Deutsche Bank對震坤行首次覆蓋評級為買入 最新目標價為21.30美元
Deutsche Bank首次覆蓋震坤行,予其“買入”評級,12個月目標價為21.30美元。該行指,憑藉其多樣化且忠誠的客户羣、強大的產品能力、全面的履約基礎設施,強大的技術能力和網絡效應,相信震坤行有能力抓住市場機遇。震坤行在GMV、企業客户數量、SKU、配送網絡等方面,已成為國內領先的MRO(維護、維修和運營項目)採購服務平台,為製造企業提供一站式、數字化、端到端的MRO採購解決方案。具體而言,2022年,公司GMV達94億元人民幣,2020-22年年均複合增長率為37.3%。截至2023年9月30日,公司的電子商務平台提供了1720萬個SKU,涵蓋了所有主要的MRO產品線。公司擁有30家配送中心和96箇中轉倉庫,覆蓋了中國大部分主要工業中心。在截至2023年9月30日的12個月中,公司服務超過64,000名客户,其中,2020年GMV TOP 500的客户中約91%到2022年仍與公司保持合作,顯示客户忠誠度高。中國擁有龐大的MRO採購服務市場,但根據CIC的數據,2022年在線滲透率僅為7.8%,預計2027年在線滲透率將達到21.3%,5年年均複合增長率為29.2%。該行預計,震坤行將從中國MRO採購服務行業日益增長的數字化滲透率中受益,實現GMV和收入的增長。該行預計在2022-25財年,GMV的年均複合增長率為26%,受客户數量和平均客單價增長推動。此外,該行預計2022-25財年的收入年均複合增長率為20%。在利潤率方面,預計震坤行將通過以下方式提高利潤率:1)擴大規模經濟的GPM;2)收入結構轉向利潤更高的3P模式;3)經營槓桿。該行預計NPM將在2023年/2024年/2025年分別提高至-3.8%/1.8%/7.3%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.