大摩：升极智嘉-W(02590)目标价至28.3港元 评级“增持”

Group 1 - Morgan Stanley's report indicates that the growth prospects for Geek+ (02590) are becoming clearer for 2025 to 2026, with profit margins continuing to grow and operational leverage expected to improve [1] - The company is projected to achieve positive profitability starting this year, supported by its smart robotics strategy and execution capabilities [1] - Revenue and net profit forecasts remain unchanged, with expected revenue growth of 30% for this year and next, and net profit turning positive this year at 109 million RMB, reaching 374 million RMB next year [1] Group 2 - The target price for Geek+ has been raised from 21.6 HKD to 28.3 HKD, while maintaining an "Overweight" rating [1]