The Zhitong Finance App learned that Guojin Securities released a research report saying that cold forging has multiple advantages: 1) the surface quality of the thread is better; 2) the hardness and strength of the surface metal of the processed part is increased; 3) the economic efficiency is several times to tens of times higher than that of cutting threads, etc. The bank believes that humanoid robots are entering a rapid technological and cost iteration stage. Compared with the “turning and milling+grinding” process, the “cold forging+grinding” process has high efficiency and low cost characteristics. The cold forging accuracy can reach C5 level. The use of a grinder can stably process qualified parts of humanoid robot roller screws, and is a suitable method for mass production of roller screws with high efficiency.

Guojin Securities's views are as follows:

The cold forging process is one of the mainstream routes for making planetary roller screw threads. The application scenarios are highly compatible with the turning, milling and grinding process.

The most widely used thread processing methods are rolling (a type of forging, including wire rolling and wire rolling) and cutting (including turning, milling, grinding, etc.). The two types of methods specifically used for processing threads are (1) turning and milling, which means that after heat processing the rough blank is performed, rough processing is performed by turning and milling, and subsequent margin finishing is completed by grinding to achieve high accuracy; (2) cold forging+grinding, which refers to first using cold rolling technology to directly process the rough part to a certain accuracy, and subsequent margin finishing is completed by grinding.

The cold forging process has high efficiency and low cost, and the maximum processing accuracy can reach C5 level, which is expected to help mass production of planetary roller screws.

Using the turning, milling and grinding process to manufacture planetary roller screws faces many problems such as quality stability, manufacturing cost, and production efficiency, which limits their application and promotion in practice. Cold forging has multiple advantages ① better thread surface quality; ② improving the hardness and strength of the metal on the surface of the processed part; ③ economic efficiency is several times to tens of times higher than cutting threads; ④ chip-free processing can save raw materials; ⑤ can process slender screws; ⑥ higher corrosion resistance.

Looking at the supply chain, it is recommended to focus on cold forging process equipment and processing.

(1) Equipment links: The rolling machine (replaced by domestic production) is used to make trapezoidal screws, and the rolling machine (depends on imports) is used to make planetary roller screws. Mainstream trapezoidal screws are produced using thread rolling machines, and wire rolling machines have basically been replaced by domestic ones. Most trapezoidal screws are produced by cold forming, which is low in cost and high in output. Ball and roller screws can achieve high accuracy using cold-formed rolling presses, and our country mainly relies on overseas imports. Currently, Bao Fei, and Evag already have C5 accuracy capabilities. Domestic suggestions are to focus on Sijin Intelligence (the first A-share listed company in the cold forming equipment manufacturing industry).

(2) Mold process: The core technical part of the cold forging process. Both internal and external threads can be processed, and manufacturing threads and gears at the same time can greatly improve efficiency. The external thread and gear can be improved once through a mold, which is conducive to cost reduction and efficiency, and the finished product has good stability. Compared with cutting, cold-extruded internal threads have the advantages of high strength, high accuracy, high finish, and low consumables. It is recommended to pay attention to Hengfeng tools that have both internal and external thread molds.

(3) Processing process: China's cold forging technology has been used in batches for thread production. Cold forging technology appeared early in China and has been used in batches to produce shaft parts such as threads, gears, splines, and screws. However, there is a lack of understanding of molding equipment, control of molding accuracy, and understanding of molding mechanisms, so the quality of actual parts produced needs to be improved. Domestic players that have mastered cold forging technology include Xinjian, Beijing Gear, Nanjing Technology, New Coordinates (leading companies in the internal refrigeration precision forging segment), Qingdao Shengjian Machinery Factory, Taiyuan University of Science and Technology, and Chongqing University.

Recommended attention: Manufacturing, mold and equipment: The manufacturing process suggests focusing on the new coordinates of cold forging precision parts suppliers (603040.SH) (with the entire industry chain R&D capabilities such as mold design and processing, cold forging process research and development, special tooling and equipment design); in the mold section, it is recommended to focus on Hengfeng Tools (300488.SZ) (layout a variety of cold extrusion tools, precision broaching tools, spline measuring tools, etc.); The equipment process includes wire rolling machines, wire rolling machines, and rolling machines. The core focus is on the localization of rolling machines. It is recommended to focus on the localization of rolling machines (0025.30) SZ) (internal cooling Technological leadership in the molding equipment industry).

Risk warning: The technology route is uncertain and the amount of humanoid robots falling short of the expected risk.