证 券 研 究 报 告 联易融科技-W（09959.HK）2024 年报点评 推荐（维持） 收入毛利双升，AI 商业化初步落地 事项： 联易融科技发布 2024 年报。2024 年实现营业收入 10.31 亿元（同比+18.8%）， 归母净利润-8.35 亿元，经调整净利润-6.79 亿元（2023 年为-2.89 亿元）。24H2， 实现营业收入 6.18 亿元（同比+29.6%），经调整净利润-4.75 亿元。 评论： （1）电子债权凭证业务：2024 年，促成融资额 2603.3 亿元（同比+19.8%）， 主要由于聚焦于非地产客户的多级流转云融资额增长强劲。多级流转云（客户 为核心企业）融资额为 2073.5 亿元（同比+51.5%），客户留存率维持 99%；E 链云（客户为金融机构）融资额为 529.8 亿元（同比-34.1%），一方面由于核心 企业主导的产融平台迁移导致存量业务转移，另一方面基于优化产品组合的战 略考量，公司主动压降了 E 链云的部分低毛利业务。 （2）资产证券化业务：2024 年，促成融资额为 1292.1 亿元（同比+41.4%）， 重回正增长轨道。AMS 云（客户为核心企业） ...

2024年，公司围绕智能化技术应用与场景需求匹配，加速推进产品创新与市场突破。在国内市场，围绕 供应链全链条资产数字化与场景延伸，公司成功实现了核心企业应收类创新产品的规模化落地，推动本 年度ABS云业务交易规模同比大幅增长101%。公司落地了全国首单技术产权资产支持票据，并助力深 圳能源集团发行了大湾区首单绿色资产支持专项计划。此外，公司亦积极加速更多供应链金融"脱核"业 务模式(即助力上下游中小企业在没有核心企业付款确认的情况下获得融资)场景创新实践，助力云南省 建设投资控股集团、云天化等多家央国企及优质民企在其供应链金融平臺加载落地了订单融资、货到保 理及经销商融资等"弱信用链接"解决方案。在海外市场，全新升级的"Go Early"产品矩阵已为多家知名 跨境电商平台物流服务商构建了全链路物流融资解决方案，覆盖头程、中程及尾程等核心环节，通过智 能风控与资金流可视化显著提升跨境贸易资金周转效率，助力中国企业无忧出海。 作为中国供应链金融科技领域的人工智能("AI")技术深耕者，公司以前瞻性战略聚焦人工智能领域，在 AI技术研发与应用场景中持续投入，目前已经构建起围绕供应链金融领域的全栈式AI技术矩阵。在人 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Linklogis Inc. 聯易融科技集團 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9959） 截至2024年12月31日止年度之年度業績公告 董事會謹此公佈本集團截至2024年12月31日止年度（「報告年度」）的經審核綜合業 績，以及截至2023年12月31日止年度的比較數字。本年度業績已由本公司審核委 員會審閱。 主要財務摘要 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 變動(%) | | | （人民幣千元，百分比除外） | | | | 主營業務收入及收益 | 1,031,173 | 867,764 | 18.8 | | 供應鏈金融科技解決方案 | 970,540 | 823,548 | 17.8 | | 新興解決方案 | 60,633 | 44,216 | 37.1 | | 毛利 | ...

Investment Rating - The report does not provide a specific investment rating for the company [2]. Core Insights - The company, Lianyi Rong Technology (9959.HK), focuses on AI-driven supply chain financial technology solutions, aiming to optimize payment cycles and digitize workflows in supply chain finance [2]. - The company has shown significant growth, with a total supply chain asset processed amounting to 156 billion RMB in the first half of 2024, representing a year-on-year increase of 14.6% [2]. - Lianyi Rong has a strong customer base, serving 856 clients with a retention rate of 96%, and has established partnerships across various industries, including construction, real estate, and retail [2]. Company Overview - Founded in 2016 and listed on the Hong Kong Stock Exchange in 2021, Lianyi Rong is the first publicly listed supply chain financial technology SaaS company in China [2]. - The company has a market capitalization of 41.82 billion HKD and a share price of 1.83 HKD [2]. - As of the first half of 2024, the company has 726 core enterprise cloud clients and 130 financial institution cloud clients, with a total of 1750 partners [2]. Technology and Innovation - Lianyi Rong leverages AI technology, including its proprietary LDP-GPT model and AI Agent platform, to enhance supply chain finance processes, achieving over 95% automation in workflows [2]. - The company has received recognition for its AI technology, winning the "Best AI Technology" award from The Asian Banker [2]. - The integration of AI in supply chain finance is expected to transform the industry, improving risk assessment, document processing, and overall efficiency [2].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][16]. Core Insights - The company has shown a steady increase in financing amounts, with a total facilitated financing of 270.84 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 17.4%. The gross profit margin has significantly improved in Q3 [1]. - The company operates primarily on a SaaS service model, charging a fee based on a percentage of the facilitated financing amount, which is a key factor influencing revenue [1]. - The report highlights a comprehensive growth in customer numbers and a high customer retention rate of 96% as of Q3 2024 [1]. Summary by Sections Financing Performance - Total facilitated financing for Q1-Q3 2024 reached 2708.39 billion yuan, up 17.4% year-on-year. The breakdown includes: - Electronic debt certificate business: 1752.4 billion yuan (up 16.7% year-on-year), accounting for 65% of total financing. - Asset securitization business: 797.8 billion yuan (up 11.9% year-on-year), representing 29% of total financing. - Cross-border cloud financing: 149.1 billion yuan (up 66.8% year-on-year), accounting for 6% of total financing [1]. Customer Growth - As of Q3 2024, the company has partnered with 1917 core enterprises (up 28.8% from the beginning of the year) and 353 financial institutions (up 11.0%). The number of core enterprise customers reached 821 (up 35.9%) [1]. Financial Projections - The report projects adjusted EPS for 2024, 2025, and 2026 to be -0.12, -0.01, and 0.06 yuan respectively, with corresponding sales per share (SPS) of 0.40, 0.47, and 0.58 yuan. The target price is set at 2.07 HKD based on a 4x PS valuation for 2025 [1][2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 2.35, indicating a potential upside of 54.6% from the current price of HKD 1.52 [1][31]. Core Insights - The company is a leading provider of supply chain financial technology solutions, leveraging technological innovation to drive growth. It was established in 2016 and became the first listed Chinese supply chain financial technology company on the Hong Kong Stock Exchange in 2021 [2][31]. - The company has a robust business model focused on supply chain financial technology solutions, which includes core enterprise cloud and financial institution cloud services. The company has achieved a cumulative service asset scale of over CNY 1.3 trillion, holding the largest market share in the industry [1][6]. - The company has diversified its customer base across various industries, with a significant increase in the number of core enterprise cloud clients and partners, reaching 726 and 1,750 respectively as of mid-2024 [7][31]. Summary by Sections Company Overview - The company focuses on providing supply chain financial technology solutions using advanced technologies such as AI, blockchain, and big data. It aims to optimize payment cycles and enhance the transparency and connectivity of the supply chain financial ecosystem [2][6]. Business Model - The main solutions offered include supply chain financial technology solutions and emerging solutions, with a focus on core enterprise cloud and financial institution cloud services. The company serves a wide range of core enterprises and financial institutions, facilitating efficient supply chain financing [6][8]. Financial Performance - The company reported a total asset processing volume of CNY 1,659 billion in the first half of 2024, representing a year-on-year growth of 17%. The revenue for the same period was CNY 400 million, showing a 4% increase compared to the previous year [19][31]. - The adjusted net profit for 2023 was negative due to changes in product structure and pricing, but it is expected to improve in the coming years as the gross margin recovers [21][31]. Market Position - The company holds a 20.9% market share in the domestic supply chain financial technology solutions sector, serving over 29,000 small and micro enterprises across China [25][31]. - The report highlights the increasing demand for integrated technology solutions in the supply chain finance sector, driven by the digital transformation of core enterprises and financial institutions [25][31]. Future Outlook - The company is expected to maintain a compound annual growth rate (CAGR) of 14% from 2024 to 2026 in asset processing volume, supported by a strong cash reserve of CNY 5.1 billion as of mid-2024 [24][31]. - The acquisition of a treasury management solution provider is anticipated to broaden the company's business scope and enhance its service offerings [29][31].

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 413,111,000, representing a 5.6% increase from RMB 391,031,000 in 2023[5] - Gross profit for the same period was RMB 292,889,000, with a gross margin of 70.9%, up from 60.8% in 2023, indicating a 10.1 percentage point increase[5] - The company reported an adjusted loss of RMB 204,118,000 for the period, with an adjusted loss rate of 49.4%, compared to 22.1% in the previous year, marking a significant increase[5] - The company reported a net loss of RMB 241.5 million for the six months ended June 30, 2024, compared to a net loss of RMB 171.7 million for the same period in 2023[24] - The operating loss for the six months ended June 30, 2024, was RMB 186.5 million, compared to RMB 144.4 million for the same period in 2023[24] - The company reported a loss of RMB 240,801 for the six months ended June 30, 2024, compared to a loss of RMB 170,298 for the same period in 2023[88] Customer Metrics - The number of core enterprise partners increased to 1,750, a 17.6% rise from 1,488 in the previous year[6] - The number of core enterprise customers grew by 20.2% to 726, compared to 604 in 2023[6] - Customer retention rate improved to 96%, up from 86% in the previous year, reflecting a 10 percentage point increase[6] - The number of core enterprise and financial institution clients reached 856, a 16% increase from 2023, with a client retention rate rising from 86% to 96%[12] Supply Chain Assets - Total supply chain assets processed by the company's technology solutions reached RMB 165,860.2 million, a 16.8% increase from RMB 141,955.2 million in 2023[9] - In the first half of 2024, the total supply chain assets processed by the company's technology solutions reached RMB 165.9 billion, a year-on-year increase of 16.8%[11] - The company's supply chain financial technology solutions processed a total of RMB 156 billion in supply chain assets in the first half of 2024, a year-on-year increase of 14.6%[15] - The total amount of supply chain assets decreased to RMB 372,833,000 as of June 30, 2024, from RMB 780,990,000 at the end of 2023[123] Revenue Segmentation - Revenue from the core enterprise cloud increased by 28.7% from RMB 231.1 million to RMB 297.4 million during the same period, driven by an increase in the number of supply chain assets processed[26] - Revenue from the financial institution cloud decreased by 33.5% from RMB 132.5 million to RMB 88.2 million, primarily due to a decline in the securitization market and the termination of several experimental products[26] - The emerging solutions segment generated RMB 9,898.5 million, a 67.7% increase from RMB 5,901.5 million in 2023[9] Research and Development - The company’s R&D personnel reached 536, accounting for 59% of total employees, and successfully developed the first AI-based supply chain document review platform, "AI Agent"[13] - Research and development expenses for the six months ended June 30, 2024, were RMB 177.7 million, compared to RMB 188.9 million in the previous year[24] - Research and development expenses included in employee costs were RMB 94,700,000, down from RMB 111,886,000, representing a 15.4% decrease[104] Financial Position - Cash and cash equivalents increased from RMB 4,719.2 million on December 31, 2023, to RMB 4,923.1 million as of June 30, 2024, an increase of RMB 203.9 million[49] - The company's borrowings amounted to RMB 2,705 million as of June 30, 2024, compared to RMB 340 million on December 31, 2023[51] - The equity-to-debt ratio as of June 30, 2024, was 4.3%, up from 1.4% on December 31, 2023[53] - The total liabilities decreased to RMB 75,530 as of June 30, 2024, from RMB 80,758 as of December 31, 2023, indicating a reduction of 6.9%[87] Governance and Compliance - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, and discussed accounting policies and internal controls with senior management and auditors[60] - The company has established a corporate governance committee to ensure operations align with shareholder interests and compliance with listing rules[61] - The corporate governance committee confirmed that adequate measures are in place to manage potential conflicts of interest between different voting rights beneficiaries and shareholders[62] Shareholder Information - The company has a total of 267,626,789 Class A shares and 2,017,357,159 Class B shares issued as of June 30, 2024[67] - Major shareholder Cabnetvic owns 221,212,025 Class A shares, representing 82.66% of the total[69] - The company repurchased a total of 139,544,000 Class B shares during the reporting period, at a total cost of HKD 274,215,405[75] Impairment and Credit Risk - Significant impairment losses were primarily due to increased credit risk associated with financial assets, including RMB 106.3 million from receivables related to core enterprises and RMB 40.7 million from supply chain assets[35] - The company anticipates longer repayment periods and lower recovery amounts due to deteriorating operating conditions of core enterprise clients, leading to increased credit risk[36] - The impairment provision for receivables increased to RMB (261,452,000) as of June 30, 2024, compared to RMB (157,662,000) on December 31, 2023, reflecting a significant rise in credit risk[134] Future Outlook - The company plans to focus on sustainable growth and enhance shareholder returns while embracing technological advancements, particularly in artificial intelligence[23] - The company expects to achieve higher growth in the second half of 2024 by optimizing its cross-border and international business models[27] - The company plans to continue expanding its supply chain financial technology solutions, which are expected to drive future revenue growth[135]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.00, representing a potential upside of 49.3% from the recent closing price of HKD 1.34 [3]. Core Insights - The company reported a 16.8% year-on-year growth in asset processing scale to HKD 165.86 billion in 1H2024, with core enterprise cloud processing assets increasing by 39.9% to HKD 123.7 billion [1]. - Total revenue for the first half of the year was HKD 413 million, reflecting a 5.6% increase, while gross margin improved significantly from 60.8% to 70.9% [1][2]. - The company is actively pursuing diversification through the acquisition of Shenzhen Bait Technology Co., aiming to enhance its service offerings to clients [2]. Financial Performance - The total asset processing volume for supply chain financial technology solutions reached HKD 156 billion, a 14.6% increase year-on-year, with notable growth in multi-polar circulation cloud processing assets, which surged by 56.9% [2]. - The company recorded an increase in asset impairment losses by 127.2% to HKD 162 million, attributed to cautious measures in light of economic pressures and challenges in the real estate sector [2]. - The company has a strong cash position with net cash reserves exceeding HKD 5.086 billion, and it has initiated a share buyback program of up to USD 100 million to enhance shareholder returns [2]. Market Position - The company is positioned to benefit from its diversified business model and strong cash reserves, which provide a buffer against macroeconomic challenges [2][3]. - The current valuation is considered safe, with a projected net cash value of HKD 2.43 per share, indicating potential for future growth [2].

Investment Rating - Maintains an "Overweight" rating with a target price adjustment to HKD 2.20, corresponding to 5x PS for 2024 [3] Core Views - Revenue growth and gross margin improvement driven by quality and diversified customer acquisition [3] - Acquisition of Baite Technology to enhance services for core enterprise and financial institution clients [3] - Continuous share buybacks demonstrate confidence in the company's future [3] Financial Performance - 2024 H1 revenue reached RMB 413 million, a year-on-year increase of 5.6% [3] - Gross margin improved from 60.8% in 2023 to 70.9% in 2024 H1 [3] - Adjusted net loss of RMB 204 million in 2024 H1, with impairment losses of RMB 162 million due to the real estate sector's pressure [3] - Core enterprise cloud supply chain financing scale increased by 40% to RMB 123.7 billion, driving core enterprise cloud revenue to RMB 230 million, up 29% year-on-year [3] Customer and Market Expansion - Number of core enterprise and financial institution clients increased by 16% to 856 in 2024 H1 [3] - Further coverage expansion in state-owned enterprises among core clients [3] Strategic Initiatives - Proposed acquisition of Baite Technology to enter the treasury management market, offering comprehensive solutions from internal group treasury management systems to supply chain financing systems [3] - Approved a share buyback plan of up to USD 100 million in March 2024, with HKD 278 million repurchased in H1 2024 [3] Financial Forecasts - Revenue forecasts for 2024-2026 adjusted to RMB 918 million, RMB 1.049 billion, and RMB 1.149 billion, respectively [3] - Earnings per share forecasted at RMB 0.40, RMB 0.46, and RMB 0.50 for 2024-2026 [3] Market Data - Current stock price: HKD 1.53 [4] - 52-week price range: HKD 1.09 to HKD 2.17 [4] - Current market capitalization: HKD 3,496,025 thousand [4] Historical Financial Summary - Revenue growth rates: 47.0% in 2020, 16.5% in 2021, -22.9% in 2022, -6.1% in 2023, and projected 5.8% in 2024, 14.2% in 2025, and 9.6% in 2026 [5] - Gross profit: RMB 630.378 million in 2020, RMB 927.250 million in 2021, RMB 774.535 million in 2022, RMB 526.515 million in 2023, and projected RMB 642.495 million in 2024, RMB 734.004 million in 2025, and RMB 804.166 million in 2026 [5] - Adjusted net profit: RMB 192.482 million in 2020, RMB 289.440 million in 2021, RMB 196.015 million in 2022, RMB -286.267 million in 2023, and projected RMB -292.720 million in 2024, RMB 58.931 million in 2025, and RMB 111.256 million in 2026 [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.8, while the current price is HKD 1.5 [1][2]. Core Views - The company reported a revenue of HKD 413 million for the first half of 2024, reflecting a year-on-year increase of 5.6%. However, the adjusted net profit was a loss of HKD 204 million, compared to a loss of HKD 86 million in the same period last year [1][2]. - The gross margin improved significantly to 70.9%, an increase of 10.1 percentage points year-on-year. However, impairment losses rose to HKD 162 million, a year-on-year increase of 127.2%, primarily due to extended ABS issuance cycles [1][2]. - The company plans to strategically acquire a 29.38% stake in Bait Technology, which will increase its ownership to 54.38%. This acquisition is expected to enhance customer base and provide integrated core system solutions [1][2]. - The financing amount facilitated by the company's supply chain financial technology business reached HKD 1,559.6 billion, a year-on-year increase of 14.6% [1][2]. - The company has maintained its leading position in the third-party supply chain financial technology provider market, with a market share of 20.9% [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of HKD 413 million, with a gross margin of 70.9% [1][2]. - The adjusted net profit was a loss of HKD 204 million, with a net loss margin increasing to 49.4% [1][2]. - The company’s expenses decreased by 3.4 percentage points year-on-year to 86.6% [1]. Business Segments - The electronic debt certificate business facilitated financing of HKD 1,149 billion, a year-on-year increase of 27.7% [1]. - The multi-level circulation cloud business, focusing on core enterprises, saw financing amounting to HKD 862.6 billion, a year-on-year increase of 56.9% [1]. - The cross-border cloud business facilitated financing of HKD 93.4 billion, a year-on-year increase of 63.1% [1]. Strategic Initiatives - The company is actively pursuing a strategic acquisition of Bait Technology to enhance its service offerings and customer base [1][2]. - The company has reaffirmed its share repurchase plan, indicating confidence in future stock price recovery [2]. Market Outlook - The report highlights the long-term growth potential of the supply chain financial technology industry, supported by policy backing and a recovering macroeconomic environment [2]. - The company is expected to benefit from a diversified customer base across various industries, enhancing its revenue resilience [1][2].