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、规模效应及运营效率改善，全年有望实现盈利。在海外业务方面，德银表示，震坤行将专注于服务中国企业出海需求，该策略有助于提升业务确定性，并预计海外业务将在2026年达到盈亏平衡。基于对公司复苏路径信心增强，德银将目标价上调至4.5美元，维持“买入”评级。 德银预计，公司将于3月中旬发布4Q25及全年业绩。
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