YIWU CCC(600415) 五矿证券·2025-04-07 07:43Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The company achieved impressive performance in 2024, with total revenue of 15.74 billion, a year-on-year increase of 39.3%, and a net profit attributable to shareholders of 3.074 billion, up 15% [1] - The fourth quarter of 2024 saw significant growth, with revenue reaching 5.124 billion, a 51% increase year-on-year, and net profit attributable to shareholders of 745 million, up 107% [1] - The CG (Chinagoods) e-commerce platform contributed to revenue growth, generating 340 million in revenue and 165 million in operating profit, a year-on-year increase of 102% [2] - The introduction of the "Yi Pay" service has enhanced the company's digital financial ecosystem, supporting cross-border settlements and trade financing, with a target of 6 billion USD in collections by 2025 [2] - The "Yiwu Deepening Reform Plan" provides policy support for the company's further development in the Yiwu market, with potential new profit growth from import business [2] - The company's export business is thriving, with Yiwu's total import and export volume increasing by 18.2% in 2024, positioning the company to benefit from technological support and favorable policies [3] Financial Summary - The company is expected to maintain a positive performance trend, with projected net profits of 4.116 billion, 5.456 billion, and 6.516 billion for 2025, 2026, and 2027 respectively [4] - The current price-to-earnings ratio is projected to be 21 times, 16 times, and 13 times for the years 2025, 2026, and 2027 respectively [4] - Key financial metrics for 2024 include total revenue of 15.737 billion and a net profit of 3.074 billion, with growth rates of 39.3% and 14.9% respectively [13]