【申万机器人等】极智嘉

Core Viewpoint - Company JiZhiJia (2590.HK) has recently won multiple logistics robot projects from a well-known e-commerce giant, with a total contract value exceeding 300 million yuan, indicating significant competitive achievements for the company [1]. Group 1: Business Performance - JiZhiJia has secured several orders exceeding 100 million yuan this year, with an order growth rate exceeding 30% and a customer repurchase rate over 80%, which solidifies the foundation for business growth [1]. - The company’s business model is characterized as "replicable and high repurchase," similar to SaaS models that are "scalable and high retention," with significant scale effects expected by the first half of 2025 [3]. Group 2: Industry Trends - The AMR (Autonomous Mobile Robot) industry is undergoing a transformative shift from traditional "man-to-goods" to "goods-to-man" logistics operations, with a rising capital expenditure cycle in e-commerce retail warehousing [1]. - The global penetration rate of AMR is approaching 10%, indicating that the industry is near an explosive growth phase on the S-curve [1]. Group 3: Technological Advancements - JiZhiJia's technology stack includes AI algorithms and a comprehensive flexible solution for full warehouse operations, capable of managing 5,000 robots through Hyper+ scheduling [3]. - The company is expanding into new fields through its subsidiaries, showcasing its commitment to innovation and technological advancement [3]. Group 4: Client Examples - Notable clients include UPS, which has introduced two phases of AMR solutions, and S&S Activewear, which has repurchased five times within three years, validating the business model and quality of overseas operations [4]. Group 5: Market Potential - The target market valuation for JiZhiJia is set at 60 billion yuan, indicating a potential growth space of 70% [5].