Shanghai Securities: Humanoid robots are expected to open up application space for cycloidal pinwheel reducers

According to the Zhitong Finance APP, Shanghai Securities has released a research report stating that the cycloidal pinwheel reducer is one of the three core transmission technologies for humanoid robot joints. Domestic research on cycloidal transmission started relatively late, with foreign companies dominating the high-end market, while domestic manufacturers are accelerating their replacement. Currently, several domestic companies are laying out cycloidal reducers to provide technical support for the development of humanoid robots. It is recommended to pay attention to: HAONENG (603809.SH), FOTO (603166.SH), ZD Leader (002896.SZ), Hechuan Technology (688320.SH), KedaLi (002850.SZ), and Shuanghuan Transmission (002472.SZ).

The main points of Shanghai Securities are as follows:

Cycloidal Pinwheel Reducer - One of the Three Core Transmission Technologies for Humanoid Robot Joints

According to the Sihan Research Institute's public account, the current joint module solutions for humanoid robots mainly use planetary and harmonic reducers. Planetary reducers have a compact structure and strong load capacity, but they have large backlash, insufficient precision, and significant precision degradation under impact conditions, which increases control difficulty. Harmonic reducers achieve high reduction ratios with extremely light weight and smooth motion without backlash, but their flexible wheel strength is insufficient, impact resistance is poor, and they are prone to breakage under high-frequency impacts, leading to inadequate lifespan and reliability. The cycloidal pinwheel reducer combines high rigidity, large torque, and compact size, but its complexity in structure and high precision requirements for manufacturing and installation, along with the large load on the swing arm bearing, affect bearing lifespan and load capacity.

According to Zhiyan Consulting, from the perspective of the precision reducer industry chain, the upstream consists of raw materials and components such as steel, blanks, and bearings, while the downstream includes application fields for precision reducers. Precision reducers are indispensable important components in various high-precision equipment, widely used in robotics, industrial automation, and other high-end manufacturing fields.

Foreign Companies Dominate the High-End Market, Domestic Acceleration of Replacement

In 1926, Professor L. Braren from Germany invented the cycloidal pinwheel planetary reducer based on low-tooth difference planetary transmission. In 1939, Japan's Sumitomo Heavy Industries Co., Ltd. began to introduce and improve this technology, bringing the cycloidal pinwheel reducer into practical engineering applications. With ongoing research, cycloidal pinwheel planetary transmission has found certain applications in micro-mechanics and robotic transmission devices.

Domestic research on cycloidal transmission started relatively late, beginning in the 1960s, and a standard series for cycloidal pinwheel reducers was established in 1981. According to Huajing Intelligence Network, in the industry, international giants such as Nabtesco and Sumitomo Heavy Industries dominate the high-end market, while domestic leaders include Shuanghuan Transmission and Qin Chuan Machine Tool, with domestic acceleration of replacement.

Humanoid Robots Are Expected to Open Up Application Space for Cycloidal Pinwheel Reducers

According to Huajing Intelligence Network, the cycloidal pinwheel reducer, with its characteristics of high load capacity, high precision, long lifespan, and lightweight design, meets the needs of key areas such as the lower limb joints and waist-hip of robots. It is suitable for precision assembly tasks; the CT-CHR series from Zhihong Technology is applied in fields such as bionic robots, walking robots, human exoskeletons, and medical rehabilitation machinery, demonstrating its advantages in diverse application scenarios According to the public account of Sihan Research Institute, cycloidal pinwheel reducers are mainly used in fields such as environmental protection, construction, electricity, chemicals, mining, and petroleum. In the future, with the increase in demand and the iteration of cycloidal reducers' performance, they are expected to be gradually adopted in humanoid robots: the subsequent adoption path of new reducers will start from the lower limbs with the highest load requirements, to the waist and hips with relatively high load, and then to the shoulders with general load requirements, opening up the incremental space for "new/cycloidal reducers." In terms of price, as the demand for humanoid robots increases and production processes are gradually optimized, the price of reducers is expected to gradually decline. It is estimated that by 2030, the global market space for new reducers used in robots is expected to exceed 14 billion yuan.

Risk Warning: The research and development progress of humanoid robots is less than expected; the commercialization of humanoid robots is less than expected; competition among potential suppliers of humanoid robots intensifies