GTHT Initiates Coverage on GEEKPLUS-W with "Buy" Rating, Sets Target Price at HK$32.76

Deep News2025-12-24

GTHT released a research report initiating coverage on GEEKPLUS-W (02590) with a "Buy" rating. The company is the world's largest provider of warehouse fulfillment robotics solutions, reporting H1 2025 revenue of RMB 1.03 billion, up 31.0% YoY. The firm forecasts 2025-2027 net profits of RMB 137 million, RMB 332 million, and RMB 606 million, with revenues of RMB 3.13 billion, RMB 4.03 billion, and RMB 5.12 billion respectively.

With clear business structure and technological advantages, GTHT applied a PS valuation method, assigning the company a 10.0x 2026 PS multiple. This translates to a fair market value of RMB 40.3 billion, corresponding to a target price of HK$32.76 (using an exchange rate of HK$1 = RMB 0.92).

Key highlights from GTHT's analysis: 1. **Global Expansion with Steady Growth**: In H1 2025, robotics solutions generated RMB 1.024 billion (+31.5% YoY), accounting for 99.9% of total revenue, while RaaS services contributed RMB 0.1 million. The company has deployed over 66,000 robots across 40+ countries, serving 850+ clients including 65+ Fortune Global 500 companies, with an 80%+ repeat purchase rate. Order intake reached RMB 1.76 billion in H1 2025, up 30.1% YoY.

2. **Advancing Embodied AI for Market Leadership**: On July 30, 2025, GEEKPLUS established Beijing GEEKPLUS Embodied AI Technology Co., leveraging "AI + robotics" to transform warehouse automation. The initiative focuses on flexible robot scheduling via software algorithms, enabling cost-efficient deployment and faster response times. The company will also ramp up R&D in robotic picking and general-purpose robots, synergizing with existing warehouse automation solutions to accelerate commercial adoption.

**Risk Factors**: Intensified competition, slower-than-expected technological evolution, and delays in AI commercialization.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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