YIWU CCC(SH:600415) NORTHEAST SECURITIES·2025-08-18 07:45Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future stock performance [5]. Core Views - The company achieved steady revenue growth in H1 2025, with total revenue of 7.713 billion yuan, representing a year-on-year increase of 13.99%. The net profit attributable to shareholders was 1.691 billion yuan, with a net profit margin of 21.92%, showing a slight increase of 0.52 percentage points year-on-year [1]. - The report highlights the increasing popularity of the global trade center, which generated revenue of 2.379 billion yuan in H1 2025, up 4.8% year-on-year. The successful completion of market construction and high demand from businesses are noted as key factors [2]. - The company is leveraging AI technology to enhance its platform ecosystem, including the introduction of smart robots and AI navigation systems, which are expected to drive efficiency and cost reduction for merchants [2]. - The report projects significant revenue growth for the company, forecasting revenues of 20.53 billion yuan, 25.94 billion yuan, and 29.03 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 4.081 billion yuan, 6.002 billion yuan, and 6.803 billion yuan in the same years [3]. Financial Summary - For 2025, the company is expected to achieve a revenue of 20.53 billion yuan, with a year-on-year growth rate of 30.45%. The net profit is projected to be 4.081 billion yuan, reflecting a growth rate of 32.79% [3][11]. - The report indicates a projected PE ratio of 25.62 for 2025, decreasing to 15.37 by 2027, suggesting improving valuation metrics over time [3][11]. - The company has a total market capitalization of approximately 104.57 billion yuan, with a total share count of 5.484 billion shares [5].