大行评级丨中金：维持震坤行”跑赢行业”评级及目标价3.7美元，四季度业绩超预期

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中金公司发布震坤行(NYSE:ZKH)2025年第四季度业绩点评，维持”跑赢行业”评级及目标价3.7美元。震坤行4Q25收入同比增长7.9%至25.6亿元，GMV达29.2亿元、同比增长8.5%，经调整净利润1,486万元，超出市场预期。高毛利自有品牌GMV占比提升至8.3%(去年同期6.7%)，管理层计划2026年提升至约10%。运营杠杆持续释放，运营费用率同比改善1.9个百分点，管理层表示将...

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