金吾财讯 | 华泰证券表示，25年1月30日，特斯拉在Q4业绩会上更新了Optimus机器人量产指引，内部目标25年生产1万台机器人，产能第一步扩至1000台/月；26年计划10,000 台/月，再下一步27年达到100,000 台/月，目标产能每年增加一个数量级。特斯拉计划前期将Optimus放置于内部工厂，执行重复性、危险性、枯燥的任务，例如车身生产线上装载料斗、搬运金属片等，后续计划于2H26左右开启外销。除了特斯拉以外，优必选、宇树科技、智元机器人、Figure等国内外领先的机器人公司均计划在25年开始推进人形量产节奏。该行认为，2025年有望成为人形机器人开启从0到1阶段的关键时点。前期市场主要围绕以T链为主的可预见性强/高价值量的汽车和机械板块投资，随着多家机器人厂商加快推进量产，该行看好电子板块公司机器人业务拓展。
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