德银:维持震坤行 “买入”评级,预计Q4业绩符合预期,2025年营收增长有望反转,且抓住AI机遇

格隆汇
25 Feb

格隆汇2月25日|德意志银行发布对震坤行(ZKH.US)2024年第四季度业绩的前瞻报告,并维持对其“买入”评级。研报指出,预计震坤行第四季度业绩符合市场预期,得益于采购成本优化和自有品牌贡献的上升,毛利率预计同比有所提升。同时,由于现金转化周期的改善,运营现金流有望继续保持正值。特别是,随着业务调整影响的逐步消退,预计公司将在2025年迎来营收增长反弹,且自有品牌的扩张和规模经济将继续推高毛利率...

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