Orient Securities has released a research report stating that Unitree's publication of its IPO prospectus, showcasing concrete application scenarios and strong profitability, enhances the certainty of development within the humanoid robot industry chain. This is expected to strengthen market confidence and create investment opportunities. Looking ahead, the firm remains optimistic about leading companies and supply chains capable of developing "brain" capabilities, including the core Tesla (TSLA.US) supply chain and robotics companies with expertise in specific vertical applications. The main points from Orient Securities are as follows:
Unitree's IPO prospectus increases the certainty of the humanoid robot industry chain's development. The humanoid robot sector is still in its early stages. Despite a notable appearance during the Spring Festival Gala, the market remains concerned about the slow pace of commercial application and unclear profitability. The recent release of Unitree's prospectus and responses to regulatory inquiries is viewed by Orient Securities as a positive development that will enhance the industry's certainty, thereby boosting market confidence and presenting investment opportunities. The公告 indicates that Unitree expects to ship over 5,500 humanoid robots in 2025, demonstrating both sales volume and practical application. Through self-developed core technologies, mass production capabilities, and optimized supply chains, the company has achieved solid profitability, validating the commercial feasibility of the humanoid robot industry. Orient Securities believes Unitree's progress in application deployment and profitability will increase the development certainty for the entire supply chain.
Unitree's application scenarios are continuously being realized, forming an initial pattern of multi-scenario penetration. According to the prospectus, Unitree's humanoid robot products already cover various fields such as scientific research, education, cultural performances, and intelligent services, achieving breakthroughs in both industrial and consumer markets. For industrial applications, Unitree's general-purpose robots have been validated in sectors like energy and chemicals, intelligent firefighting, and smart cities, becoming solution providers for leading enterprises such as State Grid, China National Petroleum Corporation, and Baowu Steel Group. Furthermore, by offering open APIs for secondary development and building an open-source ecosystem, the company is expanding its product application boundaries, which is expected to drive future large-scale adoption.
Unitree demonstrates strong profitability, showing potential for profitable scaling of humanoid robots. As the industry is still nascent, many robotics companies have low profit margins, and the market lacks clear expectations for profitability at scale. Based on the公告, the company forecasts 2025 revenue of RMB 1.708 billion, a year-on-year increase of 335%, and adjusted net profit of RMB 600 million, a significant surge of 674% year-on-year. The gross margin for its humanoid robots was 87.67% in 2023, 68.44% in 2024, and 62.91% for the first three quarters of 2025, consistently demonstrating scale effects and cost control capabilities. Unitree adheres to a full-stack, in-house R&D approach for both complete robots and core components, significantly reducing hardware costs. Mass production has also strengthened its bargaining power with upstream suppliers, creating a cost advantage. Orient Securities anticipates that as industry sales grow and supply chain scale effects intensify, overall profitability in the sector is likely to improve, potentially raising market expectations for robotics companies' earnings.
Investment recommendations and related targets: Tuopu Group, Sanhua Intelligent Controls, Wuzhou Xinchun, Hengli Hydraulics, Zhenyu Technology. Hangcha Group, Anhui Heli, Jieke Technology, Yongchuang Intelligent, Ubtech.
Risk warnings include production delays, unclear demand realization leading to underperformance, industry slowdown due to policy changes, insufficient financing, slower-than-expected model development and data collection, order execution below expectations, and product price reduction risks.