金吾财讯 | 京东工业(07618)股价上扬，盘中曾一度升逾7%，截至发稿，报14.13港元，涨幅3.14%，成交额7156.32万港元。申万宏源研报指，京东工业FY2025年报，业绩表现略超预期。FY2025收入239.52亿元，同比+17.4%；H2FY25收入137.01亿元，同比+16.3%；FY2025经调净利润11.31亿元，同比+5.3%，表现略超预期。该机构指，国内工业品市场空间超11万亿，公司新客户、新品类覆盖加大，老客户粘性+单值提升；跟随客户出海，长期本土化开发、全球化运营，增长动能充足。内部继续提升供应链效率，中长期高毛利自有品牌和海外占比提升驱动毛利率改善。维持FY2026-2027年经调净利润盈利预测16.38、22.10亿元，增加FY2028年盈利预测27.86亿元，分别同比+44.9%、34.9%、26.0%，对应PE为20、15、12X，维持买入评级。
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