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

中金财经02-06

德意志银行发布对震坤行(NYSE: ZKH)的2025年第四季度业绩前瞻报告，将目标价上调至4.50美元并维持“买入”评级。德银预计，震坤行4Q25业绩进展顺利，收入同比增速有望恢复至中个位数，同时预计单季度实现盈利，调整后净利率将继续改善。展望2026年，德银判断公司前期业务调整影响基本消化，收入端有望在ARPU提升及客户数扩张带动下重回稳健增长轨道；利润端则受益于自有品牌占比提升、规模效应及...

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