YIWU CCC(SH:600415) Changjiang Securities·2025-04-10 11:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 15.74 billion yuan for 2024, representing a year-on-year growth of 39%. The net profit attributable to shareholders was 3.07 billion yuan, with a year-on-year increase of 15%. The net profit after deducting non-recurring items was 2.98 billion yuan, showing a growth of 21% year-on-year. The proposed dividend is 1.81 billion yuan, with a dividend payout ratio of 59%, significantly up from 41% in the 2023 report [5][11] Summary by Sections Financial Performance - The company achieved a total revenue of 15.74 billion yuan in 2024, a 39% increase year-on-year. The net profit attributable to the parent company was 3.07 billion yuan, up 15% year-on-year, while the net profit excluding non-recurring items reached 2.98 billion yuan, reflecting a 21% growth [5][11] - The company plans to distribute a dividend of 1.81 billion yuan, resulting in a dividend payout ratio of 59%, which is a significant increase from the previous year's 41% [5][11] Business Growth - The company's core business saw a strong performance, driven by the continued prosperity of the Yiwu market, which recorded an export value of 589 billion yuan in 2024, growing 18% year-on-year, outpacing the national export growth of 7% [11] - The average daily foot traffic in the mall reached 220,000, a 12% increase year-on-year, while the average daily visits from foreign merchants exceeded 3,900, marking a 17% growth [11] - The market operation business generated a revenue of 4.6 billion yuan, up 49% year-on-year, with a gross margin increase of 12 percentage points to 84% [11] New Business Development - The trade service segment reported a revenue of 700 million yuan, a 23% increase year-on-year, with a gross margin improvement of 15 percentage points to 85% [11] - The CG platform generated a revenue of 341 million yuan, with an operating net profit of 165 million yuan, reflecting a 102% year-on-year growth [11] - The cross-border payment service, Yi Payment, saw a total transaction volume exceeding 4 billion USD, a 233% increase year-on-year, with a net profit of 61 million yuan, up 275% [11] Future Outlook - The company is focusing on enhancing investor returns, with dividend payout ratios increasing from 32% in 2022 to 59% in 2024. The company aims to implement the "Quality Improvement and Efficiency Return" action plan for 2024 [11] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.75 yuan, 0.95 yuan, and 1.14 yuan, respectively [11]