Core Viewpoint - Deutsche Bank has raised the target price for Zhenkunhang (NYSE: ZKH) to $4.50 while maintaining a "Buy" rating, anticipating a positive performance in Q4 2025 with revenue growth expected to return to mid-single digits year-over-year [1] Group 1: Financial Performance Expectations - Deutsche Bank forecasts that Zhenkunhang will achieve profitability in Q4 2025, with an improvement in adjusted net profit margin [1] - Revenue growth is expected to be driven by an increase in Average Revenue Per User (ARPU) and an expansion in customer base [1] Group 2: Strategic Outlook - The company is focusing on serving the overseas needs of Chinese enterprises, which is expected to enhance business certainty [1] - Deutsche Bank predicts that Zhenkunhang's overseas business will reach breakeven in 2026 [1] Group 3: Long-term Growth Potential - The impact of prior business adjustments is expected to be largely absorbed by 2026, allowing for a return to stable revenue growth [1] - Profitability is anticipated to benefit from an increased share of proprietary brands, economies of scale, and improved operational efficiency [1]
大行评级丨德银：上调震坤行目标价至4.5美元并维持“买入”评级，预计2025第四季度收入重回增长并实现季度盈利