Investment Rating - The report assigns a "Buy" rating for JD Industrial (07618) as a first-time coverage [1]. Core Insights - JD Industrial is a leading provider of industrial supply chain technology and services in China, having established a comprehensive digital infrastructure for end-to-end supply chain solutions. By 2024, it is projected to become the largest player in the MRO procurement market in China, serving over 11,100 key enterprise clients and offering approximately 81.1 million SKUs from around 158,000 suppliers [5][18]. - The company is expected to achieve a revenue of CNY 20.4 billion in 2024, with a compound annual growth rate (CAGR) of 25.4% from 2021 to 2024. The adjusted net profit is forecasted to reach CNY 909 million, with a CAGR of 21.9% during the same period [4][25]. - The Chinese industrial supply chain market is the largest globally, with a market size of CNY 11.4 trillion in 2024, but the digital penetration is only 6.2%, significantly lower than the 15% in the U.S. [5][50]. - JD Industrial's market share in the domestic industrial supply chain technology and services market is 4.1%, while its share in the MRO procurement market is only 0.8%, indicating substantial growth potential [5][59]. Financial Data and Profit Forecast - Revenue and profit forecasts for JD Industrial from 2023 to 2027 are as follows: - Revenue: CNY 17.34 billion (2023), CNY 20.40 billion (2024), CNY 24.49 billion (2025E), CNY 29.91 billion (2026E), CNY 35.96 billion (2027E) [4]. - Adjusted net profit: CNY 818 million (2023), CNY 909 million (2024), CNY 1.10 billion (2025E), CNY 1.74 billion (2026E), CNY 2.30 billion (2027E) [4]. - The expected price-to-earnings (PE) ratios are 41 (2023), 36 (2024), 30 (2025E), 19 (2026E), and 14 (2027E) [4]. Industry Overview - The industrial supply chain market in China is characterized by its vast size and the early stage of digital transformation. The MRO procurement market is projected to reach CNY 3.7 trillion in 2024, with a CAGR of 6.1% from 2019 to 2024 [5][55]. - The market is highly fragmented, with JD Industrial being a key player. The company is positioned to benefit from the ongoing digitalization trends, which are expected to accelerate market consolidation [5][58]. - The report highlights that the U.S. leading MRO companies have consistently outperformed the growth of the manufacturing value added, indicating a potential for similar trends in China as the market matures [5][8].

在"十五五"规划将产业数智化升级列为重点方向、"人工智能+"行动加速落地的背景下，中国制造业正 迈入由 AI 驱动的效率重塑阶段。企业对全链路数字化的投入意愿不断提升，尤其是在直接影响管理成 本与产能效率的采购环节，数智化转型需求愈发迫切。 作为国内领先的数智化 MRO 采购平台，震坤行（NYSE: ZKH）通过持续迭代的数智化技术、完善的产 品矩阵以及覆盖全国的履约网络，为客户提供一站式工业用品采购与管理服务，持续赋能企业在采购环 节的降本增效。 近日，震坤行在上海总部举行 2025 投资者日交流活动。管理层围绕产品力、数智化能力与全球化战略 进行了系统阐述，进一步强化了投资者对公司增长前景的积极预期。 中国MRO市场潜力巨大，震坤行进入高质量增长期 从行业视角看，中国MRO采购仍处于线上化渗透的早期阶段，但趋势已十分明确：在政策推动与产业 升级的共同作用下，制造业数字化需求持续抬升，企业采购行为正加速向标准化、透明化的线上平台模 式迁移。全球经验亦表明，当行业进入平台化阶段，市场份额会迅速向具备成熟的、一站式供给能力的 头部玩家集中。 这一规律在德国MRO采购龙头伍尔特（Würth Group）的发展路径 ...