YIWU CCC(600415) Haitong Securities·2024-10-15 11:38Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company reported a significant increase in net profit of 176.73% year-on-year for Q3 2024, with a total revenue of 3.847 billion yuan, reflecting a growth of 40.17% [6][9]. - The company is expected to enter a new expansion cycle in its market business, with new business segments gradually contributing to profits and having substantial monetization potential [7][9]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 3.847 billion yuan, a year-on-year increase of 40.17%. For the first three quarters of 2024, total revenue reached 10.613 billion yuan, up 34.25% year-on-year [6][10]. - The gross profit margin for the first three quarters increased by 4.90 percentage points to 32%, with Q3 2024 gross margin rising by 9.54 percentage points to 30.10% [6][10]. - The net profit attributable to shareholders for Q3 2024 was 881 million yuan, a year-on-year increase of 176.73%, with a main business profit growth exceeding 108% [6][10]. Business Segments - The Chinagoods platform's GMV exceeded 60.8 billion yuan in the first three quarters, representing a growth of over 16%. The Yiwu Pay cross-border payment business transaction volume surpassed 20 billion yuan, growing over 770% [6][9]. Future Outlook - The company has updated its profit forecast, expecting net profits of 2.981 billion yuan, 3.199 billion yuan, and 4.480 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.4%, 7.3%, and 40.1% [9][14]. - The estimated reasonable market capitalization range for the company is between 66 billion yuan and 78.4 billion yuan, with a target stock price range of 12.03 to 14.30 yuan per share [9][13].