YIWU CCC(600415) Changjiang Securities·2025-05-30 05:13Investment Rating - The report maintains a "Buy" rating for the company [12] Core Viewpoints - The report emphasizes the significance of the new round of international trade reform pilot in Yiwu, which is expected to enhance the efficiency of consumer goods imports and boost the company's growth potential [4][7] - The company has successfully transformed from a traditional commercial property operator to a comprehensive foreign trade service provider, benefiting from the current trade reform policies [10] Summary by Sections Launch: New Round of International Trade Reform in Yiwu - Yiwu has been designated as a pilot for national international trade reform, with a focus on enhancing trade efficiency and supporting the development of a robust foreign trade ecosystem [7][21] - The city has experienced a population inflow and boasts the highest per capita disposable income in the country, indicating strong urban vitality [21] Imports: Continuous Expansion of High-Quality Opening Up - China's foreign trade policy is shifting towards actively expanding imports, with a focus on improving the efficiency of consumer goods imports [8][33] - The report highlights the need for innovation in import mechanisms to meet domestic consumer demand for quality and price [8][50] Exports: Policy Dividends Create Export Trade Prosperity - Yiwu has benefited from innovative market procurement trade methods that simplify the export process and reduce costs [9][10] - The report notes that despite uncertainties in international trade, Yiwu's exports are expected to maintain steady growth due to China's manufacturing advantages [9] Investment Recommendations: Positive Outlook on Performance Growth Certainty - The company is positioned to benefit from the dual drivers of traditional and new business growth, with expected earnings per share (EPS) of 0.75, 0.95, and 1.14 yuan for 2025-2027 [10] - The report anticipates that the new trade reform policies will accelerate the company's import business and enhance overall performance [10]