Investment Rating - The report initiates coverage with an "Outperform" rating, forecasting net profit attributable to shareholders for 2025-2027 at 137 million, 332 million, and 606 million RMB, with revenues of 3.13 billion, 4.03 billion, and 5.12 billion RMB respectively [4][16]. Core Insights - The company is the world's largest provider of warehouse fulfillment robot solutions, experiencing rapid global business growth with stable revenue and order increases. In the first half of 2025, the company achieved revenue of 1.03 billion RMB, a year-on-year increase of 31.0%, and net loss attributable to shareholders narrowed by approximately 91.3% [4][17][18]. - The company is increasing its investment in embodied intelligence R&D, aiming to revolutionize traditional warehouse automation through "AI + robotics technology," which is expected to enhance gross margin performance and optimize operational efficiency [4][19]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,409 million, 3,125 million, 4,030 million, and 5,117 million RMB respectively, with year-on-year growth rates of 12%, 30%, 29%, and 27% [3][8]. - The gross profit for the same years is projected to be 837 million, 1,153 million, 1,520 million, and 1,956 million RMB, with corresponding net profits of -832 million, 137 million, 332 million, and 606 million RMB [3][5]. - The company’s PS valuation is set at 10.0x for 2026, leading to a reasonable market capitalization of 40.3 billion RMB and a target price of 32.76 HKD [4][9].
极智嘉-W（02590）：首次覆盖报告：全球业务高速发展，具身智能研发加速