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研報掘金丨國海證券:首予小商品城“買入”評級,深耕多年主業積澱雄厚
格隆匯 06-19 16:38
國海證券研報指出,小商品城立足義烏市場,深耕多年主業積澱雄厚。股權以國資控股為主,截止2024年末義烏國資辦間接持有商城44.44%的股份。商品銷售貢獻主要營收,市場經營為核心主業,2018年-2024年毛利潤佔比保持在70-90%。近年來期間費用持續改善,利潤持續提升。公司內經營商鋪長期供不應求,存量市場租金上浮,據公司2023/2024年年報2024-2026年增長率將不低於5%,同時全球數貿中心預計於2025年10月開業,涵蓋市場、商務寫字樓、商業街區、公寓和數字大腦五大功能板塊,有望為公司市場經營業務帶來新的業績增量。公司作為全球最大的小商品集散地,不斷轉型貿易綜合商線上線下加速融合,首次覆蓋,給予“買入”評級。
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