20231017_华创证券_机械行业证券研究报告：人形机器人的Optimus时刻系列_32页.pdf

2009 1210 2023 10 17 Optimus 1 2 3 L1L5 L3 L4 BOT L0 L5 ADAS/IMU 1 2 IMU IMU 3 3D 4 EPS PE PB 2023E 2024E 2025E 2023E 2024E 2025E 2023E 29.98 1.11 1.37 1.71 27.06 21.94 17.50 3.07 65.81 2.00 2.60 3.33 32.94 25.32 19.74 7.26 Wind 2023 10 16 021-20572562 S0360523020001 祎 S0360523030001%()603 0.08()43,295.73 4.84()32,652.35 4.74%1M 6M 12M-2.0%-8.8%-4.9%0.2%2.6%0.7%20231009-20231015 2023-10-15 20230925-20231001 PMI 2023-10-09 20230918-20230922 2023-09-25-9%-3%3%9%22/10 22/12 23/03 23/05 23/08 23/102022-10-172023-10-16 300 Optimus 2009 1210 1 2 3 BOT 4/IMU 1 2 IMU IMU 3 3D 4 1ZBYvMtOtQoPqOtQsPqPnMbR9R8OoMmMoMoNkPnMrRkPoPoR7NmNtPuOtQrPNZrQpN Optimus 2009 1210 3.6.6.8.9.10 L0L5.10.12“”.14.16.16.18.24 1.24 2.25 3.26 4.27.28.29 Optimus 2009 1210 4 1 Optimus.6 2.7 3.7 4.7 5.8 6.9 7 Optimus.9 8.10 9.10 10.10 11.10 12 L0L5.11 13 L2 L3.11 14 L0L5.12 15.13 16.13 17 ADAS 1.14 18 ADAS 2.14 19.15 20.15 21.15 22.15 23 Optimus.16 24 Optimus.16 25.16 26.17 27 3D.17 28.18 29.18 30.19 31.20 32.21 33/.21 Optimus 2009 1210 5 34.21 35.22 36.22 37.22 38 PVDF.23 39.23 40.23 41.24 42.24 43.25 44 IMU.25 45.26 46.26 47.27 48 2022.28 49.28 50 2023 10 16.29 Optimus 2009 1210 6 ABB 1 Optimus AI Day Optimus 2009 1210 7 2 2023 20 3 4 NAO Optimus 2009 1210 8 AI+5 2023 Optimus 2009 1210 9 6 2023 Atlas 200 Asimo 250 Cyber One 60-70 Optimus 2 7 Optimus AI Day+25%11%+20%3%Optimus 2009 1210 10 8 9/40%35%25%10 11 Wind Wind L0L5 L0L5 2020 2 11 SAE L0 L5 L0 L5 L1 L4 L1 L2,45%,24%,11%,5%,4%,3%,3%,5%,28%,14%,11%,11%,8%,7%,7%,6%,5%,3%0%20%40%60%80%100%2019 2020 2021 2022 2023H1 0%10%20%30%40%50%60%2019 2020 2021 2022 2023H1 Optimus 2009 1210 11 L3 L4 12 L0L5 Yole L2 L3 L2 L3 L2 L3 13 L2 L3 Yole Optimus 2009 1210 12 L0L5 2023 L1L5 L1-L2 L3 L4-L5 L3 L4 L3 L4 14 L0L5 2023 Optimus 2009 1210 13,15 Aeva Yole ADAS 2020 86 2025 224 CAGR 21%CAGR 113%16 Yole Shunlongwei Co.Ltd Optimus 2009 1210 14 L0 L5 L2 BOM 100 L3 BOM 370 L4 BOM 505 L2 L2+L4/L5 160-180 280-350 1150-1250 17 ADAS 1 18 ADAS 2 hanaw BOT Optimus 2009 1210 15 19 20 L1/L2 5 L3 8 L4/L5 20 VGA 1M 2M 8M 21 22 Yole Omdia L0 L5 Optimus Optimus Optimus 3()8,30%,20%,10%,28%,12%,36%,24%,12%,22%,6%Optimus 2009 1210 16 23 Optimus 24 Optimus 25 IDTechEx Optimus 2009 1210 17 26 IDTechEx 3D 3D 3D 3D 3D 27 3D IDTechEx Optimus 2009 1210 18 IMU 28 CCD CMOS Lidar()()()Mic/IMU 29 Yole Optimus 2009 1210 19 30 ATLAS/ASIMO WABIAN-2R LUCY/Optimus 2009 1210 20 2/THBIP-I WALKER/IMU X Y Z X Y Z 31/2023 Optimus Optimus 2009 1210 21 32 33/IDTechEx 34 Optimus 2009 1210 22 ROS IMU 35 36 37 Optimus 2009 1210 23 PVDF PVDF 38 PVDF 39 PVDF 40 IDTechEx Optimus 2009 1210 24 41 AKM 1+42 Optimus 2009 1210 25 2 MEMS MEMS MEMS MEMS MEMS MEMS MEMS 43 2022 IMU 44 IMU Optimus 2009 1210 26 3 3D 3D 3D 3D 3D 3D AIoT 45 3C CATL 46 Optimus 2009 1210 27 15 47 4 JFT 2.5nm Optimus 2009 1210 28 48 2022 49 MIR MIR 1 2 3 L1L5 L3 L4 BOT L0 L5 ADAS/IMU 1 2 IMU IMU 3 3D,27.6%,14.3%,7.7%,5.7%,4.8%,4.2%,4.0%,3.5%,28.2%0%2%4%6%8%10%12%14%16%18%051015202530352016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E YoY Optimus 2009 1210 29 4 50 2023 10 16 EPS PE 22A 23E 24E 25E 22A 23E 24E 25E 603662.SH 29.98 0.9 1.1 1.4 1.7 32.6 27.1 21.9 17.5 688582.SH 35.71 0.3 0.4 0.6 0.8/88.8 62.9 45.7 688071.SH 40.71 0.5 1.3 2.1 3.3 81.4 32.3 19.0 12.4 688322.SH-UW 30.39-0.8-0.5-0.2 0.2-39.5-57.7-193.8 173.8 688686.SH 103.68 2.7 3.2 4.2 5.4 39.0 32.4 24.9 19.3 688400.SH 24.38 0.5 0.5 0.7 0.9 53.0 44.7 33.6 26.1 002338.SZ 36.34 0.3 0.8 1.1 1.5 106.9 46.4 32.9 23.5 300124.SZ 65.81 1.6 2.0 2.6 3.3 40.1 32.9 25.3 19.7 688320.SH 34.60 0.7 0.9 1.3 1.7 53.2 38.4 26.4 19.8 Wind Wind 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 0755-83024576 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