YIWU CCC(600415) 天风证券·2025-03-28 08:23Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][18]. Core Insights - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of 15.74 billion yuan, representing a year-on-year increase of 39% [6][12]. - The core business is anticipated to contribute substantially to profits, with a main profit increase of 93% year-on-year, reaching 2.81 billion yuan [1][5]. - New business segments, including the CG platform and cross-border payment services, are showing strong growth potential, with CG platform revenue expected to reach 341 million yuan, up 102% year-on-year [4][5]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 5.1 billion yuan, a 51% increase year-on-year, and a net profit of 745 million yuan, reflecting a 107% increase [1]. - The gross profit margin for 2024 is projected to be 31%, an increase of 5 percentage points year-on-year [1][12]. - The company plans to distribute a dividend of 3.3 yuan per 10 shares, with a dividend payout ratio of 58.87% [1]. Business Segment Analysis - The market operating revenue is expected to reach 4.6 billion yuan, a 49% increase year-on-year, with a gross margin of 84% [2]. - Product sales revenue is projected at 9.3 billion yuan, a 36% increase year-on-year, with a gross margin of 0.69% [2]. - Trade service revenue is anticipated to be 739 million yuan, a 23% increase year-on-year, with a gross margin of 85% [2]. Cost Management and Efficiency - The company has made significant progress in cost reduction and efficiency improvement, with a notable optimization in expense ratios [3]. - The offline transaction volume is expected to reach 279.8 billion yuan, a 20% increase year-on-year, with daily customer traffic averaging 224,300, a 12% increase [3]. New Business Development - The CG platform is projected to have over 4.8 million registered buyers by the end of 2024, with significant growth in digital applications [4]. - Cross-border payment services are expected to exceed 4 billion USD in total receipts, a 233% increase year-on-year [4]. - The logistics segment is set to expand with over 300,000 square meters of cross-border e-commerce logistics parks becoming operational [4].