YIWU CCC(600415) 兴业证券·2024-11-14 06:56Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Insights - The company is experiencing rapid growth in revenue and net profit, with a projected net profit of 2.925 billion yuan for 2024, reflecting a year-on-year growth of 9.3% [4][6]. - The gross profit margin is expected to improve, reaching 30.8% in 2024, driven by rental increases and expansion into new markets [3][5]. - The company is focusing on overseas expansion, particularly in emerging markets along the "Belt and Road" initiative, which is expected to provide additional growth momentum [4][7]. Financial Performance Summary - For the fiscal year 2023, the company reported revenue of 11.3 billion yuan, with a year-on-year growth of 48.3% [3]. - The net profit attributable to shareholders for 2023 was 2.676 billion yuan, showing a significant increase of 142.3% compared to the previous year [3][6]. - The company’s operating income is projected to grow to 19.725 billion yuan by 2026, with a compound annual growth rate (CAGR) of 15.0% from 2024 to 2026 [3][4]. Market Data - As of November 8, 2024, the closing price of the company's stock was 12.56 yuan, with a total share capital of approximately 5.484 billion shares [1][3]. - The company's net assets stand at 19.757 billion yuan, with total assets amounting to 35.898 billion yuan [1][3].