6324.T

Harmonic Drive Systems Inc

research_scan theme='robotics-humanoids'; value_chain_position='upstream-enabler'; Strain-wave-reducer near-monopoly with a decades-long precision-manufacturing moat; 1X's 2026-07-09 25-DoF tendon-hand milestone confirms actuator content per humanoid unit is rising, supporting volumes even if Chinese Green Harmonic pressures pricing 30–40% under. Trades at ~100x forward — richly priced but structurally required in every non-Figure/non-Tesla OEM BOM.