Daiwa: GEEKPLUS's order volume is strong, and the recent stock price adjustment provides an entry opportunity

Daiwa Research Report indicates that GEEKPLUS (02590.HK) management emphasized that order volume has remained strong year-to-date. Although price increases were implemented in the first half of the year, orders from the United States are still growing at the fastest pace, currently accounting for over 30% of total orders. It is expected that the increased contribution from the U.S. market to sales will support the gross margin in 2026.

Additionally, management anticipates that an order with a large U.S. retailer will soon be finalized, involving a non-U.S. overseas warehouse project worth $30 million. Earlier, the company also secured a large order exceeding 300 million RMB from a major South Korean e-commerce platform. Based on the current order reserves, management is confident in maintaining high revenue growth in 2026.

The firm reiterated its "Buy" rating and views GEEKPLUS as the preferred choice in the global logistics AI sector, maintaining a target price of HKD 38. It believes that recent stock price fluctuations are mainly due to profit-taking rather than a deterioration in fundamentals, providing investors with an attractive risk-return opportunity