After confirming the turning point in profitability, what changes are happening in the valuation logic of Smart Fame Group (02590)?

When the government work report of 2026 first proposed the idea of "building a new form of intelligent economy", the first reaction of the capital market was to look for companies that could transform AI technology into real productivity. Ji Zhi Jia (02590) happened to be at this intersection - benefiting from the top-level promotion of the policy on the "intelligent economy", and also confirming the basic fundamentals of its own profit turning point. But an interesting phenomenon is that there is still a significant gap between the stock price performance of Ji Zhi Jia and its fundamentals. As of the closing price on March 9th, the company's PS ratio is only slightly over 9 times, far below the valuation levels of more than 30 times for peers such as UBTECH ROBOTICS and DOBOT. How long can this deviation last? The answer depends on when the market completes the three times of reevaluation of Ji Zhi Jia. First reevaluation: from "expanding losses" to "replicating profits" Ji Zhi Jia has just released a highly significant report card: in 2025, new orders amounted to 4.137 billion yuan, a year-on-year increase of 31.7%; the adjusted net profit is expected to reach 25-45 million yuan, officially turning positive. This is rare among the new generation of intelligent Siasun Robot&Automation companies - most companies are still consuming investors' patience with the question of "when will they be profitable", while Ji Zhi Jia has crossed this line. The significance of turning a profit lies not only in the improvement of financial numbers, but also in the validation of the business model: when a company can achieve self-sufficiency without relying on continuous financing, its operating philosophy and commercialization capabilities are fully verified. Some industry insiders point out that after a previous deep correction, Ji Zhi Jia has entered an "attractive valuation range." Behind this is a re-evaluation of its profit certainty - the market finally begins to believe that this company not only can tell stories, but also can make money. Second reevaluation: from "warehouse Siasun Robot&Automation" to "king of embodied intelligent scenes" In February of this year, Ji Zhi Jia released the world's first universal humanoid Siasun Robot&Automation Gino1 aimed at warehouse scenes, and it was put into production immediately upon release. Many investors interpreted this move simply as "following the trend", but the real importance lies in its strategic positioning. There is no doubt about the market's enthusiasm for humanoid Siasun Robot&Automation, but the majority of related companies are still in the laboratory stage, lacking real scene feedback and commercial validation. The differentiation of Ji Zhi Jia lies in the fact that it did not start from scratch in humanoid Siasun Robot&Automation, but rather extended naturally based on its accumulation of serving over 850 global customers in the past 10 years. Warehousing is the scene where embodied intelligence is closest to commercialization - the environment is relatively structured, the tasks are clearly defined, and the willingness of customers to pay is clear. Ji Zhi Jia's unmanned picking workstations passed the POC verification of Fortune 500 companies in just 3 months after release, Gino1 was immediately capable of mass production upon release. This ability of "making profits as soon as it lands" is exactly the scarce commodity that the market is most eager for yet most difficult to find in the humanoid Siasun Robot&Automation sector. As the market gradually realizes that Ji Zhi Jia is not just riding on concepts, but has truly bridged the gap from technological research and development to product verification to commercial delivery, its valuation logic will upgrade from "warehouse Siasun Robot&Automation manufacturer" to "king of embodied intelligent scenes". Third reevaluation: from "overseas company" to "global infrastructure" Nearly 80% of Ji Zhi Jia's revenue comes from markets outside mainland China, covering business in more than 40 countries and regions. In the past, this was simply understood as "strong export capabilities", but the proposal in the 2026 government work report to "promote the expansion and upgrade of cross-border e-commerce + overseas warehouse models" has injected new meaning into this narrative. Overseas warehouses have evolved from "optional configuration" to a "strategic stronghold" for cross-border fulfillment. And to support the expansion and upgrade of overseas warehouses, intelligentization is an indispensable factor. Ji Zhi Jia has deployed over 500 Siasun Robot&Automation units for United Parcel Service (UPS) in Kentucky, USA, increasing storage capacity by 215% and picking efficiency by 250%. Behind these numbers, Ji Zhi Jia is becoming the infrastructure carrier for Chinese supply chain going global. When a company possesses "infrastructure attributes", its valuation logic will once again change: it is no longer just an equipment supplier, but an indispensable technological node in the entire industry chain. This is also why Morgan Stanley is optimistic about Ji Zhi Jia's opportunities to increase its global market share, and gives a target price of 37 Hong Kong dollars. Conclusion CMSC and Huatai respectively gave target prices of 35 Hong Kong dollars and 36.39 Hong Kong dollars to Ji Zhi Jia, which still has over 80% upside potential based on the current stock price. This gap can be understood as a pricing deviation caused by the lagging market perception. However, as the profit turning point is confirmed, the landing of the embodied intelligence business, and the release of the overseas warehouse policy dividends, the three times of reevaluation are happening simultaneously. When the market completes the revaluation of these narratives, the valuation restoration of Ji Zhi Jia may not be gradual, but rather leap-like - after all, the warm wind of policy has already started blowing, and companies on the upwind cannot stay in the lowland forever.