YIWU CCC(SH:600415) NORTHEAST SECURITIES·2025-10-15 07:20Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for stock price appreciation in the next six months [5]. Core Insights - The company reported Q3 results that exceeded expectations, with revenue of 5.348 billion yuan, a year-on-year increase of 39.02%, and a net profit of 1.766 billion yuan, up 100.52% [1][2]. - The growth in revenue and profit is attributed to successful leasing strategies and the strong performance of emerging businesses, particularly Chinagoods and cross-border payment services [1][2]. - The company has seen significant cash inflow and contract liabilities, with operating net cash inflow reaching 9.605 billion yuan in the first three quarters of 2025, a year-on-year increase of over 20 times [2]. Financial Summary - For the first three quarters of 2025, the company achieved total revenue of 13.061 billion yuan, a 23.07% increase, and a net profit of 3.457 billion yuan, up 48.45% [1]. - The projected revenue for 2025-2027 is 23.146 billion yuan, 28.965 billion yuan, and 34.766 billion yuan, respectively, with net profits of 4.792 billion yuan, 6.053 billion yuan, and 6.955 billion yuan [3][4]. - The company’s net profit margin improved to 26.47%, reflecting a 4.53 percentage point increase year-on-year [1]. Emerging Business Growth - The emerging business segment, particularly the Chinagoods platform and cross-border payment services, is expected to continue its high growth trajectory, with transaction volume exceeding 27 billion yuan, a year-on-year increase of over 35% [2]. - The integration of AI capabilities and the establishment of a closed-loop ecosystem for trade and payment services are anticipated to enhance service offerings and market competitiveness [2].