35.09 39.39 2027 49.43 60.60 2018 2027 6.39%7.65%MEMS 2018 9.14 10.23 2027 16.41 24.28 MEMS 2018 4.85 5.13 2027 3.41 2.32 IMU 2018 13.79 12.04 2027 27.92 22.82 24 MEMS 25 MEMS Yole 皜 Yole 皜 IMU MEMS MEMS IMU MEMS MEMS IMU Yole IMU 2018 43.9%2027 46.2%IMU MEMS MEMS 26 2018 MEMS 27 2027 MEMS Yole 皜 Yole 皜 0102030405060702018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E IMU,37.3%,18.7%IMU,43.9%,49.1%,4.7%IMU,46.2%Optimus 2009 1210 17 MEMS Yole MEMS 2021 83.16%2027 85.50%2021 16.68%2027 14.21%28 2021 29 2027 Yole 皜 Yole 皜 IMU 2022 IMU 56%IMU MEMS MEMS IMU IMU ESC ADAS/A V IMU 2022 IMU 43.1 11.9%2027 75.5 30 2018-2027 Yole 2021 MEMS MEMS MEMS IMU,83.16%,16.68%,0.16%,85.50%,14.21%,0.30%0204060801001201402018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027EIMU Optimus 2009 1210 18 84%83%88%Honeywell ADI 31 2021 MEMS Yole MEMS 2022 BOSCH ST Murata 28%18%12%9%7%皜 Bosch ST TDK 32 2022 MEMS 1 28%9%2 ST 18%7%3 Murata 12%皜 4%4 NXP 11%1%5 9%1%-78%-22%IMU 2022 IMU 93%2022 IMU 2%1%IMU Optimus 2009 1210 19 33 2022 IMU IMU GNSS+INS”L2+Global Navigation Satellite System GNSS GNSS 20 DPGS AGNSS RTK-GNSS DGNSS AGNSS RTK-GNSS GNSS GNSS GNSS GNSS 34 GNSS cast navigation BOSCH,33%ST,25%TDK,21%Analog,7%Honeywell,7%,7%Optimus 2009 1210 20 GNSS IMU GNSS/INS IMU GNSS/INS GNSS INS GNSS INS GNSS GNSS INS INS GNSS 35 GNSS/INS GNSS+INS IMU 36 GNSS/INS 2020 Optimus 2009 1210 21 L2+ICV Tank L0 L1 L2 2026 L0 L1 L2+5.8%27.3%66.9%2025 L2 41%2030 65%37 38 ICV Tank GNSS+IMU L2 L2 P7 EC6 ES6 ES8 V LX E-HS9 2021 ONE 2021 10 P5 ET7 U Pro V Plus LX Plus Apollo GNSS-RTK 65%20cm GNSS+IMU 85%GNSS+IMU+97.5%39 E-HS9 2020 12 GNSS+IMU+RTK V Plus 2021 9 80 80 90 GNSS+IMU+RTK LX Plus 2022 1 80D ADiGO 3.0 80DMax ADiGO 4.0 GNSS+IMU+RTK P7 2020 4 GNSS+IMU+RTK P5 2021 9 460E/550E XPILOT 3.0 GNSS+IMU+RTK EC6 2020 7 1.5 3.9 GPS ES6 2020 5 ES8 2020 4 ET7 2021 1 680+V2X ONE 2021 5 2021 GNSS+IMU+RTK L9 2022 6 GNSS+IMU+RTK 0%10%20%30%40%50%60%70%80%90%100%2020 2021 2022E 2023E 2024E 2025E 2026EL0 L1 L2 L3L50%10%20%30%40%50%60%70%80%90%100%2018 2020 2025E 2030EL0-L1 L2-L3 L4-L5 Optimus 2009 1210 22 IMU 1 L2+2025 41%2030 65%2 2021 L2 IMU 20%65%3 2023 2606 5%4 2023 IMU 1300 40 IMU 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2,356 2606 2737 2873 3017 3168 3326 3493 3667 YoY 5%5%5%5%5%5%5%L2+26%31%36%41%46%51%56%61%65%L2+613 808 985 1178 1388 1616 1863 2131 2384 IMU 24%30%35%40%45%50%55%60%65%IMU 1400 1300 1300 1300 1200 1200 1000 1000 1000 IMU 20.58 31.51 44.83 61.26 74.95 96.94 102.45 127.83 154.94 Wind 2023 IMU 31.51 2030 154.94 CAGR 25.55%IMU Optimus 2023 9 GEN1 Optimus 2023 12 GEN2 Optimus 30%41 Optimus 42 Optimus Optimus 2009 1210 23 IMU IMU IMU IMU IMU IMU 43 IMU IMU Optimus Atlas Walker X H1 Cyber One A1 IMU Cyber Dog IMU Optimus 2009 1210 24 44 Walker X IMU 45 IMU IMU 1 IMU 600 2 Mihaela Popescu RH5 4 IMU Optimus 10/50/100 IMU BOT 2400/2000/1600 2.4/10/16 46 IMU 10 50 100 Optimus IMU 4 4 4 IMU 600 500 400 BOT 2400 2000 1600 IMU 2.4 10 16 IMU 0 1 1998 2004 2013 2016 2020 IMU Optimus 2009 1210 25 47 GNSS ASIL-B IMU IMU 2020 IMU 2022 2023 48 2022 10 2023 2 2023 9 IMU 2012 MEMS MEMS MEMS ASIC MEMS 49 MEMS MEMS 5G Optimus 2009 1210 26 MEMS 5G MEMS Honeywell Emcore 50 MEMS Honeywell HG1700 Emcore EG200 Honeywell HG5700 Emcore EG1300 33(/h)0.25 1 0.02 0.01 0.1(/Vh)0.125 0.04 0.012 0.002 0.05(ppm)150 100 10 50 100-83.8*83.8*20.3-83.8*83.8*20.3 11*11*2-27-380 1-12,554-28,129 1,100 皜 2021 MEMS 皜 2011 MEMS MEMS/Comcast MEMS Optimus 2009 1210 27 51 皜 皜 MEMS 3D MEMS-CMOS MEMS MEMS da718 2021 MEMS 2.11%MEMS 52 皜 da718 BMA456 ST LIS2DW12 bit)16 16 14(Hz)1,600 1,600 1,600(g/Hz)120 120 90 mg)20 20 20 g)16 16 16 皜 IMU IMU IMU IMU Optimus 2009 1210 28 IMU IMU IMU MEMS IMU Yole IMU 2018 13.79 12.04 2027 27.92 22.82 2027 IMU 75.5 ADI 2021 IMU 88%IMU IMU 1 L2+G N S S+I MU”Apollo GNSS+IMU 85%L2+2030 65%2023 IMU 31.51 2030 154.94 CAGR 25.55%2 Optimus IMU Optimus 10/50/100 IMU 2.4/10/16 1 2020 IMU 2022 2023 0”1”2 IMU MEMS 3 皜 MEMS MEMS 2021 MEMS 2.11%MEMS IMU IMU IMU 53 2024 3 11 EPS PE 22A 23E 24E 25E 22A 23E 24E 25E 688582.SH 34.85 0.34 0.41 0.58 0.80/93.52 59.70 43.40 688071.SH 31.14 0.50 0.17 1.44 2.68 113.20 448.87 21.66 11.60 Wind Wind Optimus 2009 1210 29 1 2 3 4 Optimus 2009 1210 30 CFA 5 7 2023 2019 2019 2022 Choice 祎 2023 2023 2023 2023 Optimus 2009 1210 31 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 Optimus 2009 1210 32 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
