CICC: First deposit of Kizhijia-W (02590) “Outperform the Industry” rating target price of HK$32.8

The Zhitong Finance App learned that CICC released a research report stating that the Gizhijia-W (02590) 2025-2026 EPS is expected to be 0.06/0.17 yuan, respectively. The bank believes that Jizhijia's AI smart warehousing industry has the characteristics of leading scenarios and clear patterns. It is the leading AMR solution for warehousing. The business model is stable, and AI empowers the ceiling. The company's PS valuation is between industry and humanoid robots. Based on a comparable valuation method, the company was given 10x P/s in 2026, corresponding to a target price of HK$32.8, with room for an increase of 32%. For the first time, it covered a “outperforming industry” rating. Unlike the market, the bank believes that the company has become a comprehensive intelligence entity with AI+ scenario-based capabilities.

CICC's main views are as follows:

The warehousing process has the advantage of leading AI implementation

According to Insight Consulting, the global AMR (Autonomous Mobile Robot System) solution market space for warehousing may exceed 100 billion yuan in 2029, and Chinese enterprises have obvious advantages. Combined with AI, the bank believes that AMR for warehousing has characteristics such as a high degree of standardization, clear data accumulation, and perfect automation infrastructure, and is an important market for AI+ industry implementation. Amazon has launched DeepFleet, an AI-based model in combination with generative big models, to set the stage for the industry.

One of the world's leading AMR solutions, the inflection point in business has arrived

Established in 2015, Jizhijia is a leading AMR solution leader with a global layout, accounting for more than 70% of overseas market revenue in recent years. According to the prospectus, in terms of revenue, in 2024, Jizhijia's AMR solution ranked first in the world, with a market share of 9%. The company achieved an EBITDA correction in 2025H1, reaching 12 million yuan, marking the official emergence of a financial inflection point at the company's operating level.

A domestic leader in the new paradigm of smart warehousing

1) Based on three proprietary technology platforms, the company is fully self-developed in software and hardware to provide an underlying foundation for integrating AI into warehousing path planning, supply chain optimization, digital twins, etc.; 2) Three major warehousing solutions and three scenarios to provide high-performance solutions for various industries; 3) It has accumulated 770 terminal customers over a long period of time, and has accumulated a large amount of operating data and historical order data to create a data barrier to AI; 4) Centralized resource layout and physical intelligence. It has launched a general robotic arm and Geek+ Brain, a built-in intelligent platform.

Potential catalysts: reversal of the company's profits and losses, joining the Hang Seng Composite Index and Hong Kong Stock Connect.