Nomura covered YuShu Technology for the first time and gave a 25 times market sales rate estimate for 2027

According to comparative news, Nomura Securities covered YuShu Technology for the first time and gave an estimate of 25 times the 2027 market sales rate. The revenue growth rate for the 2027/28 fiscal year is expected to reach 101% and 144%, respectively, and the compound annual growth rate of revenue from 2026 to 2028 is about 122%. The research report points out two major investment logics: full-stack mechanical design and self-developed hardware gave Yushu a structural cost advantage; outsourced components accounted for only 10% to 20% of the total cost, and gross margin increased from 44% in FY2022 to 60% in FY2025; rapid product iteration enabled Yushu to repeatedly lead the industry into new application scenarios and launch four humanoid product lines within 26 months.

The research report also suggests that on July 28, 2026, the US FCC added it to the Covered List, and the models that have been authorized for sale can still be sold, but the newly developed models will be restricted, which will constitute structural entry restrictions. Currently, 73.6% of humanoid robot revenue still comes from research institutions, and catalysts for growth in the new terminal market are still scarce. Nomura suggests focusing on “brain” advances—the commercialization of WVLA2.0 and the industrial deployment of UniForm-X1-0, which may be the key to unlocking new application scenarios. The opinion in this research report is Nomura Securities research and analysis, and does not constitute investment advice.