高盛：宇树科技实地调研--硬件性能强劲，不过仍无法胜任实用任务

Investment Rating - The investment rating for the industry is "Buy" on Sanhua, "Neutral" on Leaderdrive, Best Precision, and Moons' Electric based on valuation [8][15]. Core Insights - The technology inflection point for humanoid robots remains unclear due to insufficient capability in handling multiple generalized tasks, with a projected shipment of 76,000 units by 2027 and 502,000 units by 2032, which is slower than market expectations [8]. - Investment opportunities are currently seen in supply chain component names, particularly actuator assemblers and harmonic gear suppliers, due to higher product adoption certainty and stronger technology barriers [8]. Summary by Sections Humanoid Robots - Unitree's H1 humanoid robot demonstrates robust hardware performance and strong autonomous self-balancing but is limited by having only 19 degrees of freedom, making it incapable of complex tasks [2][4]. - The company anticipates that humanoid robots will not achieve the same efficiency as human workers within the next 2-3 years, with meaningful applications expected in 5-10 years [2]. Robot Dogs - Unitree's GO2 robot dog showcases advanced gait control algorithms, with the company holding a 60-70% market share in the global quadruped robot market and generating 50% of its revenue from overseas [3][4]. - The robot dogs are primarily used for patrol, inspection, and hazardous task substitution, with thousands of units shipped annually [3]. Technology Development - The humanoid robot has undergone significant technology iterations, improving performance metrics by 2-3 times with each generation [7]. - Current hardware design limitations necessitate further software and hardware iterations for large-scale applications [4].