Second, local enterprises have opportunities in the integrated joint industry chain

(1) Humanoid robots include five major modules, and China’s industrial chain has opportunities

Humanoid robot includes two categories: hardware layer and software layer. The software layer is equipped with Tesla AI, which is the horizontal migration of FSD algorithm of Tesla automobile; Hardware includes control, perception, motion, power module and so on. We believe that Tesla has gradually made breakthroughs in top-level data and development, self-developed the core software layer, and opened the development opportunities of downstream hardware and its industrial chain.

(1) Control module: The central processing unit of the robot is in the torso, which is the horizontal migration of the hardware and software related to its automatic driving. The robot control system can handle most of the functions that the human brain can handle, such as processing visual data, making multiple decisions, sensory perception and communication, and can support WiFi communication and audio.

(2) Perception module: external sensor and internal sensor two categories. The external sensors represented by vision are migrated from the car FSD, both of which are based on the same neural network big data. At present, Tesla has completed data collection across the vast majority of roads in the United States, which helps to help robots achieve more complex “automatic driving” fast landing; Internal sensors include position, torque, force, etc., which are mainly integrated in the integrated joint.

FTA-554 17-550554-001

FTA-554 17-550554-001

(3) Motion module: including driving device, executive device, transmission device, etc. Tesla integrates the motion module and part of the perception module of the robot into an integrated joint, including two categories of rotation and linear joints. The humanoid robot has a total of 40 actuators, including 28 for the body and 12 for the hand.

(4) Power module: The battery is built into the middle of the torso with a capacity of 2.3kwh. The power of the robot sitting and walking is about 100W and 500W, and the battery power can be standby for about 20h, which is equivalent to a day’s work. All the electronic components are integrated into the PCB of the battery pack, which can complete the sensing, charging and discharging, management and other functions. At the same time, Tesla will transfer the key technology of car batteries to robots, which can achieve efficient use, simple temperature control, safety management, and horizontal migration of the supply chain.

(5) Heat dissipation and assembly: including robot thermal management, skeleton and structure design, assembly, etc. In summary, we believe that the humanoid robot control module, external sensor and software layer, Tesla car FSD are highly related, more rely on product self-research and overseas suppliers; The capacity of the battery in the power module is much smaller than that of the new energy source vehicle (robot battery 2.5kwh, compared with Model Y standard version 55kwh), and the industrial chain is not flexible; Integrated joints are non-core components, robot companies tend to outsourcing, and the rise of China’s manufacturing industry has led to the development of local industrial automation enterprises represented by green Harmonics, Mingzhi electrical appliances, and Huichuan technology, and the global competitive strength has improved, so the early industrialization focus on investment opportunities in the field of integrated joints.

Integrated joint modules account for about 50% of the overall cost. According to Ofweek Robotics network, the motion module of industrial robots (servo motor + reducer) accounts for about 47% of the overall cost; Humanoid robots have more joints than traditional industrial robots, but the perception and control difficulties are also greater, and we expect that the integration of the robot will save 50% of the total cost.