Group 1 - The core viewpoint is that the company, Geek+, is positioned to benefit from the AI-driven smart warehousing industry, with a projected EPS of 0.06 and 0.17 yuan for 2025 and 2026 respectively, and a target price of 32.8 HKD, indicating a potential upside of 32% [1] - The global market for Autonomous Mobile Robot (AMR) solutions in warehousing is expected to exceed 100 billion yuan by 2029, with Chinese companies having a significant advantage [2] - Geek+ is recognized as a leading global player in AMR solutions, with over 70% of its revenue coming from overseas markets, and it holds a 9% market share in the global AMR solutions for warehousing as of 2024 [3] Group 2 - The company has developed three proprietary technology platforms for AI integration in warehousing, providing a foundational basis for path planning, supply chain optimization, and digital twin applications [4] - Geek+ has accumulated a long-term client base of 770 end customers, creating a substantial data barrier for AI transformation through extensive operational and historical order data [4] - Potential catalysts for the company include achieving profitability, inclusion in the Hang Seng Composite Index, and participation in the Hong Kong Stock Connect [4]
中金：首予极智嘉-W跑赢行业评级 目标价32.8港元