YIWU CCC(SH:600415) East Money Securities·2025-10-30 06:13Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has shown impressive growth in Q3 2025, with revenue reaching 53.5 billion yuan, a year-on-year increase of 39.0%, and net profit of 17.7 billion yuan, up 100.5% [4][5] - The growth is primarily driven by the successful leasing of commercial spaces in the Global Digital Trade Center, enhancing market operations and trade service profits [4][5] - The report highlights the high prosperity of Yiwu's import and export activities, with a total import and export value of 554.26 billion yuan from January to August 2025, a year-on-year increase of 24.9% [4][5] - The company has completed the leasing of over 3,700 shops in the Global Digital Trade Center, which is expected to support rapid future growth [4][5] - New business initiatives, including AI applications and financial payment services, are anticipated to drive further growth [4][5] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 130.6 billion yuan, a 23.1% increase year-on-year, and a net profit of 34.6 billion yuan, up 48.5% [4][5] - The forecast for revenue from 2025 to 2027 is 206.1 billion yuan, 281.8 billion yuan, and 347.7 billion yuan respectively, with net profits projected at 43.5 billion yuan, 67.6 billion yuan, and 78.6 billion yuan [5][6] - The company's earnings per share (EPS) are expected to be 0.79 yuan, 1.23 yuan, and 1.43 yuan for the years 2025, 2026, and 2027 respectively [5][6] - The report indicates a significant increase in cash flow from operating activities, projected to reach 16.54 billion yuan in 2025 [7][9]