Screws constitute the most valuable core hardware in humanoid robots, accounting for approximately 20% of the overall cost. The most significant marginal change in Tesla's robot iterations is the continuous escalation in screw usage, extending to both linear joints and dexterous hands that now employ micro screws.

Currently, out of nearly a hundred domestic humanoid robot enterprises, only a select few utilize screw solutions, but the penetration rate is anticipated to surge notably. Domestic supply chains are actively deploying strategies, increasing R&D investments and mass production preparations, poised to achieve faster implementation compared to foreign manufacturers.

Analysis suggests that with the progression of Tesla's robot mass production, the actuator market is expected to continue its expansion, inviting new entrants and presenting domestic enterprises with an opportunity to reshape the global industrial landscape.

Dissecting Each Link in the Humanoid Robot Screw Industrial Chain

Raw Material Supply

Steel: The primary raw material for screws, such as 42CrMo alloy steel, often serves as the base material, while GCr15 bearing steel is used for nuts and rollers. Domestic enterprises like CITIC Special Steel have developed customized steel specifically tailored for screws.

Other Materials: May also include chemical materials and lubricants essential for surface treatment.

Component Manufacturing

Screw Manufacturing: Divided into ball screws and planetary roller screws. Planetary roller screws are widely utilized in humanoid robots due to their high precision, high load capacity, and efficiency. Related manufacturing enterprises must master precision processing technologies, such as Best's five-axis linkage whirlwind milling technology and Nanjing Technology's nanometer-level grinding control technology.

Nut Manufacturing: The precision and quality of nuts significantly impact the transmission performance of screws, necessitating precise fitment with screws.

Other Components: Components like bearings and sensors, when combined with screws, form the linear actuator of humanoid robots.

System Integration

Integrates components such as screws, motors, bearings, and sensors to form systems like linear actuators, fulfilling the motion control requirements of humanoid robots. For instance, Hengli Hydraulic introduced an integrated solution comprising "screw + servo motor + encoder" and collaboratively developed modular actuators with Tesla.

Application Areas

Humanoid robots represent a crucial application area for screws, with their torso linear actuators and dexterous hand actuators imposing high standards on screws. Taking Tesla's humanoid robot as an example, there are a total of 14 linear actuators in the torso, implemented using "motor + planetary roller screw + bearing + sensor".

Equipment and Technical Support

Processing Equipment: Equipment like thread grinding machines and automatic straightening machines is pivotal for screw processing. High-end grinding machines have long relied on imports, but domestic manufacturers such as Qinchuan Machine Tool and Huachen Equipment are accelerating their breakthroughs.

Testing Equipment: Used to verify the precision and surface quality of screws, such as through 3D optical scanning technology, ensuring product quality.

Profitability of Enterprises in the Humanoid Robot Screw Industrial Chain

An enterprise's profitability is typically reflected in the amount and level of its earnings over a specific period. Profitability analysis entails an in-depth examination of a company's profit margins.

This article constitutes the [Profitability] section of the Enterprise Value series, selecting a total of 11 enterprises from the Humanoid Robot Screw industrial chain as research samples, employing indicators like Return on Equity (ROE), gross margin, and net margin as evaluation metrics.

Note that data is based on historical information and does not represent future trends; it is intended for static analysis purposes only and does not constitute investment advice.

10th Qinchuan Machine Tool

Industry Segment: Machine Tools

Profitability: ROE 6.91%, gross margin 18.39%, net margin 5.41%

Performance Forecast: ROE has consistently declined to 1.29% over the past three years, with the latest forecast averaging at 1.51%

Main Products: Machine tools constitute the primary revenue source, accounting for 50.12% of revenue with a gross margin of 16.38%

Company Highlight: Qinchuan Machine Tool's planetary roller screw pairs fully meet the small size and high load capacity requirements of screws used in humanoid robots, presenting promising application prospects.

9th Zhejiang Haideman

Industry Segment: Machine Tools

Profitability: ROE 6.60%, gross margin 31.03%, net margin 9.13%

Performance Forecast: ROE has consistently declined to 3.38% over the past three years, with the latest forecast averaging at 3.20%

Main Products: High-end CNC lathes represent the primary revenue source, accounting for 72.97% of revenue with a gross margin of 31.54%

Company Highlight: In screw processing technology, Zhejiang Haideman's current product series spectrum can satisfy processing requirements involving turning and turning-milling processes.

8th Wuzhou Xinchun

Industry Segment: Metal Products

Profitability: ROE 6.32%, gross margin 18.40%, net margin 4.99%

Performance Forecast: ROE has fluctuated between 5%-7% over the past three years, with the latest forecast averaging at 4.50%

Main Products: Bearing products constitute the primary revenue source, accounting for 57.58% of revenue with a gross margin of 18.01%

Company Highlight: Wuzhou Xinchun plans to invest in the production of planetary roller screws, micro ball screws, automotive steering system screws, brake parking system screws, suspension shock absorber system screws, and bearings specifically designed for general-purpose robots.

7th Huachen Equipment

Industry Segment: Machine Tools

Profitability: ROE 5.47%, gross margin 34.88%, net margin 20.56%

Performance Forecast: ROE has fluctuated between 3%-8% over the past three years, with the latest forecast averaging at 5.32%

Main Products: Fully automatic CNC roller grinding machines represent the primary revenue source, accounting for 86.90% of revenue with a gross margin of 31.14%

Company Highlight: Huachen Equipment's precision thread grinding machine is benchmarked against world-class products, achieving a processing precision grade of up to P0 for standard screw specimens ground by the product.

6th Beite Technology

Industry Segment: Chassis and Engine Systems

Profitability: ROE 3.49%, gross margin 17.90%, net margin 2.78%

Performance Forecast: ROE has consistently risen to 4.40% over the past three years, with the latest forecast averaging at 6.47%

Main Products: Chassis components constitute the primary revenue source, accounting for 68.14% of revenue with a gross margin of 21.79%

Company Highlight: Beite Technology is "transforming" into the humanoid robot industry, choosing to collaborate with customers in developing screw products for humanoid robots as an entry point.

5th Siling Shares

Industry Segment: Chassis and Engine Systems

Profitability: ROE 23.89%, gross margin 27.87%, net margin 16.44%

Performance Forecast: ROE has fluctuated between 18%-28% over the past three years, with the latest forecast averaging at 10.07%

Main Products: Braking system bearings constitute the primary revenue source, accounting for 76.84% of revenue with a gross margin of 31.40%

Company Highlight: Siling Shares has established a dedicated R&D team for research and development and has initially completed the creation of screw samples, encompassing ball screws and planetary roller screws.

4th Best

Industry Segment: Chassis and Engine Systems

Profitability: ROE 10.80%, gross margin 34.37%, net margin 19.91%

Performance Forecast: ROE has fluctuated between 10%-12% over the past three years, with the latest forecast averaging at 10.24%

Main Products: Automotive components constitute the primary revenue source, accounting for 90.20% of revenue with a gross margin of 32.70%

Company Highlight: Best's main products include precision turbo components, intelligent equipment and tooling, and linear motion components, encompassing high-precision ball/roller screw pairs and high-precision rolling guide pairs used in industrial machine tools, humanoid robots, and other fields.

3rd RDI Intelligent Drive

Industry Segment: Other General Equipment

Profitability: ROE 25.11%, gross margin 29.52%, net margin 14.46%

Performance Forecast: ROE has fluctuated between 24%-26% over the past three years, with the latest forecast averaging at 12.00%

Main Products: Electromagnetic brakes constitute the primary revenue source, accounting for 58.93% of revenue with a gross margin of 37.26%

Company Highlight: RDI Intelligent Drive's main products include electromagnetic brakes, precision transmission parts, and harmonic reducers. The company's research and development project for high-precision planetary roller screws for humanoid robots is primarily aimed at the humanoid robot market.

2nd Shuanglin Shares

Industry Segment: Body Accessories and Trim Parts

Profitability: ROE 4.75%, gross margin 18.17%, net margin 2.39%

Performance Forecast: ROE has fluctuated between 3%-8% over the past three years, with the latest forecast averaging at 18.39%

Main Products: Interior and exterior trim and electromechanical components constitute the primary revenue source, accounting for 57.56% of revenue with a gross margin of 20.85%

Company Highlight: Shuanglin Shares' main products include automotive interior and exterior trim and precision components, intelligent control system components, power systems, hub bearings, ball screws, etc. The company is deploying strategies in the field of planetary roller screws for humanoid robots.

1st Changsheng Bearing

Industry Segment: Metal Products

Profitability: ROE 11.97%, gross margin 30.95%, net margin 15.71%

Performance Forecast: ROE has fluctuated between 7%-17% over the past three years, with the latest forecast averaging at 14.58%

Main Products: Metal-plastic polymer self-lubricating rolled bearings constitute the primary revenue source, accounting for 35.03% of revenue with a gross margin of 49.33%

Company Highlight: Changsheng Bearing's subsidiary Warner Transmission is engaged in the ball screw business. The company's screw products include ball screws, T-screws, and planetary roller screws.

Top 10 Most Profitable Enterprises in the Humanoid Robot Screw Industry, ROE, Gross Margin, and Net Margin for the Past Three Years: