Nomura Securities has initiated coverage on Unitree with a Buy rating and a valuation based on 25 times projected 2027 price-to-sales ratio, arguing the humanoid robot maker has moved from a technology showcase into scaled delivery. The broker said Unitree shipped more than 5,500 humanoid robots in 2025, ranking first globally, and forecast revenue of 2.687 billion yuan in 2026, 5.396 billion yuan in 2027 and 13.184 billion yuan in 2028, implying a 2026-2028 CAGR of about 122%. It highlighted Unitree's heavy in-house development of motors, reducers, drivers, encoders, lidar and power management as a cost advantage because outsourced components account for only 10% to 20% of total cost, helping lift main business gross margin to about 60% in 2025 and humanoid robot gross margin to 63.2%. Nomura also pointed to rapid iteration, with four humanoid generations launched in 26 months across consumer, research and education, and industrial use cases, while saying higher shipment volumes could feed back into model and algorithm training through real-world interaction data. Risks remain substantial: U.S. regulatory restrictions after the FCC added Unitree to its Covered List on July 28, 2026 could constrain new model approvals in a market that contributed about 13.3% of 2025 revenue, and demand is still concentrated in research, education, entertainment and government procurement, leaving repeat industrial orders as the main signal to watch for broader commercial adoption.