Core Viewpoint - Bank of America Securities has raised the target price for Geek+ (02590) from HKD 31 to HKD 33, an increase of 6%, while maintaining a "Buy" rating. The firm expects Geek+ to turn profitable this year, with earnings per share projected to grow by 55% by 2028 [1] Group 1: Financial Projections - Bank of America anticipates that Geek+ will achieve profitability this year and expects a 55% year-on-year growth in earnings per share by 2028 [1] - The report highlights potential catalysts for growth, including inclusion in the Hong Kong Stock Connect, new orders for picking and robotic products/solutions, and breakthroughs in packaging robot product development [1] Group 2: Market Demand and Competitive Advantage - Investors recognize that Geek+ will benefit from rising demand for warehouse automation, an aging workforce, and increased needs from e-commerce, third-party logistics, and retailers [1] - The company is perceived to have a competitive advantage in developed markets due to higher profit margins and strong demand [1] - The inclusion of Geek+ in the Hang Seng Composite Index is expected to enhance liquidity levels [1] Group 3: Product and Service Offering - Geek+'s automated mobile robot solutions feature robust control systems and scheduling capabilities, which serve as significant entry barriers for competitors [1] - The company provides a one-stop solution for picking and sorting in warehouses, supporting the simultaneous operation of multiple automated mobile robots, which enhances stability [1] - Geek+'s revenue model includes hardware, control systems, and services, making it less susceptible to tariff impacts. The company has also started charging maintenance fees as recurring revenue, which is 10% of the initial cost annually, paving the way for sustainable growth [1]

Core Viewpoint - Bank of America Securities has raised the target price for Geek+ (02590) from HKD 31 to HKD 33, an increase of 6%, while maintaining a "Buy" rating. The firm expects Geek+ to turn profitable this year, with earnings per share projected to grow by 55% year-on-year by 2028 [1] Group 1: Financial Projections - Bank of America anticipates that Geek+ will achieve profitability this year and expects significant earnings growth in the coming years [1] - The projected earnings per share growth of 55% by 2028 indicates strong future performance expectations [1] Group 2: Market Catalysts - Future catalysts for Geek+ include inclusion in the Hong Kong Stock Connect, new orders for picking and robotic products/solutions, and breakthroughs in packaging robot product development [1] - Increased demand for warehouse automation, aging labor force, and rising needs from e-commerce, third-party logistics, and retailers are expected to benefit Geek+ [1] Group 3: Competitive Advantages - Geek+'s automated mobile robot solutions feature strong control systems and scheduling capabilities, which serve as significant entry barriers for competitors [1] - The company provides comprehensive picking and sorting solutions for warehouses, supporting multiple automated mobile robots simultaneously, enhancing stability [1] - Trust from leading global fast-moving consumer goods, retail, and third-party logistics clients represents a second entry barrier for Geek+ [1] Group 4: Revenue Structure - Geek+'s revenue model includes hardware, control systems, and services, making it less susceptible to tariff impacts [1] - The company has begun charging maintenance fees as recurring revenue, which is 10% of the initial cost annually, paving the way for sustainable growth [1]

东方证券认为，近期机器人板块调整幅度较大，预计主要系由于特斯拉推迟Optimus V3发布及量产计划 使得市场担心人形机器人整体量产进度及规模将不及预期。该行认为，特斯拉、Figure、小鹏等国内外 机器人公司仍在进行技术迭代、持续推进机器人量产落地进程，宇树科技等多家公司加快推进IPO， 2026年人形机器人将进入从0到1的规模化量产阶段，预计后续机器人板块仍将迎来催化，建议调整后继 续关注机器人产业链公司。 消息面上，招商证券表示，国内机器人厂家在全球人形机器人竞争格局中的地位日益凸显。在政策层 面，工信部印发通知重点布局人形机器人应用，国家对人形机器人产业的支持力度达到了新的高度；在 应用方面，截至2025年11月国内机器人头部企业累计订单超24亿，订单已破2万台。特斯拉进度屡次推 迟，将2025年第四季度量产目标从5000台下调至2000-3000台，而国内订单逐渐放量，人形机器人量产 确定性逐渐向国内厂家转移。建议关注国产链相关标的。 智通财经APP获悉，部分机器人概念股活跃，截至发稿，极智嘉-W(02590)涨5.09%，报24.34港元；三 花智控(02050)涨4.13%，报33.78港元；德 ...

极智嘉-W(02590)涨超5%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万港元。 消息面上，上周五，恒生指数公司公布第三季度恒指季检结果，其中，极智嘉-W将被纳入恒生综合指 数成份股。大和指出，此前获得韩国大型电商平台超过3亿元人民币的大单，另外公司管理层预期与一 间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库项目。基于当前订单储 备，管理层对2026年维持高收入增长充满信心。 大和指出，极智嘉-W管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但美国订单仍以 最快速度增长，目前占订单总额超过30%；预期美国市场对销售的贡献度提升将支持2026年毛利率。该 行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38港元不变；认为近期股价波动主要 因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报机会。 ...

（文章来源：每日经济新闻） 每经AI快讯，极智嘉-W(02590.HK)涨4.65%，报22.52港元，成交额2196.74万港元。 ...

消息面上，上周五，恒生指数公司公布第三季度恒指季检结果，其中，极智嘉-W将被纳入恒生综合指 数成份股。大和指出，此前获得韩国大型电商平台超过3亿元人民币的大单，另外公司管理层预期与一 间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库项目。基于当前订单储 备，管理层对2026年维持高收入增长充满信心。 智通财经APP获悉，极智嘉-W(02590)涨超5%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万港 元。 大和指出，极智嘉-W管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但美国订单仍以 最快速度增长，目前占订单总额超过30%；预期美国市场对销售的贡献度提升将支持2026年毛利率。该 行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38港元不变；认为近期股价波动主要 因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报机会。 ...

Core Insights - Stanford University professor Li Fei-Fei identifies spatial intelligence as the next frontier for AI, emphasizing its role in transitioning AI from "language intelligence" to "physical intelligence" [1] - Shenwan Hongyuan's report highlights physical AI as a systematic engineering approach that integrates world models, physical simulation engines, and embodied intelligence, positioning it as a cornerstone for digital twins and embodied intelligence applications [1][2] - Intelligent warehousing is recognized as a key breakthrough for the commercialization of embodied intelligence and physical AI due to its high maturity and clear value realization pathways [1] Company Overview - Geek+ is identified as a core player in the physical AI industry chain, recognized for its leadership in global warehouse robotics [1][3] - The company launched a "fully unmanned picking workstation" on October 28, leveraging physical AI to advance intelligent warehousing into a new era of automation [2] - Geek+ employs a layered architecture for its intelligent base model, enabling precise object recognition and optimal picking strategies, aligning with the integration logic of physical AI [2] Market Position and Financial Performance - Geek+ has established a strong market presence, serving over 850 major clients across more than 40 countries, maintaining its position as the largest warehouse fulfillment robotics company globally for six consecutive years [2][3] - The company is projected to achieve revenue of 2.41 billion yuan in 2024, leading the Hong Kong stock market's robotics sector, with a 31% year-on-year revenue increase in the first half of 2025 [3] - Geek+ has demonstrated strong customer retention, with a 74.6% overall repurchase rate in 2024, increasing to over 80% in the first half of 2025 [3] Future Outlook - The CEO of Geek+ indicates a strategic goal of achieving a fully automated warehouse by overcoming challenges in the packing process, following the successful automation of the picking stage [4] - The industry trend points towards a clear path of "technology implementation + deep scenario cultivation," with Geek+ leading the commercialization of physical AI through its intelligent technology and global service support [5]

Core Insights - The article emphasizes that spatial intelligence is identified as the "next frontier of AI," which will drive the transition from "language intelligence" to "physical intelligence" [1] - Physical AI is becoming a foundational element for digital twins and embodied intelligence applications, with intelligent driving and embodied intelligence being the most promising areas [1] - Geek+ is recognized as a core player in the physical AI industry chain, particularly in the warehouse robotics sector, due to its understanding of industry know-how and physical processing logic [1] Physical AI Commercialization - The realization of physical AI relies on the collaboration of three key technologies: "world model, physical simulation engine, and embodied intelligent controller," with the latter being crucial for connecting virtual reasoning and physical execution [2] - Geek+ launched its "unmanned picking workstation" and full-process unmanned picking solution on October 28, leveraging physical AI to advance intelligent warehousing into a "truly unmanned" era [2] - The Geek+ model is driven by its self-developed embodied intelligent base model, Geek+Brain, which utilizes a "perception-strategy" layered architecture for optimal decision-making and physical execution [2] Market Position and Financial Performance - Geek+ has established itself as a leading core manufacturer in the physical AI industry chain, with a strong R&D team and a wide range of patents covering key areas such as robotics hardware and AI algorithms [3] - The company has a global presence with local teams in key markets, ensuring robust service capabilities and support for stable project implementation [3] - Geek+ achieved revenue of 2.41 billion yuan in 2024, maintaining its position as the top revenue-generating company in the Hong Kong robotics sector, with a 31% year-on-year growth in the first half of 2025 [3] Future Outlook - The founder and CEO of Geek+ indicated that after achieving full-process unmanned picking, the next goal is to tackle the technology for robotic packing, aiming for a fully automated warehouse [4] - The article concludes that the path to physical AI commercialization is clearly directed towards "technology implementation and scene cultivation," with Geek+ leading the way in this transformation [5]

大和发布研报称，极智嘉-W(02590)管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但 美国订单仍以最快速度增长，目前占订单总额超过30%;预期美国市场对销售的贡献度提升将支持2026 年毛利率。该行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38港元不变;认为近期 股价波动主要因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报机会。 另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库 项目，早前公司亦获得韩国大型电商平台超过3亿元人民币的大单。基于当前订单储备，管理层对2026 年维持高收入增长充满信心。 ...

智通财经APP获悉，大和发布研报称，极智嘉-W(02590)管理层强调，年初至今订单量保持强劲，虽然 上半年实施加价，但美国订单仍以最快速度增长，目前占订单总额超过30%;预期美国市场对销售的贡 献度提升将支持2026年毛利率。该行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38 港元不变;认为近期股价波动主要因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报 机会。 另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库 项目，早前公司亦获得韩国大型电商平台超过3亿元人民币的大单。基于当前订单储备，管理层对2026 年维持高收入增长充满信心。 ...