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德銀:維持震坤行 “買入”評級,預計Q4業績符合預期,2025年營收增長有望反轉,且抓住AI機遇
格隆匯 02-25 17:30
德意志銀行發佈對震坤行(ZKH.US)2024年第四季度業績的前瞻報告,並維持對其“買入”評級。研報指出,預計震坤行第四季度業績符合市場預期,得益於採購成本優化和自有品牌貢獻的上升,毛利率預計同比有所提升。同時,由於現金轉化週期的改善,運營現金流有望繼續保持正值。特別是,隨着業務調整影響的逐步消退,預計公司將在2025年迎來營收增長反彈,且自有品牌的擴張和規模經濟將繼續推高毛利率和調整後淨利率。震坤行積極抓住AI帶來的機遇,近期將“AI物料管理家”接入DeepSeek,大幅提升了該工具的性能,例如,物料識別與分析的準確度大幅提升,從60%提高到90%以上。公司計劃未來將開發和應用更多AI工具,以進一步優化供應鏈管理、提升服務表現,並加速業務擴展。公司自有品牌發展潛力巨大,預計在2025年將繼續作爲公司的戰略重點,有力推動長期毛利率的提升。與此同時,震坤行於2024年12月正式啓用美國獨立站,預計其近期戰略重點將是建立全球供應鏈能力、豐富產品種類,並在海外擴張中秉承審慎穩健的投資節奏和策略。公司預計將在3月中旬發佈其2024財年第4季度的業績報告。
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