JPMorgan Chase released a research report, upgrading Chinese robotics manufacturer Unitree Robotics' rating by two notches from "Underweight" to "Overweight," and significantly raising its December 2027 price target from 300 yuan to 995 yuan, approximately 59% higher than its closing price on October 23.

This rating adjustment stems from JPMorgan Chase's revised assessment of the timeline for physical AI implementation, believing that the breakthrough window could be brought forward to "the next 1-2 years or 2-3 years," rather than the previously anticipated "up to 10 years." The bank raised its 2027 humanoid robot sales forecast for Unitree Robotics to 31,701 units, significantly increased its 2028 sales forecast from 41,552 units to 111,554 units, and expects its 2028 revenue to reach 13.383 billion yuan, a year-on-year increase of 173.8%. JPMorgan Chase also pointed out that Unitree Robotics, as one of the few direct embodied AI investment targets in the A-share market, possesses a scarcity premium.

Risk factors include slower-than-expected enterprise adoption, competition from new entrants, and regulatory and geopolitical changes.