Nomura Initiates Coverage on Unitree, 25x 2027 P/S

The notable choice here is the valuation anchor itself: a sales multiple applied to a forecast several years out, rather than near-term earnings, which says the growth case rests on an unproven volume ramp rather than current revenue quality. That framing matters for how the humanoid robotics theme gets priced more broadly, since sell-side coverage tends to set the reference point peers are measured against. Whether that multiple holds as delivery timelines and commercialization milestones come into view is the open question.