YIWU CCC(600415) 五矿证券·2024-10-16 07:30Investment 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 for Q3 2024, with revenue reaching 3.85 billion yuan, a year-on-year increase of 40.2%, and net profit attributable to shareholders rising to 880 million yuan, a year-on-year increase of 176.7% [1] - The overall performance from the beginning of the year to the end of the reporting period was solid, with cumulative revenue of 10.61 billion yuan, a year-on-year increase of 34.3%, and net profit attributable to shareholders at 2.33 billion yuan, a year-on-year increase of 0.5% [2] - The main business profit saw a substantial increase, with Yiwu Pay's transaction volume growing by 770% year-on-year [3] Business Analysis - The main business profit for Q3 2024 was approximately 994 million yuan, up 108% from 477 million yuan in Q3 2023 [3] - The Chinagoods platform's GMV exceeded 60.8 billion yuan, reflecting a year-on-year growth of 16% [3] - The cross-border payment business under Yiwu Pay added over 20 billion yuan in transaction volume from January to September 2024, marking a year-on-year increase of 770% [3] Financial Performance - The company’s basic and diluted earnings per share reached 0.16 yuan, a year-on-year increase of 166.7%, indicating a significant improvement in profitability [2] - The projected revenue for 2024-2026 is expected to be 14.1 billion yuan, 15.7 billion yuan, and 17.0 billion yuan respectively, with net profits projected at 3.1 billion yuan, 3.7 billion yuan, and 3.9 billion yuan [8] - The current price-to-earnings ratio is 27.17, with projected P/E ratios for the next three years being 19.02, 16.09, and 15.06 [8]