Geek+ performance accelerates, embodied intelligence opens a high-growth curve! Received first-time coverage and positive outlook from renowned institutions such as Morgan Stanley and Deutsche Bank.
Geek+ Performance Accelerates, Embodied Intelligence Opens High-Growth Curve! Covered for the First Time and Favored by Morgan Stanley, Deutsche Bank, and Other Renowned Institutions
Recently, Beijing Geekplus Technology Co., Ltd. ("Geek+",$GEEKPLUS-W(2590.HK)) released its first post-IPO earnings forecast. According to the announcement, in the first half of 2025, the company is expected to achieve revenue of approximately RMB 995 million to 1.03 billion, a year-on-year increase of 27% to 32%; net losses narrowed significantly by 90% to 92% year-on-year, reducing by approximately RMB 45 million to 55 million; adjusted net losses further decreased to approximately RMB 10 million to 20 million, narrowing by 90% to 95% year-on-year, with clear positive growth signals, continuously consolidating its leading position in To B robotics commercialization.
Subsequently, Guosen Securities, Deutsche Bank, CITIC Securities, and Morgan Stanley successively released research reports, initiating coverage with "Outperform," "Buy," and "Overweight" ratings, unanimously optimistic about the company's growth potential. Considering the AMR industry's growth momentum, Geek+'s global AMR leadership, and its improving profitability, it is expected to achieve profitability in 2025. As a representative enterprise of "AI + Robotics", Geek+ has built a full-stack AI technology architecture, leveraging AI to optimize AMR setups for improved warehouse efficiency and customer retention.
Behind the strong performance growth is Geek+'s continuous advancement in technology and scenario applications, especially under the "AI+" strategy, where the company leverages its strengths to expand into embodied intelligence, opening up greater growth potential.
Warehouse Robotics Validates AI Business Model, Embodied Intelligence Opens New Blue Ocean
The earnings forecast shows that the core driver of Geek+'s growth remains its strong delivery of warehouse mobile robotics solutions. Under the "AI+" policy, Geek+ has disrupted traditional warehouse automation logic through "AI algorithms + robotics technology", enabling flexible hardware scheduling via software decision-making layers. With lower deployment costs and faster response times, it has validated the AI commercialization loop in "AI + Warehouse" scenarios, laying a solid foundation for technology spillover.
As a frontier of AI, embodied intelligence is transitioning from technical validation to practical applications, showcasing vast potential. Unlike the fragmented and small-scale applications in manufacturing, warehouse scenarios offer high consistency and large-scale projects, making them ideal for technology replication and expansion, positioning them as the premium market for To B robotics and an ideal scenario for embodied intelligence. Industry consensus suggests that embodied intelligence in the B2B sector will likely start with warehouses before extending to manufacturing, commercial, and even household applications.
Geek+ has seized this trend by recently establishing Beijing Geek+ Embodied Intelligence Technology Co., Ltd., entering the embodied intelligence field as an extension of its technological capabilities. The new company will focus on robotic picking, general robotics R&D, and related products, synergizing with its existing logistics robotics business. Leveraging its brand and network, Geek+ aims to accelerate the commercial adoption of its technologies.
Triple Barriers Strengthen Position as a Rare Player in Embodied Intelligence
As the global AMR leader, Geek+ has established commercialization capabilities, R&D strength, and scenario data as three key advantages, providing a solid foundation for its entry into embodied intelligence.
In commercialization, Geek+ has ranked first in the global AMR warehouse robotics market for six consecutive years, with 2024 revenue reaching RMB 2.4 billion, nearing profitability, making it the largest and most commercially successful listed robotics company in Hong Kong. By the end of 2024, Geek+ served over 800 clients in 40+ countries, with a 75% repeat purchase rate, reflecting strong customer loyalty. Its existing capabilities and resources not only provide mature application scenarios and validation pipelines for embodied intelligence but also accelerate market entry and global expansion.
In R&D, Geek+ held 1,867 patents by the end of 2024, with R&D staff accounting for 41% of its workforce, one of the largest R&D teams in the industry. It has deep expertise in robotics perception, decision-making, control, and multi-agent collaboration. The company developed Robot Matrix (the first AMR platform), the most comprehensive AMR software system, and proprietary optimization algorithms. Its AMR solutions can coordinate over 5,000 AMRs, significantly boosting efficiency, while global deployments validate the robustness, reliability, and scalability of its technology, demonstrating strong hardware, software, and algorithm capabilities.
In scenario data, Geek+'s long-term immersion in real-world operations has yielded vast data and deep insights, giving it a natural edge in embodied intelligence. This will not only accelerate technology validation but also create a self-reinforcing flywheel for future embodied intelligence model training, widening its competitive gap.
Industry Consolidation Favors Leaders, Valuation Re-rating Window Opens
Currently, AMR solutions are driving global warehouse automation, with the market projected to grow from RMB 39 billion in 2024 to RMB 162 billion in 2029 (33% CAGR). Market concentration is increasing, with leaders like Geek+ benefiting from brand power, customer loyalty, and cost advantages, further boosting market share.
From a capital markets perspective, as one of the few listed robotics companies with scale, Geek+ trades at a P/S ratio of ~9x, below peers. Its strengthening business model, global expansion, and validated AI commercialization position it as a core long-term AI robotics play in Hong Kong, supporting its valuation.
Moreover, Geek+'s mature commercialization, top-tier R&D, and deep scenario expertise equip it to lead in embodied intelligence. As embodied intelligence breakthroughs continue, Geek+'s growth and valuation upside will expand significantly.$GEEKPLUS-W(02590.HK)
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