天风证券研报指出，小商品城25H1归母净利同增17%落于业绩预告上限，关注新业务增长弹性。25H1市场经营收入23.79亿元/yoy+5%，利润总额18.48亿元/yoy+3%。认为短期关注下半年六区新市场开业的增量贡献，Q3Q4业绩增速预期积极；长期看一带一路出口需求景气度持续及进口业务增量，预计租金水平维持个位数增长，CG平台及义支付等新业务渗透率提升。基于义乌出口需求高增及新业务加速拓展，该行上调25-27年盈利预测，预计25-27年归母净利为43/56/69亿元（前值为39/51/65亿元），对应PE为26/20/16倍，维持“买入”评级。
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