YIWU CCC(SH:600415) Soochow Securities·2025-07-01 09:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 16.3 to 17.0 billion yuan in the first half of 2025, representing a year-on-year increase of 12.6% to 17.4% [5] - The company anticipates a significant increase in net profit in the second quarter of 2025, with estimates ranging from 8.3 to 9.0 billion yuan, reflecting a year-on-year growth of 12.5% to 22.0% [5] - The strong performance in the Yiwu import and export market, with a total import and export value of 327.13 billion yuan from January to May 2025, shows a year-on-year growth of 23.7% [5] - The company's payment platform, Yi Payment, has seen a substantial increase in cross-border collection amounts, exceeding 2.5 billion USD, which is a year-on-year growth of over 47% [5] - The global digital trade center's market segment has exceeded the company's expectations in terms of招商 (招商 means "investment attraction"), with the first batch of 389 fashion jewelry industry shops fully completed [5] - The company maintains a strong strategic position as a non-US export hub, with profit forecasts for 2025-2027 set at 42.3 billion, 57.1 billion, and 68.3 billion yuan respectively, indicating year-on-year growth rates of 38%, 35%, and 19% [5] Financial Summary - Total revenue for 2023 is projected at 11.3 billion yuan, with a year-on-year growth of 48.3% [1] - The diluted earnings per share (EPS) for 2025 is estimated to be 0.77 yuan, with a price-to-earnings (P/E) ratio of 26.80 based on the latest diluted figures [1] - The company's total assets are expected to reach 43.34 billion yuan by 2025, with a debt-to-asset ratio of 48.56% [6]