Humanoid Robotics: The True Moats: Asia Emerging Robotics

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Humanoid Robotics: The True Moats: Asia Emerging Robotics

m increasingly important differentiators when robots enter consumer markets (Exhibit 16

to Exhibit 20). 4) Cost leadership will remain critical for mass adoption and competitive

Jay Huang, Ph.D. advantage (Exhibit 15). So far, however, no company appears to have built a truly defensible

+852 2123 2631

jay.huang@bernsteinsg.com moat in humanoid robotics.

Weibin Liang, Ph.D. Component suppliers have a clearer path to building moats. The advantages that drove

+852 2123 2666 success in their existing end-markets are likely to carry over into humanoid robotics. We

weibin.liang@bernsteinsg.com see three core moats: superior quality control in mass production, cost leadership,

and rapid-response R&D. While best-in-class quality and cost control remain traditional

Hyrum Caesar lean manufacturing advantages, rapid-response R&D is increasingly important in meeting +81 3 6777 6979

hyrum.caesar@bernsteinsg.com customers’ evolving needs and deepening partnerships. Shuanghuan, the global leader

in gears & reducers, stands out as a rare player that has built deep moats and continues

Jack Lin to gain share across multiple verticals. Among semi components suppliers, Infineon

+852 2123 2683 and Renesas are key beneficiaries given their established industry leadership and broad jack.lin@bernsteinsg.com

product portfolios spanning power semiconductors, analog, sensing, connectivity, etc.

Carmine Milano, CFA

+44 20 7762 1857 Compute and software platform providers also have a clear path to building moats with

carmine.milano@bernsteinsg.com NVDA and QCOM at the forefront of developing processors that function as the “brain”

of the robot, allowing it to process sensor data, reason, plan, and execute actions quickly.