20230921_招商证券_汽车行业智能化系列报告：人形机器人智能汽车延伸具身智能最佳载体_32页.pdf
|2023 09 21/2021 AI DAY Optimus AI Dojo FSD/AI 50000 26.5%23%28%7%13%14.84%14.84%7.42%7.42%4.45%3.82%Optimus 28(14+14)TIER 1 RV 2021 RV 53%35.5%25%RV 14%4%2022 90%249 4.8 3219.8 3.9 2736.0 3.8%1m 6m 12m-0.2 3.2 1.8 1.9 9.1 7.6 1 Dojo+2023-09-18 2 2023-09-17 3 8 2023-09-14 S1090511040037 S1090523060001-15-10-5051015Sep/22 Jan/23 May/23 Aug/23(%)汽车 沪深300 2 70 maxon faulhaber 2022 ATI 2022 50%65%2022 8%1 2 3 0YFUxOqNsRnMpRpMnQqPqRaQbP8OpNoOsQtQjMqQzQlOmOoQ8OrQnQwMrRtPwMmPnO 3.6 1.6 2.8.9 1.9 2.11 3.13 4.14 5.16 6.17.18 1.18 2.20 3.23 4.24 5.25 6.26 7.27.28.30 1 Optimus 2023.6 2 Optimus.6 3 Optimus.7 4 Optimus.8 5.9 6 RV.9 7 2021.11 4 8 2021 RV.11 9.11 10.11 11.12 12.12 13.13 14.13 15.13 16.14 17.14 18.15 19.16 20.16 21.17 22.18 23.18 24.18 25 2022.18 26.19 27 2023.20 28 2022.21 29 2022.21 30 2022.21 31.21 32 2022.22 33.22 34.22 35 2022.23 36.23 37.24 38 2022.24 39.24 5 40 2022.25 41.25 42 2022.25 43.25 44.26 45 2022.27 46.27 47.28 1 Optimus.8 2 RV.10 3.12 4.14 5.15 6.16 7.16 8.27 9.30 6 1 2021 8 AI Day(Optimus)5 8 125 45 150 2022 2 2022 9 30 AI Day 2023 7 1 Optimus 2023 2023 Optimus 28(14+14)2 12(6*2)6 11 20 28(6)(2)(6)(2)(6)(2)(4)2 Optimus 7 AI Day Yaw Roll Pitch y()z()x()Optimus:+(+)+3 20Nm/110Nm/180Nm:6 2 4 2 1 Optimus AI Day 8 Optimus:+3 500N/3900N/8000N:2 4 2 2 4 4 Optimus AI Day 2 Optimus FSD AI FSD/AI 50000 26.5%23%28%7%13%14.84%14.84%7.42%7.42%4.45%3.82%1 Optimus 9 1000 14 14000 7.42%1000 14 14000 7.42%500 14 7000 3.71%200 28 5600 2.97%50 28 1400 0.74%100 14 1400 0.74%1000 14 14000 7.42%2000 14 28000 14.84%500 14 7000 3.71%200 14 2800 1.48%50 14 700 0.37%50 14 700 0.37%600 12 7200 3.82%200 12 2400 1.27%100 12 1200 0.64%50 12 600 0.32%150 12 1800 0.95%+FSD AI 50000 1 50000 26.50%500 1 500 0.26%300 3 900 0.48%500 1 500 0.26%3000 1 3000 1.59%800 30KG 24000 12.72%188700 100%AI Day 1 RV RV 5 6 RV 10 2 RV RV RV 3C 30KG 5000-8000/1000-5000/100 m RV RV 2021 RV 53%35.5%RV RV 3,0004,000 30%50%11 7 2021 8 2021 RV 2 ABS 9 10 35%25%8%7%6%5%4%10%哈默纳科绿地谐波来福新宝同川大族福德其他53%14%5%4%4%3%3%2%12%纳博特斯克双环传动住友飞马中大力德南通振康智同秦川机床其他 12 3 92-98%90%3000-5000 6000 10 1000 1874 20 30 20 40 50 ROTAX NSK 20 50 1964 2009 THK NSK 90%30%1942 Carl Bruno Strandgren 1954 1986 William J.Roantree Oliver Saari 1970 Rollvis SKF Moog Ortlieb Power Jacks Exlar Rexroth 2022 90%2022 Rollvis GSA Ewellix Rexroth 27%26%13%12%11 12 5%5%90%中国台湾：上银、银泰中国大陆：汉江、南京工艺德国：力士乐+日本：THK/NSK40%30%30%中国台湾：上银、银泰中国大陆：汉江、南京工艺德国：力士乐+日本：THK/NSK 13 13 3 14 15 Kinco TM TECH TQ Robodrive 70 27%26%13%12%8%8%3%3%RollvisgsaEwellisRexroth南京工艺优仕特济宁伯特CMC 14 4 40mm 16 17 4 10000h+1000-3000h 15 18 maxon faulhaber Faulhaber maxon 3-5mm 12mm 5 Faulhaber Maxon 鸣 志电气 鼎 智科技 1660S024BHS ECX SPEED 16L ECH 16056H24 22ZWWC48 96W 80W 90W 100W 52400rpm 61200rpm 45000rpm 55000rpm 11.6mN.m 16.1mN.m 14.59mN.m 20mN.m 92%93%91%89%1.2ms 1.79ms 1.19ms 1.89ms 0.078kg 0.073kg 0.073kg 0.111kg 1.23kw/kg 1.10kw/kg 1.23kw/kg 0.91kw/kg 16 5 FT 3 3 19 20 ATI 6 描述/7 原 理及特点 优点 缺点 代 表企业 ATI 17 Sintokogio Bota Systems AG Schunk OnRobot/Robotiq Robotous Wacoh-tech Kistler 2022 ATI ATI 3C 21 6 18 22 23 kbv research 27.6%14.3%MIR 2022 50%24 25 2022 MIR kbv research 1 1+NVH 3 磁性编码器光电编码器电感编码器其他28%14%8%6%5%4%4%4%28%多摩川海德汉禹衡西克堡盟汇通内密控宜科其他 19 IBS 2024 100 2023 4 10 26 2 20 2023 4 6 GDR 50 2 27 2023 2 1 2021 24.7%20 2022 93%81%21 28 2022 29 2022 WIND WIND 2 RV 1980 2021 RV RV RV 2019-2022 CAGR 63.8%30 2022 31 WIND WIND 3 2006 1998(RV)RV 93%6%0%1%谐波减速器及金属部件机电一体化产品智能自动化设备其他业务 81%9%6%3%1%机器人机械装备数控机床医疗器械其他行业78%6%16%齿轮减速器及其他其他业务0.630.871.671.843.822.740%20%40%60%80%100%120%01122334452018 2019 2020 2021 2022 2023H1减速器及其他 yoy 22+RV+32 2022 33 WIND WIND 4 863 5 23 130 AGV AGV 24 34%42%23%0%1%智能执行单元减速电机减速器配件其他业务1.511.89 1.862.542.031.23-30%-20%-10%0%10%20%30%40%01122332018 2019 2020 2021 2022 2023H1减速器 yoy 23 3 1/2 IDEXX Adaptas T 0.01mm 500 150mm 35 2022 36 WIND WIND 60%2%20%15%1%2%线性执行器音圈电机混合式步进电机直流电机其他主营业务其他业务0.510.580.841.251.920.76-40%-20%0%20%40%60%80%0112232018 2019 2020 2021 2022 2023H1线性执行器 yoy 24 47 4 1 AGV 58 2022 39 WIND WIND 2 PLC+61%36%2%1%驱动系统控制系统其他主营业务其他业务1.631.792.493.27 3.301.45-20%-10%0%10%20%30%40%50%011223342018 2019 2020 2021 2022 2023H1驱动系统 yoy 25 SIP MCU IP 40 2022 61 WIND WIND 5 HB 40%AMP LIN T Motion 23+42 2022 43 WIND WIND 3%80%13%3%1%机床伺服系统PLC其他收入其他业务2.322.704.646.597.580%10%20%30%40%50%60%70%80%0123456782018 2019 2020 2021 2022伺服系统 yoy78%12%8%2%0%0%控制电机及其驱动系统产品贸易代理业务LED 控制与驱动产品设备状态管理系统产品电源电控产品其他主营业务13.2115.0316.4220.9823.2110.730%5%10%15%20%25%30%05101520252018 2019 2020 2021 2022 2023H1控制电机及其驱动系统产品 yoy 26 44 6 1995 ATI+27 45 2022 46 WIND WIND 8 7 1 65%1965 1967 2022 25 52%20%10%3%11%4%应变式传感器系统集成产品仪表干粉砂浆第三方系统服务附件及其他其他业务4.65 4.685.185.825.54-10%-5%0%5%10%15%012345672018 2019 2020 2021 2022应变式传感器 yoy 28 47 2 9 15 2015 7.81 60 2011 13.70%2021 18.90%2013 4.29/2022 8.69/2021 AI DAY Optimus AI Dojo FSD/AI 50000 26.5%29 23%28%7%13%14.84%14.84%7.42%7.42%4.45%3.82%Optimus 28(14+14)TIER 1 RV 2021 RV 53%35.5%25%RV 14%4%2022 90%70 maxon faulhaber 2022 ATI 2022 50%65%2022 8%30 9 2023H1 2022 2021 2023H1 2022 2021 002050.SZ 1,030.25 125.29 213.48 160.21 13.95 25.73 16.84 688017.SH 181.49 1.72 4.46 4.43 0.51 1.55 1.89 002472.SZ 274.72 36.86 68.38 53.91 3.69 5.82 3.26 002896.SZ 55.10 5.40 8.98 9.53 0.33 0.66 0.81 000837.SZ 127.85 19.75 41.01 50.52 0.81 2.75 2.81 300580.SZ 80.36 6.34 10.97 10.57 1.30 2.29 1.97 873593.BJ 38.90 1.95 3.18 1.94 0.54 1.01 0.50 688160.SH 49.82 2.35 5.39 5.37 0.31 0.91 0.75 688320.SH 49.06 6.02 9.44 7.51 0.50 0.90 1.10 603728.SH 265.56 13.06 29.60 27.14 0.53 2.47 2.80 603662.SH 85.20 5.07 10.61 10.31 1.40 2.60 2.51 002338.SZ 85.92 3.55 6.27 5.47 0.53 0.82 0.47 688698.SH 59.28 6.25 9.06 8.19 1.07 1.40 1.27 WIND 1 2 3 31 6-12 A 300 500 20%5-20%5%5%32
