Core Viewpoint - CICC maintains a "outperform industry" rating for Lianlian Digital (02598.HK) and raises the target price by 3.3% to HKD 15.8 due to improved market sentiment [1] Financial Performance - Lianlian Digital's 1H25 performance met expectations, with revenue increasing by 27% year-on-year to CNY 780 million, and net profit turning positive to CNY 1.51 billion [1] - Total Payment Volume (TPV) rose by 32% year-on-year to CNY 2.1 trillion, outpacing the revenue growth of 27% [1] - Gross profit increased by 25% year-on-year to CNY 410 million, maintaining a high gross margin of 52% [1] Future Projections - CICC has adjusted revenue forecasts for 2025 and 2026 upwards by 2% each to CNY 1.65 billion and CNY 2.02 billion respectively, anticipating steady growth in TPV and payment revenue [1] - The company is expected to achieve a recurring operating profit of nearly CNY 70 million in 2025 [1] Competitive Advantages - Lianlian Digital has significant advantages in licensing compliance, having recently obtained SFC Type 3 license for regulated leveraged foreign exchange trading, as well as in technological innovation and global network [1] - The company is continuously enhancing its global licensing layout and local service capabilities overseas [1] - As a leading cross-border payment service provider, Lianlian Digital is poised to benefit from Web3 payments and VATP licenses, which open up growth opportunities [1]
研报掘金｜中金：上调连连数字目标价至15.8港元 维持“跑赢行业”评级