研报掘金丨中金：首予小商品城“跑赢行业”评级，目标价22元

Core Viewpoint - The report from CICC highlights that Xiaogoods City, backed by the diverse advantages of the Yiwu market, occupies a core position in global small commodity trade [1] Group 1: Market Position and Opportunities - The company is recognized as one of the first pilot enterprises for innovative development in import trade, which is expected to unlock a market space worth hundreds of billions [1] - Xiaogoods, as a B2B cross-border e-commerce platform, leverages resources from 75,000 physical shops and focuses on trade data integration to meet the needs of both supply and demand sides [1] Group 2: Business Growth and Transformation - The company is optimistic about the growth in both volume and price of its market operations, with Chinagoods and YiwuPay driving its transformation into a comprehensive trade service provider, opening up new growth trajectories [1] - The initial coverage gives a "outperform industry" rating with a target price of 22 yuan, corresponding to a P/E ratio of 27x for 2025 and 21x for 2026, indicating a 36% upside potential from the current stock price [1]