大行评级丨大和：极智嘉订单量保持强劲 重申“买入”评级

Core Viewpoint - The management of the company emphasizes strong order volume year-to-date, with significant growth in U.S. orders, which now account for over 30% of total orders [1] Group 1: Order Growth and Market Contribution - The company has implemented price increases in the first half of the year, yet U.S. orders are growing at the fastest rate [1] - The expected contribution from the U.S. market to sales is anticipated to support gross margin improvements by 2026 [1] Group 2: Major Contracts and Revenue Confidence - Management expects to finalize an order with a large U.S. retailer, involving a $30 million overseas warehouse project [1] - The company has also secured a significant order exceeding 300 million won from a major South Korean e-commerce platform [1] - Based on current order reserves, management is confident in maintaining high revenue growth through 2026 [1] Group 3: Investment Rating and Price Target - The firm reiterates a "Buy" rating for the company, maintaining a target price of HKD 38 [1] - The company is viewed as a top choice in the global logistics AI sector, with recent stock price fluctuations providing attractive risk-reward opportunities for investors [1]