YIWU CCC(600415) 长江证券·2025-04-23 10:30Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. 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 indicates strong growth and stability in the company's core business despite a high base from the previous year [3][9]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved a revenue of 31.6 billion yuan, a year-on-year increase of 17.9%. The net profit attributable to the parent company was 8.0 billion yuan, which is an increase of approximately 900 million yuan, primarily due to a gross profit increase of 97 million yuan from market operations and new businesses. The core business profit, excluding investment income and asset disposal gains, grew by 96% year-on-year, demonstrating strong resilience in market operations [3][9]. Market Outlook - The company benefits from a high proportion of exports from Yiwu, which is characterized by essential consumer goods, indicating strong operational stability. The controlling shareholder's share buyback is expected to boost investor confidence. In 2024, Yiwu's total export value was 589 billion yuan, with exports to the U.S. accounting for only 14%. The company is expected to maintain strong operational stability due to its deep-rooted foreign trade capabilities and the essential nature of its products [9]. Investment Recommendations - The company is projected to see a resonance between new and existing businesses driving significant growth in its core operations, with a continuous increase in dividend payout ratios. For 2025, the company anticipates the opening of the global digital trade center market in October, with office buildings sold out by November 2024. The new round of national trade reform policies in Yiwu is expected to accelerate import business growth. The estimated EPS for 2025-2027 is projected to be 0.75, 0.95, and 1.14 yuan, respectively, maintaining a "Buy" rating [9].