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[250207_Morgan Stanley] The Humanoid 100: Mapping the Humanoid Robot Value Chain

Morgan Stanley divides top 100 list into brain (NVIDIA), body (China-centered) and integrated main axis (Tesla)

1⃣”Brain” (22 companies): Intelligent core role of robots covering AI chips, software and semiconductors – key to generative AI models and simulation models and digital twin technologies used in training

• (Generation AI Model and Computing) NVIDIA, Microsoft, Google / (China-Image Computing) Baidu, Horizon

2⃣ “Body” (64 companies): Includes hardware components such as sensors, batteries, electrical machinery, harmonic drives

• Actuators: consisting of screws, harmonic drives, electric machines, sensors, bearings, and encoders, Tesla’s Optimus Gen2 uses 28 actuators to drive over 50 sectors of freedom,
• Japan’s Harmonic Drive and China’s Jiangsu Hengli Hydraulic are major companies
• Sensors: Expect Sony and Hesai Technologies to Lead Visual and Ryder Production, Including Visual Sensors, Force Sensors, Inertial Sensors, Temperature Sensors, And More
• Battery: Generally a cylindrical lithium-ion battery, installed in the center of the robot torso, with Contemporary Amperex Technology and LG New Energy leading the battery supply
• Analog Semiconductors: Used with sensors to regulate temperature, speed, position, and power distribution.

3⃣Unified Axis (22 companies): A company that develops full-body humanoid robots, mainly automakers and technology giants

• Includes four types of companies: manufacturers, consumer electronics companies, internet companies, and traditional robot manufacturers
  1)Automakers: Tesla, Boston Dynamics (Hyundai), Toyota And More Benefit From Electric Vehicle Supply Chain
  2)Consumer Electronics Companies: Accelerate Layouts of Consumer Electronics Scenarios, including Apple, Xiaomi, Sony, etc
  3)Internet Companies: Alibaba, Amazon, Tencent And More
  4)Traditional Robot Company: ABB, Midea (KUKA) And More

4⃣ Conclusion: The report suggests that 73% of companies currently identified as participating in the development of humanoid robots and 77% of companies in the integrated stock sector are located in Asia (56% and 45% are in China, respectively).

💡Among them, China has a 63% share of the humanoid robot supply chain, with significant advantages, especially in the “body” segment

• Here, Jiangsu Hengli Hydraulic, Zhejiang Shuanghuan Driveline and Other Companies Join Tesla’s Supply Chain – A Company That Previously Was Going To Talk About Additional Supply Chain When Guterte Raised Tesla Humanoid…

💡 Morgan Stanley expects future start-ups to reach 6 trillion yuan in China’s humanoid robots market by 2050, driven by mature supply chains, local application opportunities, and strong government-backed benefits

💡 European and U.S. companies, on the other hand, are more focused on the “brain” sector, and Tesla says NVIDIA builds its ecosystem with AI chips and simulation platform Omniverse, while Tesla transitions to robotics through full self-driving (FSD) algorithms to gain the upper hand in both software and hardware

• I attached pictures in the order of development of the article.
• This report was hot over the weekend ^^;