GEEKPLUS-W (02590), a global leader in AMR warehouse fulfillment solutions, has received a "Buy" rating from Everbright Securities in its inaugural coverage report. The firm highlights the company's solid market position, commercialization capabilities, and technological edge as key drivers for future growth.
As a pioneer in autonomous mobile robot (AMR) solutions for warehouse automation, GEEKPLUS-W designs, delivers, and maintains systems covering搬运, sorting, storage, and scheduling across industries like retail, automotive, pharmaceuticals, and electronics. In 2024, the company reported revenue of RMB 2.409 billion, maintaining its position as the global market share leader in AMR warehouse fulfillment for six consecutive years.
The global shift toward warehouse automation presents significant opportunities, with current penetration rates remaining low—approximately 80% of warehouses worldwide lack automated solutions. AMR technology, a core component of this transformation, offers advantages such as autonomous navigation, flexible task switching, agile layout adaptation, dynamic obstacle avoidance, and shorter ROI cycles. These features address challenges like SKU diversification, fragmented orders, and volatile demand in e-commerce. According to industry estimates, the AMR solutions market is projected to reach RMB 162.1 billion by 2029, growing at a CAGR of 33.1% from 2024 to 2029 (increasing its share in warehouse automation from 8.2% to 20.2%).
GEEKPLUS-W boasts a strong global client base with high retention rates: 1. **Global Reach & High Stickiness**: In 1H25, overseas revenue accounted for 80% of total sales. The company serves over 40 countries and regions, with more than 850 end clients across industries, including 65+ Fortune Global 500 companies such as UPS, Siemens, Walmart, S&S, and Toyota. Its installed base exceeds 66,000 robots. Client repurchase rates rose from 58.3% in 2022 to 74.6% in 2024, with key clients reaching 84.3%—well above industry averages. 2. **Diverse Product Portfolio**: Leveraging advanced robotics and AI, GEEKPLUS-W offers a comprehensive AMR solution matrix tailored to manufacturing, e-commerce, and logistics needs. 3. **Robust Service Network**: As of 1H25, the company operates 52+ service sites and partner locations globally, 12 spare parts centers, and employs over 310 engineers, ensuring customized support from design to deployment. 4. **AI & Embodied Intelligence Expansion**: In July 2025, GEEKPLUS-W established a subsidiary focused on embodied intelligence, extending its AMR core technologies (environment perception, multi-robot scheduling, dynamic decision-making) to applications like robotic picking and general-purpose robots. Its extensive service experience and structured data (e.g., cargo dimensions, grasping force, path optimization) further strengthen its competitive moat.
**Risks**: Intensifying competition, slower-than-expected tech advancements, accounts receivable collection risks, trade policy changes, currency fluctuations, and volatility as a newly listed stock.
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