小商品城：强化内外贸枢纽地位，平台规模经济推动经营向好

Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The report highlights the strengthening of the company's position as a hub for domestic and international trade, driven by platform economies and operational improvements [1][2] - The company is expected to benefit from the implementation of the "Overall Plan for Deepening International Trade Comprehensive Reform in Yiwu City," which aims to enhance the business environment and promote integrated development of domestic and foreign trade [2][3] - The company's self-operated sales platform, ICMALL, which focuses on imported goods, is projected to continue driving revenue growth, contributing 62.11% to the main business revenue in 2023 [3][4] Summary by Sections Event Description - The National Development and Reform Commission issued a plan to deepen international trade reform in Yiwu City, which the company announced it would implement [1] Event Commentary - The plan aims to improve the business environment by optimizing trade standards and enhancing logistics systems, which will benefit small and medium-sized enterprises [2] - It includes measures for digital innovation and financial support to reduce costs and improve access to financing for SMEs [2] Development Opportunities - The company is expected to see sustained revenue growth from its import business, supported by the plan's initiatives to enhance the import environment [3] - The logistics system's modernization and digital warehousing services are anticipated to position the company as an efficient hub in the trade logistics network [3] - The financial services provided by the company, such as Yiwu Pay, have shown significant growth, with cross-border payment transactions exceeding 20 billion RMB in the first nine months of 2024, reflecting a year-on-year increase of over 770% [3] Financial Performance - For the first nine months of 2024, the company's main business revenue exceeded 10.6 billion RMB, representing a year-on-year increase of 34%, with operating profit reaching 2.959 billion RMB, up 8.83% [4] - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with projected revenues of 14.1 billion RMB in 2024 and 15.7 billion RMB in 2025 [12]