Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 12.5 CNY per share, compared to the current price of 10.66 CNY [1][3]. Core Insights - The company's performance in Q3 exceeded expectations, with a revenue of 38.5 billion CNY, representing a year-on-year growth of 40.2%. The net profit attributable to shareholders reached 8.8 billion CNY, a significant increase of 176.7% [1][2]. - The main business profit for Q3 was approximately 9.9 billion CNY, showing a year-on-year increase of over 108%. This growth is attributed to a thriving market environment in Yiwu, increased user willingness to pay on the Chinagoods platform, and a significant rise in cross-border payment transactions through Yiwu Pay [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 106.1 billion CNY, a year-on-year increase of 34.3%, and a net profit of 23.3 billion CNY, growing by 0.5% [1]. - The gross margin for the main business in Q3 was 30.1%, an increase of 9.5 percentage points year-on-year. The sales expense ratio was 1.0%, down by 0.06 percentage points, and the management expense ratio was 3.1%, down by 1.09 percentage points [3]. - The company has adjusted its net profit forecasts for 2024-2026 to 30.2 billion CNY, 34.4 billion CNY, and 49.8 billion CNY, respectively, reflecting a slight upward revision [3]. Market Context - The overall market for Yiwu's import and export trade remains robust, with a total value of 4998.8 billion CNY in the first three quarters, marking a year-on-year growth of 16.6% [2]. - The Chinagoods platform's gross merchandise volume (GMV) exceeded 608 billion CNY, with a year-on-year growth of over 16%, indicating strong user engagement and platform conversion rates [2].

证券代码：600415 证券简称：小商品城 公告编号：临2024-046 浙江中国小商品城集团股份有限公司 关于举行2024年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ●会议召开地点：全景网（网址：https://ir.p5w.net/） ●会议召开方式：网络文字互动 ●投资者可于11月4日(星期一)16:00前登录http://ir.p5w.net/zj/进入问题征 集页面进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 浙江中国小商品城集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 15 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 11 月 5 日 15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对2024年第三季度的经营成 果及财务指标的具体情况与投资者 ...

本次股票上市流通总数为 702,900 股。 证券代码：600415 证券简称：小商品城 公告编号：临 2024-045 浙江中国小商品城集团股份有限公司 关于 2020 年限制性股票激励计划预留授予部分 第二个解除限售期限制性股票解锁暨上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 702,900 股。 本次股票上市流通日期为 2024 年 11 月 4 日。 浙江中国小商品城集团股份有限公司（本公告简称"小商品城"或"公司"） 于 2024 年 10 月 14 日召开第九届董事会第二十二次会议与第九届监事会第十次会 议，审议通过了《关于 2020 年限制性股票激励计划预留授予部分第二个解除限售 期解除限售条件成就的议案》。现就公司本次限制性股票解锁暨上市的相关情况说 明如下： 一、限制性股票激励计划批准及实施情况 （一）限制性股票激励计划已履行的相关审批程序 2020 年 10 月 23 日，公司第八届董事会第二十三次会议审议通 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 浙江中国小商品城集团股份有限公司 2020 年限制性股票回购注销相关事项 之法律意见书 地址：杭州市老复兴路白塔公园 B 区 15 号楼、2 号楼（国浩律师楼） 邮编：310008 电话：(+86)(571) 8577 5888 传真：(+86)(571) 8577 5643 电子信箱：grandallhz@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二四年八月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江中国小商品城集团股份有限公司 2020 年限制性股票回购注销相关事项 之法律意见书 致：浙江中国小商品城集团股份有限公司 国浩律师（杭州）事务所（以下称"本所"）接受浙江中国小商品城集团股 份有限公司（以下简称"小商品城"或者"公司"）的委托，作为公司 2020 年 限制性股票激励计划（以下简称"本次股权激励计划"）的特聘专项法律顾问。 五、本所同意将本法律意见书作为小商品城本次回购注销的必备法律文件之 一，随其他申请材料一起上报或公开披露，并依法对出具的法律意见 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2024-044 浙江中国小商品城集团股份有限公司 关于股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （一）回购注销原因 浙江中国小商品城集团股份有限公司（以下简称"小商品城"或"公司"）2020 年限制性股票激励计划（以下简称"本激励计划"）中调任、离职或退休的 7 名激 励对象已不符合公司本激励计划中有关激励对象的规定。公司董事会审议决定取 消上述激励对象资格并回购注销其已获授但尚未解除限售的全部限制性股票。 （二）本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | --- | | 股 688,250 | 688,250 | 股 | 年 2024 | 10 | 月 | 日 28 | 一、本次限制性股票回购注销的决策与信息披露 2024 年 8 月 14 日，公司第九届董事会第二十次会议和第九 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating a strong performance in its core business and innovative growth opportunities [1]. Core Insights - The company reported a revenue of 10.613 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 34.25%. However, the net profit attributable to shareholders decreased by 0.53% to 2.329 billion yuan [1]. - In Q3 2024, the company achieved a revenue of 3.847 billion yuan, up 40.17% year-on-year, with a net profit of 881 million yuan, reflecting a significant increase of 176.73% [1]. - The company is positioned as a leading global trade service provider, with a focus on enhancing its role in the small commodity trade sector [1]. Financial Performance Summary - For the first three quarters of 2024, the company’s core business profit was approximately 999.4 million yuan, showing a growth of over 108% year-on-year [1]. - The innovative business segment, particularly the chinagoods platform, reported a GMV exceeding 60.8 billion yuan, marking a year-on-year growth of over 16% [1]. - The cross-border payment service "Yiwu Pay" saw a transaction volume exceeding 20 billion yuan from January to September 2024, representing a year-on-year increase of over 770% [1]. Revenue and Profit Forecast - The company is projected to achieve revenues of 14.436 billion yuan, 16.326 billion yuan, and 19.088 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 27%, 13.7%, and 16.9% [2]. - The net profit attributable to shareholders is expected to be 3.038 billion yuan, 3.480 billion yuan, and 4.482 billion yuan for the same years, with corresponding growth rates of 14%, 14.6%, and 28.8% [2]. - The report anticipates an EPS of 0.55 yuan, 0.63 yuan, and 0.82 yuan for 2024, 2025, and 2026, respectively [2]. Balance Sheet Overview - As of 2023, the company’s total assets were valued at 36.219 billion yuan, with current assets amounting to 6.544 billion yuan [3]. - The company’s total liabilities stood at 18.515 billion yuan, with current liabilities of 13.732 billion yuan [3]. - The equity attributable to shareholders was reported at 17.688 billion yuan in 2023 [3].

[Table_Page] 季报点评|一般零售 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------|--------------------------------------------------|----------------------------------------------------------------|-----------------------|----------------------------|--------------------------|---------------------------------|----------------| | | [Table_Title] 小商品城（ | | ） | | [ Table_Invest] | 公司评级 | | 买入 | | | | 600415.SH | | | 当前价格 | | | 11.54 元 | ...

小商品城（600415.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 24Q3 业绩大超预期，归母净利润同增 177% 2024 年 10 月 16 日 ➢ 业绩简述：公司 24Q1-3 实现营收 106.13 亿元/yoy+34.25%，归母净利润 23.29 亿元/yoy+0.53%，扣非归母净利润 22.83 亿元/yoy+6.12%。其中 24Q3 实现收入 38.47 亿元/yoy+40.17%，归母净利润 8.81 亿元/yoy+176.73%，扣 非归母净利润 8.64 亿元/yoy+177.21%，主要是市场经营利润同比增加所致。 24Q3 投资收益 1.38 亿元/yoy+168.40%，扣除投资收益后的归母净利润 7.43 亿元/yoy+178.32%。 ➢ 24Q3 Chinagoods GMV 下滑 23%，Yiwupay 支付流水同比增长 515%。 24Q3 主营业务利润约 9.94 亿元/yoy+108%+。24Q1-3，Chinagoods 平台 GMV 超 608 亿元，同比增长超 16%，其中 24Q3 GMV 为 158 亿元，同比23 ...

证券代码：600415 证券简称：小商品城 浙江中国小商品城集团股份有限公司 投资者关系活动记录表 编号：2024-009 | --- | --- | --- | |--------------------|------------------------|------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 □业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 √路演活动 | | | | □ 现场参观 √电话会议 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 民生加银基金管理有限公司、浙商基金管理有限公司、国联 | | | | 基金管理有限公司、南方基金管理股份有限公司、嘉实基金 | | | | 管理有限公司、大成基金管理有限公司、银华基金管理股份 | | | | 有限公司、建信基金管理有限责任公司、恒越基金管理有限 | | | | 公司、交银施罗德基金管理有限公司、兴华基金管理有限公 | | | | 司、天治基金 ...

Investment Rating - The investment rating for the company is maintained at "Hold" [8] Core Views - The company reported a significant increase in revenue and net profit, with Q3 2024 revenue reaching 3.85 billion yuan, up 40.2% year-on-year, and net profit attributable to shareholders increasing by 176.7% to 880 million yuan [1][2] - The strong performance is attributed to the expansion of product sales and improved market operating profits [1] - The main business profit for Q3 2024 was approximately 994 million yuan, reflecting a year-on-year increase of 108% [3] - The transaction volume of Yiwu Pay saw a remarkable year-on-year growth of 770%, with over 20 billion yuan in cross-border payment transactions added from January to September 2024 [3] Financial Performance Summary - Cumulative revenue for the year reached 10.61 billion yuan, a year-on-year increase of 34.3%, while net profit attributable to shareholders was 2.33 billion yuan, up 0.5% [2] - Basic and diluted earnings per share both reached 0.16 yuan, reflecting a year-on-year increase of 166.7% [2] - The company expects revenues of 14.1 billion yuan, 15.7 billion yuan, and 17 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.1 billion yuan, 3.7 billion yuan, and 3.9 billion yuan for the same years [8] - The current price-to-earnings ratio is 27.17, with projected ratios of 19.02, 16.09, and 15.06 for the next three years [8]