China Merchants Bank International issued a research report, setting a target price of HK$26.7 for GEEKPLUS-W (02590) and initiating coverage with a "Buy" rating for the first time. Considering GEEKPLUS's rapid penetration in the global warehouse automation market, the firm believes GEEKPLUS should command a valuation premium. Based on technological innovations in the autonomous mobile robot (AMR) sector and with over 800 terminal customers across 40 countries globally, GEEKPLUS (with overseas revenue accounting for 72% in 2024) is expected to fully capitalize on the structural improvement in warehouse fulfillment AMR penetration rates in the coming years. The firm further confirmed GEEKPLUS's competitive advantages through peer product comparisons and customer return on investment calculations. The firm forecasts GEEKPLUS's revenue compound annual growth rate will reach 34% from 2024-2027, with meaningful profitability expected starting from 2026. As the first warehouse AMR company in the Hong Kong stock market, the firm believes GEEKPLUS possesses scarcity value.