高盛2024人形机器人研究报告-人工智能加速器英文版22页

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.EQUITY RESEARCH | January 8, 2024 | 10:13PM CSTA year after we laid our initial expectations for global humanoid robot TAM of US$6bn, we raise our 2035 TAM forecast to US$38bn resulting from a 4-fold increase in our shipments estimate to 1.4mn units with a much faster path to profitability on a 40% reduction in bill of materials. We believe our revised shipment estimate would cover 10%-15% of hazardous, da