Core Viewpoint - 招银国际 has initiated coverage on 极智嘉-W (02590) with a target price of HKD 26.7 and a "Buy" rating, citing the company's rapid penetration in the global warehouse automation market as a reason for a valuation premium [1] Group 1: Company Overview - 极智嘉 is positioned in the autonomous mobile robot (AMR) sector, with significant technological innovations and over 800 end customers across 40 countries [1] - The company is expected to achieve a 72% share of overseas revenue by 2024, indicating strong international growth potential [1] Group 2: Market Potential - The firm anticipates a structural increase in AMR penetration rates in warehouse fulfillment, which 极智嘉 is well-positioned to capitalize on in the coming years [1] - Revenue growth for 极智嘉 is projected to compound annually at 34% from 2024 to 2027, with meaningful profitability expected to begin in 2026 [1] Group 3: Competitive Advantage - A comparative analysis of industry products and customer return on investment has confirmed 极智嘉's competitive advantages in the market [1] - As the first AMR company listed in the Hong Kong stock market, 极智嘉 is considered to have a unique value proposition [1]
招银国际：予极智嘉-W目标价26.7港元 首予“买入”评级