研报掘金丨东吴证券：维持小商品城“买入”评级，竞拍取得土地，进一步扩张国际商贸城市场版图

Core Viewpoint - Dongwu Securities report indicates that Xiaogoods City acquired land use rights for a construction site in the south of the International Trade City for 3.32 billion yuan, covering an area of 164,000 square meters, with a total project investment of approximately 7.9 billion yuan, planned to be operational in 3-4 years [1] Group 1 - The company plans to build an import-related cultural, commercial, and tourism complex, further expanding the market footprint of the International Trade City [1] - The initiation of new project construction is expected to enhance the company's revenue and profit from market operations, with new business tenants likely to expand the company's trade service capacity [1] - The forecast for the company's net profit attributable to shareholders for 2025-2027 is 4.9 billion, 6.16 billion, and 7.28 billion yuan, representing year-on-year growth of 59%, 26%, and 18% respectively, with a corresponding P/E valuation of 18, 15, and 12 times based on the closing price on November 12 [1]