京东工业 (7618 HK)：关注重点企业客户开拓和新业务进展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 18.78 [6][15] Core Insights - The company reported a total revenue of RMB 13.7 billion for 2H25, representing a year-on-year increase of 16.3%, which exceeded Bloomberg's expectation of RMB 13.5 billion. The adjusted net profit was RMB 610 million, up 7.0% year-on-year, also surpassing expectations [1][2] - The company has been included in the Hong Kong Stock Connect list, effective from March 9, which is expected to enhance shareholder structure and improve liquidity [1] - The company is focusing on expanding its core user base and market share through technology-driven efficiency improvements and group synergies, particularly in the areas of enterprise digital procurement and cost reduction [1] Revenue and Profitability - In 2H25, the company's GMV reached RMB 18.9 billion, a 16% increase year-on-year, with key enterprise customer GMV growing by 24% to RMB 9.7 billion [2][12] - The gross margin for 2H25 improved to 16.5%, an increase of 0.7 percentage points year-on-year, primarily due to upstream channel enhancements and increased sales of warehouse goods [2] - The total operating expense ratio for 2H25 was 13.4%, up 2.0 percentage points year-on-year, driven by increased fulfillment costs and investments in BOM and overseas business expansion [2] Customer Base and Supply Chain - The company served 13,300 key enterprise customers in 2025, a 26% increase from the previous year, with a retention rate of 116.6% [3] - The number of manufacturers, distributors, and agents connected by the company reached 205,000 in 2025, up from 158,000 in the previous year [3] Technological Advancements - The company launched the industry's first AI-native product and material governance center, significantly reducing the time required for material governance tasks [4] - The company is developing its own brand to ensure quality and streamline supply for non-standard and dispersed products [4] Financial Forecasts - The adjusted net profit forecasts for 2026 and 2027 have been slightly increased to RMB 1.59 billion and RMB 2.17 billion, respectively, due to better-than-expected revenue growth and expense management [5][12] - The report anticipates a revenue CAGR of 20.0% from 2025 to 2027, compared to 9.9% for comparable companies, indicating a strong growth outlook for the company [15][17]