YIWU CCC(600415) Minmetals Securities·2024-10-16 08:03Investment 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, with Q3 2024 revenue reaching 3.85 billion yuan, up 40.2% year-on-year, and net profit attributable to shareholders increasing by 176.7% to 880 million yuan [1][2] - The strong performance is attributed to the expansion of product sales and improved market operating profits [1] - The main business profit for Q3 2024 was approximately 994 million yuan, reflecting a year-on-year increase of 108% [3] - The transaction volume of Yiwu Pay saw a remarkable year-on-year growth of 770%, with over 20 billion yuan in cross-border payment transactions added from January to September 2024 [3] Financial Performance Summary - Cumulative revenue for the year reached 10.61 billion yuan, a year-on-year increase of 34.3%, while net profit attributable to shareholders was 2.33 billion yuan, up 0.5% [2] - Basic and diluted earnings per share both reached 0.16 yuan, reflecting a year-on-year increase of 166.7% [2] - The company expects revenues of 14.1 billion yuan, 15.7 billion yuan, and 17 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.1 billion yuan, 3.7 billion yuan, and 3.9 billion yuan for the same years [8] - The current price-to-earnings ratio is 27.17, with projected ratios of 19.02, 16.09, and 15.06 for the next three years [8]