Core Viewpoint - Company is rated "Buy" by Everbright Securities, highlighting its leading position in the global AMR warehouse fulfillment solutions market and strong commercialization capabilities [1] Group 1: Revenue and Market Position - Company is the global leader in AMR warehouse fulfillment solutions, with a projected revenue of 2.409 billion yuan in 2024, maintaining the number one market share for six consecutive years [1] - The global warehouse automation trend is on the rise, with approximately 80% of warehouses yet to deploy automation solutions, indicating significant market capture potential for AMR solutions [1] - The market size for AMR solutions is expected to reach 162.1 billion yuan by 2029, with a CAGR of 33.1% from 2024 to 2029 [1] Group 2: Customer Base and Service Capabilities - Company has a strong and high-retention global customer base, with 80% of revenue coming from overseas and over 66,000 robots delivered to more than 850 clients across 40 countries [2] - The customer repurchase rate has increased from 58.3% in 2022 to 74.6% in 2024, with key clients showing a repurchase rate of 84.3% [2] - Company offers a diverse range of AMR solutions tailored to various customer needs across manufacturing, e-commerce, and logistics sectors [2] Group 3: Investment in AI and Embodied Intelligence - Company plans to establish a wholly-owned subsidiary focused on embodied intelligence by July 2025, extending core technologies to new applications [3] - The company has accumulated valuable data from servicing major clients, which will support the ongoing training of embodied intelligence models [3]