Core Viewpoint - The report from CICC indicates that Geek+ (02590) is positioned as a leader in the AI-driven smart warehousing sector, with a stable business model and significant growth potential driven by AI integration [1][2]. Group 1: Financial Projections - CICC forecasts Geek+'s EPS to be 0.06 and 0.17 yuan for 2025 and 2026, respectively [1]. - The company is assigned a target price of 32.8 HKD for 2026, reflecting a 32% upside based on a 10x P/S valuation [1]. Group 2: Market Position and Trends - The global market for AMR (Autonomous Mobile Robot) solutions in warehousing is expected to exceed 100 billion yuan by 2029, with significant advantages for Chinese companies [2]. - Geek+ is recognized as the global leader in AMR solutions, with over 70% of its revenue coming from international markets [3]. Group 3: Technological and Operational Strengths - The company utilizes three proprietary technology platforms for self-developed hardware and software, facilitating AI integration in warehouse path planning, supply chain optimization, and digital twin applications [4]. - Geek+ has established a strong data barrier for AI transformation by accumulating operational data from 770 end customers over the years [4]. Group 4: Potential Catalysts - Key catalysts for the company include achieving profitability, inclusion in the Hang Seng Composite Index, and participation in the Hong Kong Stock Connect program [4].
中金：首予极智嘉-W(02590)“跑赢行业”评级 目标价32.8港元