Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.</li>
<li>While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.</li>
<li>Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.</li>
</ul>


My bull-case 10-year DCF, based on stronger humanoid commercialization, faster revenue scaling, sustained growth and profitability expansion over time, suggests upside potential ahead of onshore listing.
While the robotics stock valuations are high, I note the companies with long-term growth opportunities that are investing in growth with higher expenses can still maintain high multiples for years.
Using my 2026 estimates, Unitree Robotics should trade post-IPO at an EV of ~19x revs, a premium to high-growth HK-listed robotics peers, including Shenzhen Dobot and UBTech Robotics.


Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

<ul>
<li>Unitree Robotics, a top producer of quadruped and humanoid robots, aims to raise ~$610M or ~RMB4.2B in the initial public offering in Shanghai.</li>
<li>The IPO valuation is expected to be between RMB40B and RMB50B, assuming a modest premium relative to Shenzhen Dobot and UBTech Robotics on my 2025 revenue estimates.</li>
<li>Unitree Robotics enjoys a higher relative growth profile and industry-leading gross margins. The company looks strongest today on affordability, shipment volume and hardware accessibility.</li>
</ul>


Unitree Robotics, a top producer of quadruped and humanoid robots, aims to raise ~$610M or ~RMB4.2B in the initial public offering in Shanghai.
The IPO valuation is expected to be between RMB40B and RMB50B, assuming a modest premium relative to Shenzhen Dobot and UBTech Robotics on my 2025 revenue estimates.
Unitree Robotics enjoys a higher relative growth profile and industry-leading gross margins. The company looks strongest today on affordability, shipment volume and hardware accessibility.


Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

<ul>
<li>Unitree Robotics, a global leader in high-performance robotics, focusing on humanoid and quadruped robots, is expected to IPO on the Shanghai’s STAR Market in April.</li>
<li>The founder-led robotics unicorn has established a leading position in quadruped robots and is rapidly transitioning into humanoid robotics, which is expected to be the next major growth vector.</li>
<li>Unitree Robotics has delivered 3+ years of exceptional revenue growth with a 80%+ CAGR and an elite gross margin profile supporting profitability – something nearly unheard of among robotics peers.</li>
</ul>


Unitree Robotics, a global leader in high-performance robotics, focusing on humanoid and quadruped robots, is expected to IPO on the Shanghai’s STAR Market in April.
The founder-led robotics unicorn has established a leading position in quadruped robots and is rapidly transitioning into humanoid robotics, which is expected to be the next major growth vector.
Unitree Robotics has delivered 3+ years of exceptional revenue growth with a 80%+ CAGR and an elite gross margin profile supporting profitability – something nearly unheard of among robotics peers.


Unitree Robotics IPO Preview: Path To Market Leadership and The Next Wave of Robotics

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights published on Smartkarma.</li>
<li>In this cut, we evaluate the supply-side risks to agri-commodities, sift through a flurry of China hard-tech IPOs, and unpack Sumitomo Pharma's massive share placement. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights published on Smartkarma.
In this cut, we evaluate the supply-side risks to agri-commodities, sift through a flurry of China hard-tech IPOs, and unpack Sumitomo Pharma's massive share placement. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener"></a>As one of the "Hangzhou Six Little Dragons", <a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a> will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.</li>
<li>This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. </li>
<li>It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.</li>
</ul>



As one of the "Hangzhou Six Little Dragons", Manycore Tech (68 HK) will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.
This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. 
It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.


Manycore Tech (68 HK) IPO: What Valuation Is Right?

China

Unitree Robotics is an energetic start-up company focusing on the development, production and sales of high-performance quadruped robots. It has been interviewed by BBC and CCTV, and is one of the earliest company to publicly sell quadruped robots.

The company has an outstanding leadership in developing robot core components, motion control, robot perception, etc.

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Unitree Robotics (UNITREE CH)

Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

In my follow-up piece, I focus on Unitree Robotics valuation analysis, financials and forecast. My 10-year bull-case DCF frames IPO upside.

Andrei Zakharov

Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

In my insight, I examine in-depth competitive landscape, valuation comps and discuss IPO valuation for Unitree Robotics. The offering is worth...

Andrei Zakharov

Unitree Robotics IPO Preview: Path To Market Leadership and The Next Wave of Robotics

Unitree Robotics is seeking to raise fresh capital in Shanghai IPO. The star robotics company was #1 humanoid robot company in terms of shipment...

Andrei Zakharov

Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...

Pranav Rao

Manycore Tech (68 HK) IPO: What Valuation Is Right?

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

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Market Cap (USDm)

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Unitree Robotics Valuation Update: Bull-Case DCF Frames IPO Upside As Onshore Listing Nears

In my follow-up piece, I focus on Unitree Robotics valuation analysis, financials and forecast. My 10-year bull-case DCF frames IPO upside.

Andrei Zakharov

Unitree Robotics IPO Valuation Analysis: Still Room To Run As IPO Marks The Start, Not The Peak

In my insight, I examine in-depth competitive landscape, valuation comps and discuss IPO valuation for Unitree Robotics. The offering is worth...

Andrei Zakharov

Unitree Robotics IPO Preview: Path To Market Leadership and The Next Wave of Robotics

Unitree Robotics is seeking to raise fresh capital in Shanghai IPO. The star robotics company was #1 humanoid robot company in terms of shipment...

Andrei Zakharov

Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

​This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...

Pranav Rao

Manycore Tech (68 HK) IPO: What Valuation Is Right?

​Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...