YIWU CCC(600415) 中航证券·2025-01-02 00:00Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to benefit from the new international trade reform plan in Yiwu, which highlights its unique position as the only pilot enterprise in the region. This reform is anticipated to enhance the company's main business performance through policy support and market recovery [1][4]. - The company's net profit for the first half of 2024 is projected to grow significantly, with estimates for net profit reaching 2.935 billion yuan in 2024, 3.541 billion yuan in 2025, and 4.535 billion yuan in 2026, reflecting a strong growth trajectory [4][20]. - The integration of AI into the company's operations is expected to drive digital transformation and innovation in trade models, further enhancing performance and creating new growth curves [4][14]. Summary by Sections Company Overview - The company operates in Yiwu, known as the "World Capital of Small Commodities," and is positioned as a key international trade platform. It is expected to lead business expansion under the new reform pilot [4]. Financial Performance - The company's revenue for 2023 is reported at 11,299.69 million yuan, with a growth rate of 48.30%. The projected revenue for 2024 is 14,275.25 million yuan, reflecting a growth rate of 26.33% [20]. - The net profit attributable to the parent company for 2023 is 2,676.18 million yuan, with a significant increase of 142.25% compared to the previous year. The expected net profit for 2024 is 2,935.30 million yuan, indicating a growth rate of 9.68% [20]. Market Trends - The Yiwu market's import and export value reached 613.99 billion yuan from January to November 2024, showing a year-on-year increase of 17.6%. This growth is notable despite the high base in 2023 [1]. - The company has successfully integrated AI into its operations, launching multiple digital service products and enhancing its platform capabilities, which is expected to improve order fulfillment rates and customer engagement [1][15]. Future Outlook - The company is projected to continue its robust growth trajectory, with earnings per share (EPS) expected to rise to 0.54 yuan in 2024, 0.65 yuan in 2025, and 0.83 yuan in 2026, corresponding to price-to-earnings (PE) ratios of 25, 21, and 16 respectively [4][20]. - The ongoing development of the global digital trade center and the company's focus on AI-driven market transformation are anticipated to further enhance its performance and valuation [14].