拉丁美洲地区成极智嘉全新的业绩增长极，迈入规模化落地新阶段。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，极智嘉（2590.HK）全球化业务持续迎来里程碑式突破——极智嘉 2025 年全 年在拉丁美 洲中标额一举超过6亿元人民币，创下历史新高。 这一爆发式增长，标志着极智嘉在全 球化深水区激活了新兴市场的巨大潜能。拉丁美洲也从战略试验田，升级为全新的业绩增长极，迈入 规模化落地新阶段。 这里不妨补充一点，据eMarketer 2024年报告，拉丁美洲已超越东南亚，成为全球零售电商增长最 快的地区。然而，当地物流基建的发展进程显著滞后于电商扩张速度。随着订单结构日趋碎片化、履 约复杂度显著提升，物流自动化升级已演化为行业层面的刚性需求。对于机器人企业来说，这一市场 所具备的长坡厚雪特点，开始清晰显现。 而极智嘉早在2020年就前瞻性布局，彼时以智利首个项目切入市场，完成了对当地复杂物流环境的 技术验证与应用探索。历经5年深耕，极智嘉现已建立起覆盖方案设计、项目交付与本地支持的服务 网络与生态体系。相较于其他厂商，这种 难以在短期内复制的"服务基建 ...

Core Insights - The report by Morgan Stanley indicates that the development of China's industrial sector in 2026 will focus on three main themes: the diffusion of AI technology, industrial upgrades, and globalization progress [1] Group 1: Industry Trends - The push for equipment upgrades and the "anti-involution" policy reflect the government's strong intention to enhance productivity, which will benefit high-end equipment manufacturing companies [1] - The report highlights the potential for growth in the global market share of companies involved in advanced manufacturing technologies [1] Group 2: Company Focus - Morgan Stanley is optimistic about the opportunities for Geek+ to increase its global market share and believes the company has the potential to successfully transform into a provider of unmanned warehouse solutions through other embodied intelligent products [1] - The target price for Geek+ is set at HKD 37, with a rating of "Overweight" [1]