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Nomura Initiates Coverage of Yuzhu Technology with 'Buy' Rating, Highlighting Cost, Market Share, and Iteration Speed Advantages

On August 19, Nomura Securities announced in a report that it has initiated coverage of Yuzhu Technology, assigning a 'Buy' rating. The core judgment of Nomura is that Yuzhu Technology has transitioned from a 'technology showcase company' to a 'scale delivery company.' The report states that the company is expected to ship over 5,500 humanoid robots by 2025, ranking first globally; from 2026 to 2028, the compound annual growth rate of revenue is projected to reach 122%. In the context of AI applications extending from software models to the physical world, robot companies that can maintain continuous shipments, reduce costs, and iterate quickly will find it easier to achieve valuation premiums. Cost advantage is the first key reason for Nomura's positive outlook on Yuzhu. The report highlights that Yuzhu has a high level of self-research in key hardware such as motors, reducers, drivers, encoders, lidar, and power management, with outsourced components accounting for only about 10% to 20% of total costs. This enables the company to launch products at lower prices while maintaining high gross margins. By 2025, the company's gross margin for its main business is expected to rise to about 60%, with the gross margin for humanoid robots reaching 63.2%. Rapid iteration is the second key reason. Nomura states that Yuzhu has launched four generations of humanoid robot products within 26 months, from H1, G1 to R1, H2, covering consumer, research education, and industrial applications. Low-cost products will lead to more shipments, which in turn will generate real physical interaction data, further training models and algorithms; this cycle will be key to the company's expansion of its leading advantage. The report also warns that Yuzhu faces significant risks. U.S. regulatory restrictions will affect the entry of new models into the U.S. market, which is expected to contribute about 13.3% of its revenue by 2025. More importantly, current demand for humanoid robots is primarily in research, education, entertainment, and government procurement, with industrial and commercial applications still accounting for a low proportion. Nomura believes that the real observation for the future is whether industrial clients can form repeat orders, which will determine whether the demand for humanoid robots can transition from thematic investment to genuine volume growth. In terms of financial forecasts, Nomura expects Yuzhu's revenue to reach 2.687 billion yuan, 5.396 billion yuan, and 13.184 billion yuan from 2026 to 2028, with year-on-year growth rates of 58%, 101%, and 144%, respectively. Regarding valuation, Nomura applies a projected price-to-sales ratio of 25 times for 2027, significantly higher than the average level in China's robotics industry, citing Yuzhu's higher growth, purer business attributes, and the rarity of having already achieved profitability.

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