摩根士丹利发表报告，首予极智嘉-W(2590.HK)“超配”评级，目标价21.6港元，因自主移动机器人(AMR)市场有望实现强劲增长。 大摩称，该集团是最大第三方AMR仓库履约解决方案提供商，其全面解决方案及强大的产品竞争力续推动其增长。去年72%收入来自海外销售，著名客户包括Körber、Zara及UPS等，毛利率达47%，国内仅11%，预计海外收入比重续升，到2027年提高至75%。该公司7月底宣布成立一间具身智能子公司，将有助其进一步推动仓储自动化水平并增强其竞争力。 另外，预计该集团2025至2027年AMR收入将以31%复合年增长率增长，加上更高海外收入占比和经营杠杆带来的利润率扩张，料极智嘉今年下半年首次实现盈利，明年预测收入应用6.5倍市销率，得出21.6港元目标价。
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