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2025-07-29 16:09:23
Guosen Securities: The value of Small Commodity City's digital trade platform is highlighted, maintaining an "Outperform" rating. (1) A Guosen Securities research report indicates that the Chinagoods platform, under Small Commodity City, will have over 200,000 users by 2024, with a 72% increase in merchant private traffic activity and over 20% growth in orders from deep-dive users. (2) Continuous upgrades to the platform's AI model optimize foreign trade service scenarios, improve merchant operational efficiency, and drive the growth of emerging businesses. As a pilot for import trade innovation, the company is expected to benefit from this industry dividend. (3) Net profit attributable to shareholders is projected to be 4.032 billion yuan, 6.408 billion yuan, and 7.832 billion yuan in 2025-2027, corresponding to a PE ratio of 28.5, 18, and 14.7 times, respectively. The "Outperform" rating is maintained.
