Yes, you can create an 'SFM Custom Action' to launch an SFDC report previously created. You will need to create the SFDC report first and then include it as a URL action type for the SFM Custom Action.
If you need to run the report specifically for the location where the SFM is located, and not all stocking location, you will have to do a bit of modification (hack) to the url.
Create your report you would like to display and add the filter(s) needed and make sure the filters doen not contain any value. As an example I have used the Standard ServiceMax report called "Stock Quantity By Location" and added the following filters:
In the parameters, use pv0 as the parameter name and choose the value you want to send to the filter. pv0 will parse the value to the first filter of your report. If want to use multiple dynamic filters, you can use pv1, pv2, etc.