研報掘金丨申萬宏源:首予小商品城“買入”評級,目標價26.4元
申萬宏源研究指出,小商品城以義烏小商品市場爲經營核心,業務覆蓋市場經營、貿易服務、配套服務以及商品銷售四個大類,當前已成爲全球小商品貿易的知名品牌符號。近年來公司業務發展駛入快車道,25Q1營收/歸母淨利潤分別實現31.61/8.03億元,分別同比增長17.9%/12.7%。公司聚焦市場經營與貿易服務兩大核心業務,24年毛利貢獻分別爲83.2%/13.5%,隨着新市場數貿中心10月開業以及AI賦能數字化提速,預計將爲公司業績高速增長注入新動能。給予公司2025年可比公司1.42x PEG,對應目標價26.4元,較當前上行空間38%。首次覆蓋,給予“買入”評級。
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