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研報掘金丨方正證券:小商品城未來業務空間有望進一步打開,維持“強烈推薦”評級

方正證券研報指出,小商品城(600415.SH)前三季度歸母淨利潤23.29億元,同比+0.53%;其中Q3歸母淨利潤8.81億元,同比+176.73%。盈利能力穩步提升,主營業務利潤高速增長。年初以來,義烏當地出口持續高景氣,在逐漸完善的平台生態下,公司的市場經營主業受益於新市場落地&商鋪提價帶來的穩定增長,而貿易服務、配套服務、AI、數據要素等業務將在義烏繁榮生態的基礎上實現多重變現。受益於一帶一路倡議及地緣政治格局改善,未來業務空間有望進一步打開,帶動估值上行,綜合預計公司2024/2025歸母淨利潤31.3/35.7億元,對應19x/17x PE,維持“強烈推薦”評級。

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