YIWU CCC(SH:600415) Shenwan Hongyuan Securities·2025-06-30 15:25Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to achieve a net profit of 1.63 to 1.7 billion yuan for the first half of 2025, representing a year-on-year increase of 12.57% to 17.40% [7] - The new market leasing is progressing steadily, with the second round of recruitment for the global trade center starting, targeting key industries such as baby products and skincare [7] - The new chairman's appointment is expected to continue the strategic planning and digital transformation of the company [7] - The cross-border payment platform has seen significant growth, with over 2.5 billion USD in cross-border receipts, a year-on-year increase of over 47% [7] - The import and export volume of Yiwu city has shown rapid growth, validating the market's high prosperity [7] - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 4.18 billion, 5.60 billion, and 6.69 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 20.35 billion yuan, with a year-on-year growth rate of 29.3% [6] - The expected net profit for 2025 is 4.18 billion yuan, with a year-on-year growth rate of 36.0% [6] - The projected earnings per share for 2025 is 0.76 yuan [6] - The company's return on equity (ROE) is expected to be 18.5% in 2025 [6]