Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 32.80, based on a comparable valuation method corresponding to a 10x P/S for 2026 [1] - The global warehouse AMR (Autonomous Mobile Robot) solutions market is expected to exceed RMB 100 billion by 2029, with significant advantages for Chinese companies [1][2] - The company has a leading position in the warehouse AMR solutions market, with a market share of 9% and overseas revenue accounting for over 70% in recent years [2] Financial Performance - The company has shown a continuous reduction in losses, with adjusted EBITDA projected to improve from -6.72 billion in 2021 to -0.25 billion in 2024, and achieving positive EBITDA of 0.12 billion in the first half of 2025 [2] - Earnings per share (EPS) are expected to be RMB 0.06 and RMB 0.17 for 2025 and 2026, respectively [3] Technological Edge - The company utilizes three proprietary technology platforms for AI integration in warehouse planning, supply chain optimization, and digital twin applications [2] - It has developed three major warehouse solutions and scenarios, serving over 770 end customers, creating a data barrier for AI transformation [2] Market Positioning - The company is positioned as a comprehensive intelligent entity with AI and scenario capabilities, differing from market perceptions of it being solely a robotics product and solution provider [2] - Potential catalysts for growth include turning profitable, inclusion in the Hang Seng Composite Index, and participation in the Hong Kong Stock Connect [2]
极智嘉-W(02590.HK)：仓储解决方案全球龙头 AI赋能重构智慧仓储