股 票 研 究 投资要点： [Table_Report] 相关报告 | 工业《液氩均价同比翻倍；杭氧加入可控核聚变 | | --- | | 创新联合体》2026.01.04 | | 工业《以更大力度稳投资，因地制宜拓展低空应 | | 用场景》2026.01.04 | | 工业《元旦航空量价两旺，油运淡季运价回落》 | | 2026.01.04 | | 工业《快递件量增速趋缓，反内卷助盈利修复》 | | 2026.01.02 | | 工业《首款全身力控小尺寸人形机器人启元 Q1 | | 发布》2026.01.01 | 究 证 券 研 究 报 告 万亿级中国 MRO 市场扩容，集约化数字化加速渗透 [Table_Industry] 工业 震坤行：懂工业品的 MRO 电商 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com ...

【12月16日中信证券首覆盖震坤行，给予"增持"评级】12月16日，中信证券发布报告，首次覆盖震坤 行，给出"增持"评级，目标价4.3美元。震坤行是国内MRO电商领先平台，随客户拓展与海外业务布局 加快，有望重回增长轨道。 震坤行2025年三季度业绩公告显示，营收23.28亿元，同比增2.1%；Non - GAAP调整后净亏损0.14亿元，亏幅同比收窄78.7%。三季度业务步入复苏，GMV同比降幅收窄，大、 中小企业客户商品交易总额均增长。中信证券看好其GMV重回增长，盈利质量改善。 自有品牌战略 上，震坤行坚定布局高毛利自有品牌产品。25Q3自有品牌GMV同比增16.7%，占总GMV比重升至 8.2%。客户数与SKU供给量高增，截至25Q3客户数7.08万家，同比增48.0%；25Q3新增超230万个 SKU，总可售SKU超1900万。 人工智能赋能业务方面，震坤行在多运营环节应用人工智能。核心应 用"AI推品大脑"自2024Q4上线，截至2025Q3累计推荐超2000万条物料，创造超1亿元增量营收。 海外 市场中，震坤行美国分销渠道拓展，除自有北美平台Northsky，已入驻亚马逊等第三方平台。中信证券 ...

Financial Data and Key Metrics Changes - The company's GMV declined by 12.1% year over year, while total revenues decreased by 3.7% to RMB 2.17 billion, largely due to last year's high comparison base [21][22] - The gross margin on a GMV basis reached 14.8%, representing a 0.8 percentage point year over year increase, marking the sixth consecutive quarter of gross margin expansion [5][22] - Net loss narrowed to approximately RMB 53 million, a 20% year over year reduction, with the net loss margin improving to 2.5% from 2.9% [5][26] Business Line Data and Key Metrics Changes - GMV from industry key accounts rose by approximately 11% year over year, with the number of transacting customers increasing by around 22% [7] - GMV from regional SME customers grew by approximately 7% year over year, with the number of transacting customers growing by 13% [9] - GMV in sectors such as automotive, new energy, and electrical equipment manufacturing grew by more than 15% [8] Market Data and Key Metrics Changes - The U.S. revenue grew by 260% in the second quarter from the first quarter, indicating strong market entry performance [16] - The company has begun receiving orders from Chinese customers' overseas plants in 10 countries, including Thailand and Mexico, diversifying its supplier network [18] Company Strategy and Development Direction - The company is focused on enhancing its core competencies, including product capabilities, AI, and last-mile delivery, while expanding its overseas business [6][19] - A strategic emphasis on high-margin private label products aims to increase their share in total GMV to approximately 30% [12] - The company is adopting a localized operating strategy in the U.S. and European markets to capitalize on supply chain strengths [15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in a potential turnaround in top-line growth in the second half of the year, as the impact of previous business adjustments diminishes [21][34] - The company anticipates that growth drivers will increasingly come from overseas markets, particularly Europe and America [33] Other Important Information - The average number of orders processed per customer service representative grew by 48% year over year, while warehouse fulfillment costs decreased by approximately 18% [6] - The company has repurchased approximately 2,650,000 ADS for about dollars under its share buyback program [26] Q&A Session Summary Question: Growth strategy in the Chinese MRO market - Management acknowledged recent business pressures due to optimization but highlighted new customer acquisitions compensating for losses from adjusted business [31][32] Question: Competitive advantages in the MRO sector - Management emphasized advantages in product capabilities, IT capabilities, and a nationwide supply chain, along with strong R&D capabilities [39][41][44] Question: Overseas business challenges and strategies - Management discussed two models for overseas expansion, emphasizing the challenges of building a brand in advanced economies while leveraging strong supply chains [48][49]