Everbright Securities: Mantiene la calificación de "Compra" para GigaDevice, AI+ inteligencia artificial encarnada abre el techo de crecimiento

Gelonghui April 2｜China Everbright Securities released a research report stating that Geek+ (2590.HK) delivered impressive performance in fiscal year 2025. Full-year revenue increased 31.6% year-on-year to 3.17B yuan, gross margin rose 0.7 percentage points year-on-year to 35.5%, and adjusted net profit reached 44M yuan. After successfully turning losses into profits compared with the prior year, it achieved annual profitability for the first time in Non-IFRS net profit. The firm noted that the company’s performance growth was mainly driven by large-scale deployment of robot solutions, upgrades to standardized capabilities, as well as the rebound in overseas demand and improved customer repurchase.

Benefiting from the core driving force of AI technology, differentiated embodied intelligence solutions, and strong contributions from overseas and emerging markets, the company’s total new orders for the full year continued to grow strongly. In 2025, Geek+’s total new order value reached 4.14 billion yuan, up 31.7% year-on-year. By region, overseas orders grew 39.8% year-on-year to 3.23B yuan, with overseas revenue accounting for 75.3%. Among them, the order growth rate in the Americas exceeded 50%, the order amount in Latin America surpassed 0.6 billion yuan, and orders in Eastern Europe were close to 0.5 billion yuan. Looking ahead, the company will deepen its Globalization 2.0 strategy, strengthen localization efforts and the technical generalization capability of “one development, global deployment,” and build a technology-driven lean operations system to consolidate long-term competitive advantages.

At the same time, the company will increase investment in R&D of embodied intelligence technology to overcome bottlenecks in adapting to complex scenarios, and will fully promote the application of robotic arm picking workstations. It will enable mass production and commercialization of wheel-legged humanoid robots (such as Gino1 released with 26M2), and continuously build benchmark cases for robotic arm picking and general humanoid robots in logistics scenarios. The company expects commercial shipments of embodied robots in 2026 to be 300-500 sets.

China Everbright Securities believes that the company’s globalization strategy continues to deliver results—“the AMR main business leader advantage + the embodied intelligence second growth curve”—which is expected to open up room for medium- and long-term growth. Based on this, the firm has raised its revenue forecasts for 2026 to 2027 to 4.14/5.44 billion yuan (previously 4.05/5.12 billion yuan), added a 2028 revenue forecast of 6.92 billion yuan, and maintained a “Buy” rating.