智通财经APP获悉，大和发布研报称，首次给予极智嘉(02590)"买入"评级，目标价38港元，指出该公司 是全球仓库自动化移动机器人解决方案的领导者，市场份额达9%，能为客户提供包括AMR及自研软件 在内的完整仓库自动化方案，而目前AMR仅占全球仓库自动化市场8%，全球只有22.5%仓库实现自动 化，认为市场发展潜力庞大，预测2024至2029年全球AMR收入年均复合增长率将超过30%，而极智嘉 将为唯一上市的纯AMR公司，可把握此增长趋势。 ...

极智嘉-W(02590)盘中涨超6%，高见32.38港元再创新高。截至发稿，涨5.72%，报32.16港元，成交额 7293.56万港元。 大和发布研报称，极智嘉是全球仓库自动化移动机械人解决方案的领导者，市场份额达9%，能为客户 提供包括AMR及自研软件在内的完整仓库自动化方案，而目前AMR仅占全球仓库自动化市场8%，全球 只有22.5%仓库实现自动化，认为市场发展潜力庞大，预测2024至2029年全球AMR收入年均复合增长率 将超过30%，而极智嘉将为唯一上市的纯AMR公司，可把握此增长趋势。首次覆盖予其"买入"评级，目 标价38港元。 ...

Investment Rating - The report initiates coverage on Geekplus (2590 HK) with a "Buy" rating and a target price of HKD 26.7, representing a potential upside of 42.3% from the current price of HKD 18.76 [1][3]. Core Insights - Geekplus is positioned as a rising star in the global AMR (Autonomous Mobile Robot) market for warehouse automation, with a unique presence in the Hong Kong market. The company has over 800 end customers across 40 countries, with an expected overseas revenue contribution of 72% in 2024 [1]. - The AMR solutions market is projected to grow significantly, with the market size expected to increase from RMB 39 billion in 2024 to RMB 162 billion by 2029, driven by an increase in AMR penetration from 8% to 20% of total warehouse automation solutions revenue [7]. - Geekplus holds a 9% market share in warehouse fulfillment revenue, ranking first globally, attributed to its modular design solutions that integrate easily into existing customer systems, minimizing operational disruptions [7]. - The report highlights the cost-saving and efficiency improvements experienced by Geekplus customers, exemplified by YesAsia, which saved approximately USD 10 million in costs and improved order accuracy to 99.99% after implementing Geekplus AMR solutions [7]. Financial Summary - The forecasted revenue for Geekplus is expected to grow from RMB 2,143 million in FY23A to RMB 5,788 million by FY27E, reflecting a compound annual growth rate (CAGR) of 34% from 2024 to 2027 [2][8]. - Adjusted net profit is projected to turn positive starting in FY26E, with estimates of RMB 112 million in FY25E and RMB 673.5 million in FY27E [2][8]. - The company is expected to achieve a gross margin improvement from 17.7% in FY22A to 39.0% by FY27E, indicating enhanced profitability [9].

Core Viewpoint - Amazon has introduced a new warehouse robot named Vulcan, which is designed to handle tasks previously performed by humans, emphasizing that it will not replace workers but create new, higher-skilled jobs [1][4][6]. Group 1: Robot Capabilities - Vulcan can operate in Amazon's Spokane warehouse, managing 75% of 1 million unique items [4]. - The robot utilizes AI sensors to determine the precise pressure and torque needed for handling items, allowing it to work 20 hours a day [1][4]. - Vulcan can handle items weighing up to 8 pounds and operates at a speed comparable to human workers [5]. Group 2: Impact on Workforce - The introduction of Vulcan aims to reduce the physical strain on workers by limiting their tasks to mid-level shelves, thereby lowering injury risks [4][5]. - Amazon's team for developing Vulcan has grown from a few individuals to over 250 in three years, indicating significant investment and potential for growth [6]. Group 3: Future Automation and Efficiency - Amazon does not foresee complete automation in warehouses, with the team leader stating that 100% automation is not feasible [4][6]. - The company believes that reducing errors in order fulfillment through automation can lead to significant cost savings, particularly in minimizing high return rates [7]. - Vulcan is currently operational in Spokane, with plans to expand to more warehouses in the U.S. and Germany by 2026 [7].