人形机器人行业系列报告（七）：宇树科技：“低成本、高性能”，中国机器人行业领先企业

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5]. Core Insights - Yushu Technology is recognized as a leading player in the domestic civil robot industry, focusing on high-performance bipedal and quadrupedal robots, as well as dexterous robotic arms since its establishment in 2016 [9][11]. - The company has achieved a global leading position in quadrupedal robot sales, with a market share of 69.75% by unit sales and 40.65% by sales revenue in 2023 [2][13]. - Yushu's humanoid robots, H1 and G1, are designed with a "low-cost, high-performance" philosophy, with the G1 model priced at only 99,000 yuan [24][26]. Summary by Sections Company Overview - Yushu Technology is a unicorn in the domestic civil robot sector, having launched the world's first high-performance quadrupedal robot for retail and leading global sales [9][11]. - The company emphasizes independent research and development, aiming to integrate the entire robot industry chain and achieve global technological leadership in quadrupedal robots [9]. Product Offerings - Yushu's quadrupedal robots cater to various applications, including entertainment, education, inspection, and firefighting, with a diverse product lineup based on different customer needs [2][19]. - The humanoid robots H1 and G1 reflect the company's commitment to cost-effectiveness and performance, with the G1 model being particularly affordable [24][26]. Investment Recommendations - Yushu Technology is expected to drive the rapid development of the domestic robot component supply chain, benefiting from increased output and market demand [3][29]. - The company adopts a "high cost-performance" strategy, focusing on cost-effective solutions in components like planetary gear reducers and dexterous hands, which are anticipated to see significant growth in the coming years [3][29]. - Investors are encouraged to pay attention to key component suppliers, including Changsheng Bearings, Zhongdali De, and Hanwei Technology, among others [3][29].