研报掘金丨国盛证券：维持小商品城“买入”评级，AI赋能商贸新生态

Core Viewpoint - The report from Guosheng Securities highlights that Xiaogoods City possesses both the high prosperity of Yiwu trade and the dual strengths of high growth potential and scarcity of AI application scenarios, making it a rare core asset [1] Group 1: Company Transformation - The company has transitioned from a traditional foreign trade platform to an AI-driven digital trade ecosystem [1] - AI application penetration and effectiveness verification are currently in an accelerated release phase [1] Group 2: AI Integration and Partnerships - Xiaogoods City has established a complete closed loop from AI tool development to the implementation of trade scenarios [1] - Ongoing deepening collaborations with Alibaba and Tongyi Model have led to significant AI application results, enhancing merchant operational efficiency and platform value [1] Group 3: Financial Projections - Considering the performance increment from the opening of six districts in Q4 2025 and the sustained high growth of the trade service sector, the company’s projected net profit attributable to shareholders for 2025-2027 is estimated to be 4.24 billion, 5.76 billion, and 6.91 billion yuan, representing year-on-year growth of 37.9%, 35.9%, and 20.0% respectively [1] - The report maintains a "buy" rating for the company [1]