京东工业(07618.HK)：打通工业供应链的“任督二脉”

Core Viewpoint - JD Industrial's IPO on the Hong Kong Stock Exchange marks a significant shift in the industrial supply chain sector from traditional inefficiencies to digital intelligence, highlighting market recognition of the value in industrial digital transformation [1] Industry Outlook: Trillion-Level Market Digitalization Dividend - China has the world's largest industrial system, with a supply chain market valued at approximately 11.4 trillion RMB, yet it suffers from inefficiencies and chaos stemming from traditional models [3] - The supply side is characterized by millions of dispersed manufacturers and distributors, leading to redundant channels and distorted information, while the demand side faces challenges in managing non-standardized products and complex supplier qualifications [3] - The digital penetration rate in China's industrial supply chain is currently low at 6.2%, compared to 15% in the U.S., indicating significant growth potential [4] Core Moat: Unique Model and Barriers Built on "Digital-Physical Integration" - JD Industrial's "Taipu" solution integrates data intelligence with physical products, creating an end-to-end system that standardizes product information and connects supply and demand efficiently [9] - The company has established a supply network of over 158,000 manufacturers and distributors, linking them with more than 11,000 key enterprise clients [9] - The business model has shown strong performance, with revenue growth from 14.135 billion RMB in 2022 to 20.4 billion RMB in 2024, and a net profit of 760 million RMB expected in 2024 [10] Growth Path: Multi-Dimensional Expansion Driving Ceiling Elevation - JD Industrial is expanding horizontally by entering specialized MRO fields and vertically by providing value-added services such as procurement strategy consulting and lifecycle management [15][16] - The company is also geographically expanding into Southeast Asia, South America, and the Middle East to support clients' overseas operations [17] - The industry is transitioning from high dispersion to gradual concentration, with JD Industrial positioned favorably to capture market share due to its established scale, brand reputation, and technological capabilities [18] Conclusion - JD Industrial has effectively addressed a trillion-scale market's need for efficiency through its "Digital-Physical Integration" model, with a clear and diverse growth path ahead [20]