20231116_华创证券_机械行业“人形机器人的Optimus时刻”系列报告：力学感知星辰已现蓝海可期_35页.pdf
2009 1210 2023 11 16 Optimus/markets and markets 2024 23 2022 4840/Optimus BOT 28/BOT/84000 Optimus Optimus 10 50 100/60 210 300 10000 Optimus BOT 60000 Optimus 10 50 100 36 135 150 1+2 3 4 5 EPS PE PB 2023E 2024E 2025E 2023E 2024E 2025E 2023E 34.74 1.11 1.37 1.71 31.36 25.43 20.28 4.00 Wind 2023 11 16 021-20572562 S0360523020001 祎 S0360523030001%()605 0.08()44,366.95 4.97()33,458.39 4.84%1M 6M 12M 2.2%-1.8%-6.5%3.7%8.4%0.3%20231106-20231110 2023-11-12 2023 2023-11-09 20231029-20231103 2023-11-06-14%-6%2%10%22/11 23/01 23/04 23/06 23/09 23/112022-11-162023-11-16 300 Optimus 2009 1210/1 2 3 4 5 YWEVvMsPnOrQrPmPmRsNoP8OdN6MsQnNoMsRfQqRrQjMpOpQ8OpOrRuOqRwOvPqRmQ Optimus 2009 1210 3/.6/.6.6.8.9.9.11 14.16.16.17.20.22 22 25.27&.28.29.31.32 Optimus 2009 1210 4 1.6 2.7 3.7 4.7 5.8 6.9 7.9 8.10 9 ATI.10 10/.11 11.11 12.12 13.12 14.13 15.13 16.14 17.14 18.15 19.15 20.16 21.16 22 2021.16 23.17 24.17 25.18 26.18 27/Bot.19 28/.19 29 Optimus/.19 30.20 31 Optimus.20 32.21 33.21 Optimus 2009 1210 5 34.21 35 2022.22 36.22 37.23 38.23 39.24 40.24 41.25 42.25 43.25 44.26 45.26 46.27 47.27 48.28 49.29 50.29 51.30 52 2023 11 16.32 Optimus 2009 1210 6/()1 Fx Fy Fz Mx My Mz Optimus 2009 1210 7 2 3 ATI 4 Optimus 2009 1210 8 5 AT Sensors China Optimus 2009 1210 9 6 7 Optimus 2009 1210 10 6 12 6 8 9 ATI ATI/Optimus 2009 1210 11 10/ATI 11 ATI Sintokogio Bota Systems AG OnRobot/Robotiq Robotous WACOH-TECH Kistler(GGII)Optimus 2009 1210 12 12(GGII)+GGII 3-5 20%13(GGII)Optimus 2009 1210 13 14(GGII)15(GGII)2023 Optimus A1)()0.00%20.00%40.00%60.00%80.00%100.00%120.00%0.001000.002000.003000.004000.005000.006000.007000.008000.002017 2018 2019 2020 2021 2022 2023E YoY Optimus 2009 1210 14 16(GGII)17/Optimus 2009 1210 15 18 19 Optimus 2009 1210 16 20 markets and markets 2019 18 2024 23 CAGR 5.0%19%21 22 2021 markets and markets GGII 2022/4840 62.58%2023/6700 40%,19%,21%,14%,46%Optimus 2009 1210 17 23(GGII)2022 28 10%2021 24 MIR 0%20%40%60%80%100%120%0100020003000400050006000700080002017 2018 2019 2020 2021 2022 2023E YoY0500001000001500002000002500003000003500004000002019 2020 2021 2022 2023(预测)2024(预测)2025(预测)20kg 6-axis 20kg 6-axis SCARA Cobots Delta Optimus 2009 1210 18 25 2035 1520 CAGR 94%2021 2030 100 2025-2035 CAGR 40%10 15 60 40 2030 2%2035 26(Goldman Sachs)00.10.20.30.40.50.60.70.80.910 0 0 0 0 0 0#REF!Optimus 2009 1210 19/BOT/84000 AI Day BOT 28/4000/2000/BOT/84000 27/Bot/14 14 4000 56000 14 14 2000 28000 BOT 84000 AI Day 28/AI Day Optimus/BOT/10 BOT 60000 50 BOT 42000 100 BOT 30000 Optimus 10 50 100/60 210 300 29 Optimus/Optimus/10 50 100 Optimus/60000 42000 30000/60 210 300 2023/15%Optimus 2009 1210 20 30 1 6 2 10,000 10 6,000 50 4,500 100 2,500 Optimus 10 50 100 36 135 150 31 Optimus Optimus 10 50 100 6 6 6 6000 4500 2500 36 135 150 Optimus 2009 1210 21 32(GGII)60%2016 13%2020 31%24%33 34(GGII)0.00%20.00%40.00%60.00%80.00%100.00%120.00%0.001000.002000.003000.004000.005000.006000.007000.008000.002017 2018 2019 2020 2021 2022 2023E YoY0%20%40%60%80%100%120%2016 2019 2020 Optimus 2009 1210 22 2022 ATI ATI 3C 35 2022 ATI(GGII)2000 SNK OAP KELI 2021 36 Optimus 2009 1210 23 37 20 2022 727 424()38 01002003004005006007008002018 2019 2020 2021 2022 Optimus 2009 1210 24 39/TFT 88 30 OIML 50 NTEP 7 50 10 CE 50 40 CPA OIML NTEP MID GOST ISO9001 RoHS EX FM ATEX CE 300 10 9 Optimus 2009 1210 25 41()()()()2022 26.23%89.11%42 43 Wind Wind PHM PHM 0%10%20%30%40%50%60%70%80%90%100%2021 2022 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 Optimus 2009 1210 26 44 45 Optimus 2009 1210 27 2018 46 15/47 3C Optimus 2009 1210 28 S 3C&“”2009 2021 3C“”48 Optimus 2009 1210 29 D 49()SRI iGrinder ADAS 50 Optimus 2009 1210 30 51&10 Optimus 2009 1210 31/markets and markets 2024 23 2022 4840/Optimus BOT 28/BOT/84000 Optimus Optimus 10 50 100/60 210 300 10000 Optimus BOT 60000 Optimus 10 50 100 36 135 150 1+2 3 4 5 Optimus 2009 1210 32 52 2023 11 16 EPS PE 22A 23E 24E 25E 22A 23E 24E 25E 603662.SH 34.74 0.92 1.11 1.37 1.71 17.87 31.36 25.43 20.28 300354.SZ 41.71 0.88 1.45 2.04 2.73 43.40 28.86 20.48 15.29 Wind Wind 1 2 3 4 Optimus 2009 1210 33 CFA 5 7 2023 2019 2019 2022 Choice 祎 2023 2023 2023 2023 Optimus 2009 1210 34 010-63214682 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 35 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
