YIWU CCC(600415) 海通国际·2024-12-25 11:48Investment Rating - The report maintains an "Outperform" investment rating for the company, with a target price of RMB 19.35, reflecting a 35% increase from the previous valuation [4][40]. Core Insights - The company is positioned to benefit from the comprehensive international trade reform plan approved by the State Council, which aims to enhance market procurement, innovate import trade, and optimize cross-border e-commerce [35][36]. - Yiwu's import-export value reached RMB 613.99 billion from January to November, marking a 17.6% year-on-year increase, with imports growing at 19.0% [4][39]. - The company plans to leverage its platforms and facilities to expand consumer goods imports, enhance digital capabilities for export enterprises, and optimize logistics and trade settlement processes [38][28]. Summary by Sections Investment Highlights - The State Council approved a comprehensive reform plan for Yiwu, focusing on market procurement, import trade innovation, and cross-border e-commerce [35][36]. - Yiwu aims for RMB 100 billion in imports by 2025 and RMB 300 billion by 2030, with the 'Yi Pay' platform enhancing cross-border payment services [37][4]. Financial Performance - The updated profit forecasts for 2024-2026 are RMB 2.86 billion, RMB 3.66 billion, and RMB 5.35 billion, representing growth rates of 6.9%, 27.9%, and 46.1% respectively [4][40]. - The company's market cap is projected at RMB 106.1 billion, with offline business valued at 23x PE and online business at 0.45x PGMV [40]. Market Dynamics - Yiwu's import growth is strong but still lower than exports, indicating potential for further development in the import sector [39][4]. - The company is set to implement five key initiatives to enhance its operational efficiency and market presence [28][38].