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] Company Summary - 极智嘉 is expected to leverage structural improvements in the penetration rate of Autonomous Mobile Robots (AMR) in warehouse fulfillment, with overseas revenue projected to account for 72% by 2024 [1] - The company has over 800 end customers across 40 countries, highlighting its extensive market reach and competitive advantage [1] - 招银国际 predicts a compound annual growth rate (CAGR) of 34% in revenue from 2024 to 2027, with meaningful profitability anticipated starting in 2026 [1] - As the first AMR company listed in the Hong Kong stock market, 极智嘉 is considered to have unique value due to its scarcity in the market [1] Industry Summary - The report emphasizes the technological innovation in the AMR sector, which is driving the growth of warehouse automation [1] - The competitive landscape is analyzed through comparisons with peer products and customer return on investment, reinforcing 极智嘉's market position [1]
招银国际：予极智嘉-W(02590)目标价26.7港元 首予“买入”评级