Nomura covered YuShu Technology for the first time to give a purchase rating. There are advantages in cost, market share, and iteration speed
According to comparative news, Nomura Securities included Yuju Technology for the first time in its report today and gave a purchase rating.
Nomura's core judgment is that Yuju Technology has moved from a technology demonstration company to a large-scale delivery company. According to the report, the company shipped more than 5,500 humanoid robots in 2025, ranking first in the world; the compound revenue growth rate from 2026 to 2028 is expected to reach 122%. In the context of AI applications extending from software models to the physical world, robot companies that can continuously ship, reduce costs, and iterate will be more likely to obtain valuation premiums.
The cost advantage is the first main line in Nomura's view of Daewoo. According to the report, Yushu is highly self-developed in key hardware such as motors, speed reducers, drivers, encoders, lidars, and power management, and outsourced components account for only about 10% to 20% of the total cost. This allows the company to launch products at lower prices while maintaining a high gross margin. The gross margin of the company's main business rose to about 60% in 2025, and the gross margin of humanoid robots reached 63.2%.
Rapid iteration is the second main line. According to Nomura, Uki launched 4th generation humanoid robot products within 26 months, from H1 and G1 to R1 and H2. The product matrix covers consumer, scientific research, education, and industrial applications. Low-cost products will bring more shipments, and more shipments will also form real physical interaction data to further train models and algorithms. This cycle will be the key for the company to expand its leading edge.
At the same time, the report warned that the risks faced by Yu Shu are not low. US regulatory restrictions will affect the entry of new models into the US market, which contributed approximately 13.3% of its revenue in 2025. More importantly, the current demand for humanoid robots is still dominated by scientific research, education, entertainment, and government procurement, and industrial and commercial applications still account for a low proportion. Nomura believes that what we really need to observe in the future is whether industrial customers can form repeated orders, which will determine whether demand for humanoid robots can move from themed investment to actual volume.
In terms of financial forecasts, Nomura expects Uki's revenue from 2026 to 2028 to reach 2,687 billion yuan, 5.396 billion yuan, and 13.184 billion yuan, respectively, with year-on-year growth rates of 58%, 101%, and 144%. In terms of valuation, Nomura used the 2027 forecast market sales ratio of 25 times, which is significantly higher than the average of the Chinese robotics industry. The reason is that Uki has higher growth, more pure business attributes, and the scarcity of already achieved profits.
