人形机器人行业快评报告：Figure推出人形机器人制造工厂BotQ，预计未来四年内扩展至年产10万台

Investment Rating - The industry investment rating is "Outperform the Market" with an expectation of over 10% relative increase in the industry index compared to the broader market within the next six months [5][11]. Core Insights - The report highlights the establishment of Figure's new high-capacity BotQ humanoid robot manufacturing plant, which aims to scale production from an initial capacity of 12,000 units per year to 100,000 units within four years, showcasing Figure's ambition in the humanoid robot sector [2][3]. - Figure's long-term vision includes a closed-loop model of "robots manufacturing robots," which aims to enhance automation and reduce reliance on human labor [3]. - The company is adopting a vertically integrated manufacturing model to internalize key production processes, ensuring quality control and efficiency [3]. - Advanced software platforms will be implemented for digital and intelligent management of production processes, enhancing efficiency and resource utilization [3]. - The introduction of the internal AI software Helix is crucial for controlling production line robots, further minimizing dependence on traditional conveyor systems [3]. - Figure plans to transition from the prototype humanoid robot Figure 02 to the production-ready Figure 03, designed for mass production and cost-effectiveness [4]. - The report anticipates 2025 to be a pivotal year for the commercialization of humanoid robots, with competition focusing on mass production capabilities and technological innovation [4]. Summary by Sections Manufacturing Capacity - The BotQ factory's first-generation production line has an annual capacity of 12,000 humanoid robots, with plans to expand to 100,000 units in four years [3]. Technological Advancements - Figure is implementing new technologies and manufacturing processes, including transitioning from CNC machining to more efficient methods like injection molding and die-casting, significantly reducing part manufacturing time [4]. Market Outlook - The humanoid robot sector is expected to accelerate its application across various industries, driven by Figure's innovative solutions and efficient production systems [4].