再读小商品城：外贸生态深化布局，双轮驱动厚积薄发

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - The company has successfully transformed from a "traditional commercial property operator" to a "comprehensive foreign trade service provider" over the past 31 years, leveraging the favorable export climate in Yiwu. The traditional business is expected to achieve growth through increased rental rates and expanded space, while new businesses represented by the Chinagoods platform and Yi Payment are quickly becoming profitable, indicating significant medium to long-term growth potential [3][8]. Summary by Sections Labor-Intensive Product Exports - China's export share to developing countries is gradually increasing, benefiting from domestic manufacturing advantages and rising demand from emerging economies. The export share of labor-intensive products has stabilized at around 17%-20% since 2008, with China's global market share rising from 11% in 1995 to 43% in 2023. Yiwu, as the largest small commodity distribution center, has shown strong export growth, supported by favorable policies [5][58]. Market Operations - The company's market operations, a key revenue source from rental fees, have established a market-oriented rental pricing system. In 2023, the average rental rate for some expiring spaces increased by 5.5%, with a projected growth rate of no less than 5% over the next three years. The active market and the introduction of new spaces are expected to drive sustainable growth in rental income [6][71]. Trade Services - The company has successfully transitioned to a comprehensive trade service provider, with the Chinagoods platform evolving from a simple display and transaction function to a full-service foreign trade platform. This platform is expected to see rapid revenue growth due to increased user engagement and service upgrades. Yi Payment is also experiencing rapid growth in cross-border RMB settlement, indicating significant potential for profitability and market penetration [7][79]. Investment Recommendations - The report expresses confidence in the company's profit growth driven by both traditional and new business segments. EPS is expected to reach 0.54, 0.69, and 0.93 yuan for the years 2024-2026, reinforcing the "Buy" rating [8].