YIWU CCC(600415) 信达证券·2024-10-21 13:38Investment Rating - The report assigns a positive investment rating to the company, indicating a strong performance in its core business and innovative growth opportunities [1]. Core Insights - The company reported a revenue of 10.613 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 34.25%. However, the net profit attributable to shareholders decreased by 0.53% to 2.329 billion yuan [1]. - In Q3 2024, the company achieved a revenue of 3.847 billion yuan, up 40.17% year-on-year, with a net profit of 881 million yuan, reflecting a significant increase of 176.73% [1]. - The company is positioned as a leading global trade service provider, with a focus on enhancing its role in the small commodity trade sector [1]. Financial Performance Summary - For the first three quarters of 2024, the company’s core business profit was approximately 999.4 million yuan, showing a growth of over 108% year-on-year [1]. - The innovative business segment, particularly the chinagoods platform, reported a GMV exceeding 60.8 billion yuan, marking a year-on-year growth of over 16% [1]. - The cross-border payment service "Yiwu Pay" saw a transaction volume exceeding 20 billion yuan from January to September 2024, representing a year-on-year increase of over 770% [1]. Revenue and Profit Forecast - The company is projected to achieve revenues of 14.436 billion yuan, 16.326 billion yuan, and 19.088 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 27%, 13.7%, and 16.9% [2]. - The net profit attributable to shareholders is expected to be 3.038 billion yuan, 3.480 billion yuan, and 4.482 billion yuan for the same years, with corresponding growth rates of 14%, 14.6%, and 28.8% [2]. - The report anticipates an EPS of 0.55 yuan, 0.63 yuan, and 0.82 yuan for 2024, 2025, and 2026, respectively [2]. Balance Sheet Overview - As of 2023, the company’s total assets were valued at 36.219 billion yuan, with current assets amounting to 6.544 billion yuan [3]. - The company’s total liabilities stood at 18.515 billion yuan, with current liabilities of 13.732 billion yuan [3]. - The equity attributable to shareholders was reported at 17.688 billion yuan in 2023 [3].