智通财经APP获悉，光大证券发布研报称，首次覆盖，给予极智嘉-W(02590)"买入"评级，全球赛道龙 头稳固，商业化能力持续兑现;全栈技术构筑核心壁垒，效率优势行业领先;全球化布局成效显著，盈利 拐点临近;切入具身智能新赛道，长期增长空间打开。 光大证券主要观点如下： 全球AMR仓储履约解决方案龙头，收入持续高速增长 公司主营业务为仓储自动化AMR解决方案的设计、交付与运维，公司自研的AMR仓储机器人平台覆盖 搬运、分拣、存储、调度等核心环节，项目覆盖零售、汽车、医药、电子等多行业。2024年公司收入 24.09亿元，连续六年保持全球仓储履约AMR市占率第一 AMR仓储履约布局灵活，有望在仓储自动化大潮中抢占市场 全球仓储的自动化为大势所趋，当前渗透率仍处于低位，2024年约80%的仓库尚未部署自动化解决方 案，其中AMR作为仓储自动化的核心方向之一，实现了自主导航、灵活任务与区域切换、敏捷布局适 配、动态避障、更短投资回报周期，能够应对电商时代SKU多样化、订单碎片化和需求波动大的挑战， 灼识咨询预计AMR解决方案2029年市场规模将达1,621亿元，2024-2029年CAGR为33.1%(在仓储自动化 ...

Core Viewpoint - The article highlights the leading position of the company in the global AMR (Autonomous Mobile Robot) warehouse automation solutions market, emphasizing its growth potential and technological advancements [3][4]. Group 1: Company Overview - The company specializes in the design, delivery, and operation of AMR warehouse automation solutions, with a self-developed platform covering key processes such as handling, sorting, storage, and scheduling [3]. - It has deployed its solutions in over 40 countries, serving 806 clients, including 63 Fortune 500 companies [3]. Group 2: Financial Performance - The company is projected to achieve a revenue of 2.409 billion yuan in 2024, maintaining the number one market share in global warehouse AMR for six consecutive years [3]. - The gross profit margin is expected to increase from 17.7% in 2022 and 30.8% in 2023 to 34.8% in 2024, reflecting economies of scale through product standardization and cost control [3]. Group 3: Market Trends - The global warehouse automation solutions market is anticipated to grow from 300.8 billion yuan in 2020 to 471.1 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.9% [4]. - The AMR market is projected to expand from 38.7 billion yuan in 2024 to 162.1 billion yuan in 2029, with a CAGR of 33.1% and an increase in penetration rate from 8.2% to 20.2% [4]. Group 4: R&D and Technological Advancements - The company has invested a total of 1.099 billion yuan in R&D from 2022 to 2024, developing core technologies such as the Robot Matrix platform and visual SLAM [5]. - It offers a range of AMR solutions that support modular expansion, enhancing its service capabilities [5]. Group 5: Customer Engagement and Financial Outlook - The company has served over 800 clients across more than 40 countries, with a key customer repurchase rate of 84.3%, validating its technological value [6]. - The reduction in expense ratios and the release of scale effects indicate a narrowing of net losses and adjusted EBITDA losses from 2022 to 2024, suggesting a potential profitability turning point [6].