20240613_招商证券_机械行业机器人系列报告（十）：细数谐波减速器行业核心玩家_38页.pdf

|2024 06 13/RV 2024 0 1 2030 66 2024 0.9 115 2021 80%2023 45%0.22Nm 6175Nm%471 9.3 3307.0 4.4 2805.8 4.2%1m 6m 12m-9.7-10.6-11.5-6.3-14.2-3.8 1 2024-02-06 2 2024-01-16 3 2023-11-23 S1090522050002 S1090523080001 S1090524060001-40-30-20-1001020Jun/23 Sep/23 Jan/24 May/24(%)机械 沪深300 2.6 1.6 2.7.10 1.10 2.11 3.14.15 1.15 2.16.17 1.18 2.19 3 300403.SZ.20 4.21 5.22 6.23 7.24 8.25 9.26 10.27 11 603915.SH.28 12 002472.SZ.28 13.29 14.30 15.31 16.32 17.33 18.33 19.34 WUAZwPmRsRrQrPtQrMpQmN9PcM8OtRpPoMqMkPoOrPeRrQsO8OpPzQwMnNsMvPpPrN 3 20.35 21.36 22.36.37.37 1.7 2.7 3.7 4.8 5.8 6.8 7.8 8.9 9.9 10.10 11.10 12.10 13 TOP15.11 14 5%.11 15.12 16 Nm.13 17 2024 5 28.13 18 Nm.14 19 Arc sec.14 20.16 21.16 22.16 23.17 24.17 4 25.19 26.19 27.21 28.21 29.23 30.23 31.25 32.25 33.26 34.26 35.27 36.27 37.28 38.28 39.28 40.28 41.29 42.29 43.30 44.30 45.32 46.32 47.32 48.32 49.33 50.33 51.34 52.34 1.6 2.9 3.15 vjpdWmecaqyXyqqN+1jwPpDzSda0ryHb0G1WUCrSdD7LL0Q7qt8igIUWHKXdcr7y 5 4.18 5.19 6.20 7.22 8.22 9.23 10.24 11.25 12.26 13.27 14.29 15.30 16.31 17.31 18.33 19.34 20.35 21.36 22.36 6 1 RV 1 RV/3C 30kg RV 75%85%92%97%RV Optimus 14 6 2 2 4 7+2024 0 1 2030 66 2024 0.9 115 1 2023 2(Cup C)Hat H 2 3 2 3 0.0050.00100.00150.00200.00250.00300.00350.00400.000.00100.00200.00300.00400.00500.00600.002024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 8 4 5 6 7 G D 9 8 9 LSS LSG 30%LSN 24%LSD 28%2 20 100 N m mm kg LSS 147 41 0.96 LSG 191 41 0.96 LSN 147 41 0.73 LSD 95 29.7 0.68-0.96+14 10.5mm 10 10 11 12 1 2021 80%2023 45%11 13 TOP15 M2 14 5%M2 2 9 6 0.22Nm 6175Nm 0102030405060702021 出货量 2022 出货量 2023 出货量38.7%40.0%38.7%20.7%17.7%14.5%6.6%10.1%9.2%5.0%5.9%7.3%7.5%6.5%6.7%21.60%19.83%24%0%10%20%30%40%50%60%70%80%90%100%2021 2022 2023其他日本新宝（日）同川科技来福谐波绿的谐波哈默纳科（日）12 15 13 16 Nm 17 2024 5 28 0 2000 4000 6000 8000 0 10 20 30 40 50 68516712895143357288272319322020102210270 100 200 300 400 500 600 700 800 14 3 20 50 100(),()2%,9 10 20 18 Nm 19 Arc sec 020406080100120140160180哈默纳科CSF 国产品牌1 国产品牌2 国产品牌3国产品牌5 国产品牌6 国产品牌7 国产品牌8国产品牌9 国产品牌109102030203520100510152025303540 哈默纳科CSF 国产品牌1 国产品牌2 国产品牌5国产品牌6 国产品牌7 国产品牌8 国产品牌10 15 3-2000r/min Nm Nm r/min r/min Kg Arc min CSF 40 82 6500 3500 0.98-1 WPC HD 47 96 6500 3000 0.95 7000 1 1 38 78 6000 3500 0.98 15000 1 2 40 82 6500 3500 0.96 15000 1 3 42 85 6500 3500-4 HD 47 97 6000 3500-1 5 40 82 6000 3500 0.98 10000-6 39 80 6500 3500 0.98 15000-7 40 82 6500 3500 0.98 10000 1.2 8 40 82 6500 3500 0.96 15000-9 40 82 6000-0.892 10000 1 10 40 82 6500 3500-1 1 1937 1964 USM 1965 1 1970 1984 11 2004 JASDAQ 2021 80%16 20 21 2 1952 1995 2003()2011 2012 2015 FLEXWAVE 22-50-40-30-20-10010203040010,00020,00030,00040,00050,00060,00070,0002018 2019 2020 2021 2022(%)-400-20002004006008001,000-2,00002,0004,0006,0008,00010,00012,0002018 2019 2020 2021 2022(%)-1001020304001002003004005002020 2021 2022%17 2012 23 24 0123456781983,1987(1987,1991(1991,1995(1995,1999(1999,2003(2003,2007(2007,2011(2011,2015(2015,2019(2019,2023 18 1 2011 20 2003 3D 2009 Y 4 N m LCS 3.3-2327 30-160 LCSG 43-4236 50-160 LHS 16-4236 30-160 LHS-CL 16-4236 30-160 LHSG 43-4236 50-160 LCD 23-727 50-160 LHD 23-727 50-160 YLHS 108-1458 80-160 19 25 26 2 2013 2015 8-40 5 N m LHT 6.6-1180 50-160 LHG 46-1530 50-160 LHN 6.6-1180 50-160-30-101030507090110130010,00020,00030,00040,00050,0002021 2022 2023 2024Q1(%)-100-5005010015005,00010,00015,00020,0002021 2022 2023 2024Q1(%)20 LHD 23-420 50-100 LSS 6.6-1180 50-160 LSG 46-1530 50-160 LSN 6.6-1180 50-160 LSD 24-420 50-100 3 300403.SZ 2012 90%2014 60%2015 2016 2017 2021 2023 100+2023 18.89%6 N m CS 16.2-1121 50-120 CSG 43.7-1454 50-120 21 CD 23.5-412 50-100 HS 34-1121 50-120 HSG 43.7-1454 50-120 HD 23.5-412 50-100 27 28 4 2015 2010 60%2023-40-2002040608001,0002,0003,0004,0005,0006,0002018 2019 2020 2021 2022%-700-600-500-400-300-200-1000100200-1400-1200-1000-800-600-400-20002002018 2019 2020 2021 2022%22 7 N m HMCS 42-1402 50-120 HMHG 46-1530 50-120 HMCD 23-399 50-100 HMHG 46-1530 50-120 HMHD 23-399 50-100 5 2012 2024 2 7 8 N m FCS 19-2650 50-160 FCG 24-3400 50-160 FCD 12-453 50-160 23 FHS 19-2650 50-160 FHG 24-3400 50-100 FHD 12-453 50-160 29 20 6 2017 20 2013 2017 2021 4 2021 9 N m DM-CS 35-686 50-120 DM-CD 23-425 50-120-40-30-20-10010203005001,0001,5002,0002,5003,0002019 2020 2021 2022 2023(%)-350-300-250-200-150-100-50050100-2000-1500-1000-50002019 2020 2021 2022 2023(%)24 DM-HS 35-686 50-120 DM-HD 23-425 50-120 7 1998 10 5 107 11 RV 2016 10 N m N m CSF 5.4-137 35-686 50-120 CSG 7-178-CSD-2UH 3.7-96-SHF 5.4-137 35-686 50-120 SHG 7-178-CSD-2UF 3.7-96-25 31 32 8 2006 2019 11 N m DCSG 7-178 50-120 DCD 3.7-96 50-120 DHSG 5.4-137 50-120 DHD 3.7-96 50-120-10-50510152025025,00050,00075,000100,000125,0002021 2022 2023 2024Q1(%)(%)-30-20-100102001,5003,0004,5006,0007,5009,0002021 2022 2023 2024Q1(%)26 33 34 9 2010 12 N m KB-MC 6.9-451 50-160 KBG-MC 9-586 50-160 KB-HO KB-SO 6.9-451 50-160 KBG-HO KBG-SO 9-586 50-160 KSBD-MO 4.8-316 50-160-20-10010203040020,00040,00060,00080,000100,000120,000140,0002021 2022 2023 2024Q1(%)-1,200-1,000-800-600-400-2000200400-25,000-20,000-15,000-10,000-5,00005,00010,00015,00020,0002021 2022 2023 2024Q1(%)27 35 36 10 871601 1994 13 XBS 50-200 XBD 50-200 XBHS 50-200 221 865 1,169 01020304007500150002250030000375002020 2021 2022%-30-1501530456075-1,000 1,000 3,000 5,000 7,000 9,000 11,0002020 2021 2022%28 XB3 50-200 37 38 11 603915.SH()2021 95%39 40 12 002472.SZ 1980 2013 RV 2017 051015202505001,0001,5002,0002,5003,0003,5004,0002021 2022 2023%0204060801000751502253003754502021 2022 2023%-20-10010203040050,000100,000150,000200,000250,000300,000350,0002021 2022 2023 2024Q1%-30-20-10010203040010,00020,00030,00040,00050,0002021 2022 2023 2024Q1%29 2020 RV RV 2024 3 14 N m CSF 35-647 50-100 SHF 35-647 50-100 41 42 13 870887 2013 9 2-6 2014 4 EPSON EPSON 80 50%20 4 4 2 3 4 6 3C 2016 1 ISO9001 2016 12 010203040500150,000300,000450,000600,000750,000900,0002021 2022 2023 2024Q1%0100200300400500600015,00030,00045,00060,00075,00090,0002021 2022 2023 2024Q1%30 15 N m BCS/BCSG/BCD/BHS/BHD/43 44 14 2021 10000-60-40-20020406005001,0001,5002,0002,5003,0002018 2019 2020 2021 2022%-1000-800-600-400-2000200400-700-600-500-400-300-200-10001002002018 2019 2020 2021 2022%31 16 N m SW-CF 39-758 50-160 SW-CG 46-892 50-160 SW-HF 39-758 50-160 SW-HG 46-892 50-160 SW-HD 23-184 50-100 15 2009 301596 1996 2018 17 N m RCSG 0.9-2483 30-160 RHSG 0.9-2483 30-160 32 RCSD 1.25-727 50-160 RHSD 1.25-727 50-160 45 46 16 1998 000837 QINCHUAN 2024 2 29 5 47 48-1001020304050010,00020,00030,00040,00050,00060,0002021 2022 2023 2024Q1%0102030405002,0004,0006,0008,00010,00012,0002021 2022 2023 2024Q1%-30-20-1001020300100,000200,000300,000400,000500,000600,0002021 2022 2023 2024Q1%-100-5005010005,00010,00015,00020,00025,00030,0002021 2022 2023 2024Q1%33 17 1995 2012 2016 18 N m FCS 35-147 50-160 FHS 35-686 50-120 49 50 18 430510 2001 2021 11 15 THK-40-200204060010,00020,00030,00040,00050,00060,0002021 2022 2023 2024Q1(%)-60-45-30-15015304501,0002,0003,0004,0005,0006,0007,0002021 2022 2023 2024Q1(%)34,19 2009 2014 19 N m WCSF 35-686 50-120 WCSG 42-803 50-120 WSHG 42-803 50-120 51 52-20-100102030405005,00010,00015,00020,00025,00030,0002021 2022 2023 2024Q1%-100-5005010015020025030035040001,0002,0003,0004,0005,0006,0007,0008,0002021 2022 2023 2024Q1%35 WCSD 23-90 50-100 WSHD 23-90 50-100 20 2019 G+2013 DD XXY 20 20 N m GHC 5.5-1580 30-160 GHS 5.5-652 30-120 GHT 22.5-412 50-100 GHD 22.5-412 50-100 36 21 1983 1993 21 XB1 41-310 XBD 41-310 XB3 40-245 22 2020 CE RoHS 22 N m CS 17-686 30-120 37 HS 17-686 30-120 CSD 23-423 50-120 HSD 23-423 50-120 1.2.3.38 6-12 A 300 500 20%5-20%5%5%