悦达国际：保理主业韧性凸显，业务“伪降实增”，坏账率和成本业界翘楚，拟战略转型打造医疗业务

Core Viewpoint - Yueda International Holdings (0629.HK) demonstrates strong resilience in traditional factoring business while showcasing significant characteristics of high-quality development, achieving notable revenue growth and effective risk control [2][3]. Financial Performance - Total revenue for the company reached 32.256 million, a year-on-year decrease of 15.8%, while net profit was 15.353 million, down 16.3% [3]. - Traditional factoring business generated revenue of 25.578 million, accounting for 79.3% of total revenue, with a year-on-year growth of 16% [2][3]. - Excluding structural adjustment factors, the actual core business's pre-tax profit increased by 9.2% year-on-year [3]. Operational Efficiency - The company achieved a revenue per employee of 2.68 million, 2.1 times the industry average, managed 667 million in traditional factoring assets with a lean team of 12 [3]. - Administrative expense ratio reduced to 8.8%, lower than peers by 3-5 percentage points, indicating effective cost control through digital processes [3]. - Funding cost was locked at 4.0%, slightly up by 0.2 percentage points year-on-year, still below the market average by 50 basis points [3]. Strategic Adjustments - The company actively reduced high-risk business scale and optimized customer structure, resulting in a 2.6% year-on-year increase in financing receivables to 667 million [4]. - The proportion of engineering construction clients increased significantly to 75.3%, while interest income grew by 16% year-on-year [4]. Risk Management - The bad debt ratio for traditional factoring business stood at 0.22%, significantly lower than the industry average of 3.5%-4.8% [5]. - The company focuses on high-quality clients, with a collateral coverage ratio of 120.4% for financing receivables [5]. - AI risk control penetration in telecommunications factoring business reached 100%, utilizing a dual monitoring system for real-time credit risk assessment [5]. Future Outlook - Yueda International is pursuing a strategic acquisition of 52% of Chengdu Nuoyide Medical Laboratory for 52 million, aligning with the company's low-risk cross-industry collaboration strategy [6]. - The acquisition aims to enter the billion-level medical technology sector, leveraging the company's low asset-liability ratio of 42% [6].