Industry Notes

Industry Notes / Robots: Tesla and Unitree / Chapter 6 of 10 · Bar

Gross-margin pyramid

Sensors and screws on top; assembly at the bottom; Unitree is vertical integration

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Gross-margin midpoints
Vision sensors
65%
Roller screws
55%
Harmonics
40%
Typical assembly
12%

Vision sensors ~60–70%, planetary roller screws ~50–60%, harmonics ~35–45%, typical assembly ~10–15%. Unitree’s 60% internalizes upstream.

Source：信通院/券商 BOM 测算；绿的谐波与宇树招股书交叉验证

Research notes, not investment advice.