YIWU CCC(600415) Minsheng Securities·2024-10-16 09:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a significant performance exceeding expectations, with a 177% year-on-year increase in net profit attributable to shareholders for Q3 2024 [2]. - For the first three quarters of 2024, the company achieved a revenue of 10.613 billion yuan, a year-on-year increase of 34.25%, and a net profit of 2.329 billion yuan, a year-on-year increase of 0.53% [2]. - The company's gross merchandise volume (GMV) on the Chinagoods platform decreased by 23% in Q3 2024, while the payment transaction volume of Yiwupay increased by 515% [2]. - The company is expected to achieve net profits of 2.791 billion yuan, 3.138 billion yuan, and 4.570 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 4.3%, 12.4%, and 45.6% [2]. Financial Performance Summary - In Q3 2024, the company achieved a revenue of 3.847 billion yuan, a year-on-year increase of 40.17%, and a net profit of 881 million yuan, a year-on-year increase of 176.73% [2]. - The company's net profit margin increased by 11.3 percentage points year-on-year, with a gross margin of 30.10%, up by 9.54 percentage points [2]. - The company plans to increase rental prices by no less than 5% annually from 2024 to 2026, contributing to revenue growth [2]. - The company has a stable rental income base and is expanding its market presence, with new business opportunities expected to drive growth [2].