Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Insights - The company is expected to achieve a revenue growth of 23-25% in Q1 2026, with a net profit growth of over 35% after adjustments [1] - The expansion of key account (KA) customers is accelerating, with expected revenue growth exceeding 30% in Q1 2026 compared to 2025, driven by high demand in the energy and electronics manufacturing sectors [8] - The company is increasing its focus on small and micro customers, anticipating double-digit revenue growth (10%+) in Q1 2026, leveraging previous experiences with KA customers [8] - Continuous supply chain cost reduction efforts are expected to enhance the adjusted net profit margin in Q1 2026 [8] - The company's overseas business is maintaining high growth, having entered eight countries by the end of 2025, with plans to deepen market penetration in 2026 [8] - The domestic industrial product market is projected to exceed 11 trillion, with significant growth potential from new customers and product categories [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 20,398 million - 2025: 23,952 million - 2026E: 29,206 million - 2027E: 35,221 million - 2028E: 42,391 million - The expected net profit attributable to ordinary shareholders is projected to be: - 2024: 1,073 million - 2025: 1,131 million - 2026E: 1,638 million - 2027E: 2,210 million - 2028E: 2,786 million - The corresponding price-to-earnings (PE) ratios are forecasted as follows: - 2026: 21 - 2027: 15 - 2028: 12 [3][9]
京东工业（07618）：26Q1前瞻：数智化系统、AI大模型优势持续体现，轻资产加速拓客，增长有望提速