YIWU CCC(600415) 海通证券·2025-03-29 13:16Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][12]. Core Insights - The company reported a revenue of 15.7 billion yuan in 2024, representing a year-on-year growth of 39.27%. The net profit attributable to shareholders was 3.074 billion yuan, up 14.85% year-on-year, with a diluted EPS of 0.56 yuan [6][10]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 1.81 billion yuan, with a cash dividend ratio of 58.87% [6]. - The company is leveraging AI technology to enhance its business ecosystem, with significant growth in new business segments such as Chinagoods and Yiwu Pay, which saw revenues of 341 million yuan and over 4 billion USD in cross-border payments, respectively [9][11]. Financial Performance Summary - In 2024, the company achieved a gross profit margin of 31.39%, an increase of 4.89 percentage points year-on-year. The main business gross profit margin rose by 5.52 percentage points to 30.87% [7]. - The operating cash flow net amount reached 4.491 billion yuan, a year-on-year increase of 143.43% [6]. - The company’s net profit from core operations, excluding investment income, was 2.85 billion yuan, reflecting a substantial year-on-year growth of 87% [8]. Market and Business Development - The company’s market operations showed robust growth, with daily customer traffic increasing by 12.15% to 220,000 visitors and foreign visitor traffic rising by 17.22% [8]. - The Chinagoods platform is recognized as a representative case of new economic transformation, with over 19,000 merchants using self-developed AI products [9]. - The company is expanding its international presence with 23 new overseas projects in 2024 and plans for more in 2025 [11]. Future Outlook and Valuation - The company is expected to see continued growth, with projected net profits of 4.017 billion yuan, 5.547 billion yuan, and 6.347 billion yuan for 2025, 2026, and 2027, respectively [12]. - The report suggests a reasonable market capitalization range of 107.3 billion to 129.1 billion yuan, with a target share price between 19.56 and 23.54 yuan [12].