Unitree’s Valuation Warning Fails to Cool China’s Physical AI Rally
A TMTPost commentary examines why Unitree Technology’s warning that its 388-times trailing P/E far exceeds the industry’s 39-times average did not stop a surge in China’s physical AI stocks. It contrasts Unitree’s real but shrinking profits with businesses that have minimal or no physical AI revenue, while highlighting JPMorgan’s reported target-price increase from 300 yuan to 995 yuan. The article argues that investors are relying on speculative narratives and distant forecasts rather than current operating data.
The analysis documents a sharp divergence between AI-related business fundamentals and market valuations, offering a concrete case study in how physical AI expectations are driving A-share trading.
（本文作者为 大A硅一代，钛媒体经授权发布）
文 | 大A硅一代
一家公司发公告说自己“太贵了”，股价会怎么走？
按常理，该跌。但在最近A股的物理AI板块，答案是：涨停。
10月20日晚，宇树科技(688836.SH)在异常波动公告里写了一句A股龙头公司极少说的话：滚动市盈率388倍，行业平均只有39倍，存在估值回归的风险。翻译成大白话就是——我们现在的价格，当期业绩撑不住。
三天后，10月23日，宇树拿下上市以来第一个20cm涨停。又过了三天，摩根大通把目标价从300元直接上调到995元，股价盘中再涨16%。
#Unitree Technology#JPMorgan#Gartner#Zhaowei Machinery & Electronics#Frontop#Suochen Technology#Orbbec#Tianyu Digital Technology