You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
德銀:維持震坤行 “買入”評級和目標價4.5美元,看好下半年業績,對長期增長潛力保持積極態度
格隆匯 05-28 21:20

德意志銀行發佈對震坤行(ZKH.US)下半年業績持樂觀預期的前瞻報告,並維持其“買入”評級,目標價保持在4.5美元。報告指出,公司2025年第一季度業績符合預期,GMV增速預計將呈逐季加快趨勢。受益於中國MRO採購服務市場持續的數字化轉型,德銀對震坤行的長期增長潛力維持積極看法。

人工智能技術在多個維度爲震坤行賦能:其AI智能工作臺顯著提升了客戶服務效率,使一季度客戶服務團隊人均訂單處理量環比增長60.4%;自2024年9月推出以來,AI推品大腦已爲超過200家客戶提供採購需求分析及產品池管理服務,累計帶動新增收入超過人民幣3400萬元。公司計劃在2025年內將該應用的覆蓋客戶數量擴展至1.4萬家,以進一步釋放AI推品大腦價值。

在海外業務方面,截至3月底,震坤行美國獨立站已上線500多個SKU,涵蓋個人防護裝備(PPE)、手動工具、電動工具、包裝材料以及暖通空調(HVAC)系統等品類。公司計劃於下半年上線移動端應用程序,並將SKU數量提升至1500項,以進一步拓展產品覆蓋、優化用戶體驗。同時,公司正在加強全球供應鏈佈局,例如在東南亞擴展優質供應商體系,以應對潛在的地緣政治不確定性。

在海外拓展初見成效的背景下,震坤行美國業務在第一季度實現收入與客戶基數的月度環比翻倍增長,公司預計該業務將在下半年進一步提速。除美國市場外,震坤行也計劃於今年下半年正式進入歐洲市場,並已在東南亞展開業務佈局。

自有品牌方面,2025年第一季度該類商品的交易總額同比增長約40%,佔公司總GMV的8.7%。德意志銀行認爲,自有品牌發展仍爲公司今年的核心戰略之一,當前佔比距離公司長期目標的30%仍有顯著提升空間,增長潛力可觀。

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.
uSMART
Wealth Growth Made Easy
Open Account