YIWU CCC(600415) 长江证券·2025-04-23 09:44Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 3.16 billion yuan in Q1 2025, representing a year-on-year growth of 17.9%. The net profit attributable to shareholders reached 800 million yuan, up 12.7% year-on-year, while the net profit excluding non-recurring items also stood at 800 million yuan, reflecting a growth of 15.1% year-on-year. This demonstrates the company's robust growth and stability in its core business despite a high base from the previous year [2][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 3.16 billion yuan, a year-on-year increase of 17.9%. The net profit attributable to the parent company was 800 million yuan, which is an increase of approximately 90 million yuan, primarily due to a 97 million yuan increase in gross profit from market operations and new businesses. The profit from core operations grew by 96% year-on-year after excluding investment income and asset disposal gains [12] Business Growth - The company is expected to benefit from the optimization of the market rental mechanism and the rapid growth of new businesses such as the CG platform and Yi Payment, which are showing signs of scale effects. The company’s operations are characterized by strong resilience, supported by the high demand for daily consumer goods and the deep-rooted foreign trade ecosystem in Yiwu [12] Shareholder Confidence - The controlling shareholder announced a share buyback plan of 500 million to 1 billion yuan, reflecting confidence in the company's future development prospects and long-term investment value. This move is aimed at boosting investor confidence and supporting the company's sustainable and stable growth [12] Future Outlook - The company is projected to see continued growth in both new and existing businesses, with an expected EPS of 0.75 yuan, 0.95 yuan, and 1.14 yuan for 2025, 2026, and 2027 respectively. The upcoming global digital trade center is set to open in October 2025, and the new round of national trade reform policies in Yiwu is anticipated to accelerate import business [12]