Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in the four-legged robot market. Core Insights - The four-legged robot industry is experiencing significant growth, with Unitree leading the market with a 32.4% global market share, primarily in the consumer segment, which accounts for 84.5% of the market in 2024 [11][12]. - The report highlights the advantages of Unitree's robots, including high adaptability to complex terrains, a high degree of localization in core components, and a cost-effective product lineup compared to international competitors [4][9]. - The Chinese market for four-legged robots is projected to reach 660 million yuan in 2024, with a year-on-year growth of 40.43%, and is expected to grow to 6.5 billion yuan by 2030, indicating a compound annual growth rate (CAGR) of 50% [17][18]. Summary by Sections 1. Conclusion and Thoughts - Unitree's robots are characterized by a strong integration of self-developed hardware and open-source software, creating a robust ecosystem and cost advantages [8][10]. 2. Introduction to Unitree Robots - The report provides a comprehensive overview of the market size, comparisons, and training platforms for Unitree's robots, emphasizing their leading position in the global market [11][33]. 3. Structural Breakdown - The report details the components of Unitree robots, including the main control board, core board, wireless communication, laser radar, limbs, battery, and head, showcasing the technological advancements and design [9][37]. 4. Core Technologies and Competitive Moat - Unitree's robots feature advanced hardware configurations, including self-developed actuators and high-performance laser radar, with over 70% localization of core components [9][10]. 5. Industry Chain - The report outlines the industry chain, highlighting the competitive landscape and the role of various players in the four-legged robot market, with a focus on the advantages of Chinese manufacturers [11][12]. 6. Benefiting Stocks - The report does not specify individual stocks that may benefit from the growth of the four-legged robot industry, focusing instead on the overall market dynamics and Unitree's position within it [4][11].