On May 15, GEEKPLUS-W (02590) surged over 6% intraday, with trading volume exceeding HK$40 million within the first hour of the morning session, once again leading the Hong Kong stock robotics sector. This movement, while seemingly abrupt, was preceded by signals. CMB International Securities had previously identified the robotics sector's recovery as a "window for bottom-fishing opportunities," listing GEEKPLUS-W alongside UBTECH ROBOTICS CORP LTD (09880) and DOOSAN ROBOTICS INC. (02432) as top picks among hardware manufacturers. As the market belatedly questioned the reason for the surge, capital had already answered a key question with real money: among the "robotics trio," the company that is the only profitable one, has the largest revenue scale, yet trades at the lowest price-to-sales ratio, is only awaiting a valuation re-rating.
Following the Labor Day holiday, the robotics sectors in Hong Kong and A-shares consolidated amidst volatility, with individual stock activity gradually increasing. The sector saw a collective breakout on the morning of May 15, with share prices recording significant gains. Prior to this, signals emerged on May 7: GEEKPLUS-W (02590) led the robotics sector with a single-day surge of 14.17% and a trading volume of RMB 267 million, significantly higher than before. Additionally, DOOSAN ROBOTICS INC. (02432), UBTECH ROBOTICS CORP LTD (09880), and KAILESI (02729) recorded single-day gains of 9.54%, 4.08%, and 2.19%, respectively.
A recent report from CMB International Securities points to three factors driving the robotics sector's recovery. First, catalysts from the Tesla supply chain are entering a realization phase. With Tesla's Optimus expected to enter mass production in July or August, supply chain order information typically releases 1-2 months in advance, leading to an early sentiment recovery in the sector. Second, capital inflows are forming a consensus on the bottom. After significant corrections post-February, the sector has formed a bottom range, re-attracting attention from funds within the AI industry chain. Third, negative factors have been exhausted, and valuation anchors are shifting. Some robotics supply chain companies, whose traditional main business is in the automotive industry, have seen potential negative factors fully released following Q1 financial reports, shifting market focus back to individual company growth and new business expansion potential. CMB International Securities believes that before the密集 emergence of catalysts, there is a window of opportunity for bottom-fishing in robotics industry chain companies.
In this round of sector recovery, the performance of hardware manufacturers has been particularly notable. CMB International Securities explicitly listed hardware manufacturers as a key focus area in its report, recommending three core stocks: humanoid robotics leader UBTECH ROBOTICS CORP LTD (09880), collaborative robotics leader DOOSAN ROBOTICS INC. (02432), and warehouse robotics leader GEEKPLUS-W (02590). Although all three companies belong to the robotics赛道, their valuation logic and fundamental quality have shown clear differentiation.
GEEKPLUS-W is the only profitable member of the "robotics trio." While UBTECH ROBOTICS CORP LTD and DOOSAN ROBOTICS INC. are still trading growth for losses, GEEKPLUS-W achieved an adjusted net profit of RMB 43.82 million in 2025. This means it does not rely on continuous financing to sustain operations, and its business model's self-sufficiency has been validated. GEEKPLUS-W's 2025 revenue reached RMB 3.171 billion, the largest among the three, yet its price-to-sales ratio is only 7.1x, approximately one-third that of UBTECH ROBOTICS CORP LTD and one-quarter that of DOOSAN ROBOTICS INC. This suggests the market may still view it as a "warehousing and logistics equipment provider" rather than an "embodied intelligence enterprise"—this认知差 is precisely the source of potential for valuation re-rating.
Furthermore, GEEKPLUS-W has strong shareholder lock-up and limited selling pressure. Its turnover rate is only 0.23%, the lowest among the three, significantly lower than UBTECH ROBOTICS CORP LTD's 0.73% and DOOSAN ROBOTICS INC.'s 0.39%. A low turnover rate indicates fewer floating shares; once sector sentiment continues to heat up, share price elasticity could be greater.
Among the Hong Kong stock "robotics trio," GEEKPLUS-W is the only one that is profitable, has the largest revenue scale, yet trades at the lowest price-to-sales ratio—this意味着 it may be the most undervalued, certain opportunity in the current sector recovery.
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