YIWU CCC(600415) 国联民生证券·2025-03-12 03:28Investment Rating - The report assigns a "Buy" rating for the company for the first time [6]. Core Insights - The company is transitioning from a property management model to an international trade comprehensive service provider, focusing on the Yiwu small commodity market with four main business segments: commodity sales, market operations, supporting services, and trade services [3][15][26]. Summary by Sections Company Overview - The company is evolving from traditional property management to innovative platform services, with a primary focus on the Yiwu small commodity market [26]. - The business model primarily relies on rental income from offline shops and office buildings, while also expanding into digital trade services [3][15]. Main Business Segments - Commodity Sales: Revenue has rapidly increased from 0.69 billion in 2019 to 67.92 billion in 2023, with a CAGR of 214.98% [50]. - Market Operations: The market operation business is the core profit contributor, with a stable income model based on rental fees from a vast market area of approximately 6.4 million square meters [55]. - Supporting Services: This includes hotel services and exhibition advertising, which support the core business development [15]. - Trade Services: The company is enhancing its capabilities in logistics, payment, and trade fulfillment, with significant growth potential in this segment [15][18]. Financial Performance - The company expects revenue growth from 145.38 billion in 2024 to 236.83 billion in 2026, with corresponding net profit growth from 29.82 billion to 57.02 billion [12][19]. - The EBITDA is projected to increase from 4.68 billion in 2024 to 7.98 billion in 2026, indicating strong operational performance [13]. Industry Analysis - The company benefits from supportive policies such as the 1039 model and the Belt and Road Initiative, which enhance its export capabilities and trade facilitation [11][19]. - The Yiwu international trade reform plan is expected to boost the company's import business, presenting new growth opportunities [11][19].