大摩：升极智嘉-W目标价至28.3港元 评级“增持”

Core Viewpoint - Morgan Stanley's report indicates that the growth prospects for Geek+ (02590) are becoming clearer for 2025 to 2026, with increasing profit margins and operational leverage leading to positive profitability starting this year [1] Group 1: Financial Projections - The firm maintains its revenue and net profit forecasts, expecting a 30% growth in revenue for this year and next year [1] - Net profit is projected to turn positive this year, reaching 109 million RMB, and further increasing to 374 million RMB next year [1] Group 2: Target Price and Rating - The target price for Geek+ has been raised from 21.6 HKD to 28.3 HKD [1] - Morgan Stanley maintains an "Overweight" rating on the stock [1]