日本车企对人形机器人的兴趣似乎正在重新兴起

Japan Autos & Auto Parts: Japanese automakers' interest inhumanoid robots appears to be re-emerging Yesterday, Mitsubishi Motors announced that it had entered into an MOU with a Japanesestartup to jointly develop and mass-produce humanoid robots. As is well known, Japaneseautomakers have a history of involvement in robotics. As the global automotive marketbecomes increasingly challenging, will Japanese automakers step up their efforts in roboticsas an alternative growth engine? Masahiro Akita+81 3 6777 6998masahiro.akita@bernsteinsg.com Tomohiro Kashimoto+81 3 6777 6975tomohiro.kashimoto@bernsteinsg.com Mitsubishi eyes humanoid robot development and mass production:MitsubishiMotors (MMC, not covered) has signed an MOU (link) with Highlanders, a University ofTokyo spin-off specializing in humanoid robotics, to jointly develop and mass-producehumanoid robots based on Highlanders' humanoid robot platform, ‘N’. The partnershipincludes plans to deploy robots at MMC’s manufacturing facilities while leveraging theautomaker’s expertise in mass-production and quality assurance. Production is expected atMMC’s Kyoto plant, utilizing idle factory space, with an initial target capacity of 1,000 unitsper month as early as 2027. MMC, which has already invested in Highlanders, also plans toincrease its stake to support commercialization. As investor interest in humanoid roboticscontinues to grow, we view the announcement positively for the sector as it signals thatJapanese automakers are taking steps toward cultivating a new mid- to long-term growthdriver beyond its automotive business. Seunghyeok Kim+81 3 6777 6974seunghyeok.kim@bernsteinsg.com Japanese automakers have a history of involvement in robotics:Japanese automakershave a long, albeit uneven, history of involvement in robotics. Honda is widely regardedas the industry's pioneer, having begun bipedal humanoid robot research in 1986 andunveiling ASIMO in 2000, one of the world's best-known humanoids. Toyota followed withits Partner Robot program in the 2000s, targeting assistance, healthcare, and human-machine interaction applications. While these initiatives demonstrated how automotiveexpertise in sensing, motion control, and mechatronics could be applied beyond vehicles,robotics remained primarily a research activity rather than a commercial business. Global humanoid robot market to reach USD 729 bn by 2025:We forecast globalhumanoid robot shipment to reach 49 mn units by 2050 (2025-2050 CAGR of ~37%),with the market expanding to ~USD 729 bn (~32% CAGR), making humanoid roboticsan attractive growth opportunity for automakers. The sector is particularly relevant to theautomotive industry given the overlap in core technologies, including actuators (motors,gear reducers, etc.), sensors, batteries, control units, and AI-enabled software, areas inwhich automakers and suppliers have built expertise through vehicle development. Amidintensifying competition, labor shortages, and rapid AI advances, Japanese automakers'interest in humanoid robotics appears to be re-emerging. Toyota also highlighted roboticsinitiatives in factories, including parts logistics and picking processes, at its latest earningsbriefing. The company further indicated that it ultimately extends robotics applicationsbeyond manufacturing into healthcare and retail. The market will likely watch for moreconcrete commercialization efforts. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rateToyotaasOutperformwith a price target ofJPY4,200.00. We rateSuzukiasOutperformwith a price target ofJPY2,550.00.We rateHondaasMarket-Performwith a price target ofJPY1,300.00.We rateNissanasUnderperformwith a price target ofJPY 350.00.We rateMazdaasUnderperformwith a price target ofJPY1,000.00.We rateSubaruasUnderperformwith a price target ofJPY2,350.00.We rateToyota TsushoasOutperformwith a price target ofJPY8,150.00.We rateDensoasMarket-Performwith a price target ofJPY 2,050.00.We rateAisinasMarket-Performwith a price target ofJPY 2,450.00. DETAILS Source: Company webstie EXHIBIT 2:Honda's history of robotics development Source: Company website Source: Company website EXHIBIT 6:Toyota Research Institute’s humanoid robotfor mobile manipulation Source: Company website EXHIBIT 8:We forecast global humanoid market size toreach USD 729 bn by 2050 EXHIBIT 7:We forecast global humanoid robot shipmentto reach 49 mn units by 2050 Source: Bernstein's Asia Emerging Robotics team, Bernstein analysis andestimates Source: Bernstein's Asia Emerging Robotics team, Bernstein analysis andestimates I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Privat