Core Viewpoint - Bank of America Securities has raised the target price for Geek+ (02590) from HKD 31 to HKD 33, an increase of 6%, while maintaining a "Buy" rating. The firm expects Geek+ to turn profitable this year, with earnings per share projected to grow by 55% year-on-year by 2028 [1] Group 1: Financial Projections - Bank of America anticipates that Geek+ will achieve profitability this year and expects significant earnings growth in the coming years [1] - The projected earnings per share growth of 55% by 2028 indicates strong future performance expectations [1] Group 2: Market Catalysts - Future catalysts for Geek+ include inclusion in the Hong Kong Stock Connect, new orders for picking and robotic products/solutions, and breakthroughs in packaging robot product development [1] - Increased demand for warehouse automation, aging labor force, and rising needs from e-commerce, third-party logistics, and retailers are expected to benefit Geek+ [1] Group 3: Competitive Advantages - Geek+'s automated mobile robot solutions feature strong control systems and scheduling capabilities, which serve as significant entry barriers for competitors [1] - The company provides comprehensive picking and sorting solutions for warehouses, supporting multiple automated mobile robots simultaneously, enhancing stability [1] - Trust from leading global fast-moving consumer goods, retail, and third-party logistics clients represents a second entry barrier for Geek+ [1] Group 4: Revenue Structure - Geek+'s revenue model includes hardware, control systems, and services, making it less susceptible to tariff impacts [1] - The company has begun charging maintenance fees as recurring revenue, which is 10% of the initial cost annually, paving the way for sustainable growth [1]
美银证券：维持极智嘉-W(02590)“买入”评级 目标价升至33港元