Core Viewpoint - The company is expected to report a significant reduction in losses for the first half of 2025, driven by revenue growth in its AMR solutions business and increased foreign exchange gains [1]. Group 1: Company Performance - For the first half of 2025, the company anticipates revenue between 995-1,030 million HKD, representing a year-on-year growth of approximately 27%-32% [1]. - The expected net loss for the same period is projected to be between 10-20 million HKD, a reduction of about 90%-95% compared to the previous year [1]. - The company has established itself as the largest global provider of warehouse fulfillment AMR solutions, with a market share of 9.0% [1]. Group 2: Market Potential - The global market for AMR solutions is expected to exceed 100 billion HKD, with a growth rate surpassing 30% [2]. - The penetration rate of AMR in the global warehouse automation market is projected to increase from approximately 8% in 2024 to 20.2% by 2029, with the market size expected to grow from 39 billion HKD to 162 billion HKD during the same period, reflecting a CAGR of about 33% [2]. Group 3: Technological Advancements - The company has developed the world's first universal technology platform for AMR robots, enhancing user engagement through advanced software and optimization algorithms [3]. - The integration of AMR solutions with standardized picking methods has significantly improved operational efficiency, with the company managing over 5,000 AMRs compared to the industry average of less than 300 [3]. - The rapid deployment of solutions within 1-3 months and a customer payback period of 1-3 years have contributed to a customer repurchase rate of 75% [3]. Group 4: Investment Outlook - The establishment of a company focused on embodied intelligence is expected to enhance capabilities in robotic picking and general robot manufacturing, leading to improved competitive advantages and economies of scale [4]. - Considering the industry's favorable conditions and the company's leading position in the AMR market, net profits are projected to reach 1.06, 3.03, and 5.20 million HKD for 2025-2027, with corresponding EPS of 0.08, 0.23, and 0.39 HKD [4]. - The company is assigned a one-year fair valuation range of 19.7-22.1 HKD, with an initial coverage rating of "outperform the market" [4].
极智嘉-W(02590.HK)：全球AMR解决方案头部提供商 软硬结合打造强用户粘性