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零售出海观察系列第39：九部门支持跨境电商发展新政策落地
Guotai Junan Securities·2024-06-14 04:01

Investment Rating - The report assigns an "Overweight" rating to the wholesale and retail industry and trade sector [1][2]. Core Insights - The report highlights the recent policy issued by nine government departments, including the Ministry of Commerce and the National Development and Reform Commission, to support the development of cross-border e-commerce and overseas warehouse construction [2]. - The policy emphasizes five key areas: nurturing cross-border e-commerce operators, increasing financial support, enhancing infrastructure and logistics systems, optimizing regulation and services, and promoting standard rule construction and international cooperation [2]. - The report anticipates that the cross-border e-commerce sector will continue to grow, with leading companies expected to maintain strong performance despite challenges such as rising international logistics costs and uncertainties in U.S. policies [2]. Summary by Sections Investment Recommendations - The report recommends specific companies within the cross-border e-commerce sector, including: - B2B direction: Xiaoshangpin City, Jiao Dian Technology - Boutique direction: Anker Innovation, Saiwei Times, Zhiou Technology - General merchandise direction: Huakai Yibai, Jihong Co., benefiting from Dajian Cloud Warehouse [2]. Company Earnings Forecasts - The report provides earnings forecasts for several companies, indicating expected net profits for 2024 and 2025, with all listed companies receiving an "Overweight" rating: - Su Meida: 10.88 billion CNY (2024E), 12.1 billion CNY (2025E) - Huakai Yibai: 4.56 billion CNY (2024E), 5.78 billion CNY (2025E) - Jihong Co.: 4.35 billion CNY (2024E), 5.45 billion CNY (2025E) - Xiaoshangpin City: 27.99 billion CNY (2024E), 32.03 billion CNY (2025E) - Saiwei Times: 4.53 billion CNY (2024E), 6.1 billion CNY (2025E) - Zhiou Technology: 5.11 billion CNY (2024E), 6.19 billion CNY (2025E) - Ming Chuang You Pin: 28.69 billion CNY (2024E), 34.57 billion CNY (2025E) - Anker Innovation: 19.03 billion CNY (2024E), 22.02 billion CNY (2025E) - Mi Ao Exhibition: 2.69 billion CNY (2024E), 3.58 billion CNY (2025E) - Jiao Dian Technology: 4.73 billion CNY (2024E), 5.73 billion CNY (2025E) [3].