Group 1 - Deutsche Bank maintains a "Buy" rating on Zhenkunhang (ZKH.US) with a 12-month target price of $4, citing ongoing digital transformation opportunities in China's MRO procurement service market as a driver for long-term growth potential [1] - Zhenkunhang's Q3 performance met expectations, with revenue increasing by 2% year-on-year to reach 2.328 billion yuan, and the company achieved monthly breakeven in September [1] - The bank expects an improvement in Q4 GMV growth and quarterly profitability, while keeping revenue forecasts for FY2025/2026 largely unchanged, but raising adjusted net profit margins by 20 basis points due to improved profit outlook [1] Group 2 - In the self-owned brand segment, the total GMV for self-owned brand products grew by 16.7% year-on-year, accounting for 8.2% of total GMV, with over 600 new self-owned brand SKUs launched in Q3 [2] - The company reaffirms its long-term goal of achieving a self-owned brand penetration rate of 30% [2] Group 3 - The company leverages artificial intelligence across various business scenarios, enhancing product recommendation accuracy and generating over 100 million yuan in new sales revenue since the launch of its recommendation engine in Q4 2024 [1] - The overseas strategy prioritizes supporting Chinese enterprises in international expansion, providing comprehensive services including procurement, delivery, product certification, and customs clearance in countries like Thailand, Malaysia, Indonesia, and Mexico, with management expecting overseas operations to break even by 2026 [1]
德意志银行：维持对震坤行“买入”评级，复苏步入正轨，继续看好其长期增长潜力