Core Viewpoint - Haitong International maintains an "outperform" rating for Lianlian Digital (02598), adjusting the net profit forecast for 2025-2027 to 1.485 billion, -60 million, and 40 million yuan respectively, with an EPS forecast of 1.33, -0.05, and 0.04 yuan, and sets a target price of HKD 15.52 per share based on strong business performance and Web 3.0 ecosystem growth potential [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 783 million yuan, a year-on-year increase of 26.8%, and a net profit of 1.511 billion yuan, significantly reversing losses mainly due to the sale of 14.56% equity in a subsidiary to American Express for a total transaction price of 1.601 billion yuan, resulting in substantial investment income [3]. - The overall gross margin for H1 2025 was 51.9%, slightly down by 0.7 percentage points, while the expense ratios for sales, management, R&D, and financial expenses were 16.5%, 38.3%, 23.9%, and 2.6% respectively, showing significant optimization in overall expense ratios [3]. Business Performance - The digital payment business generated revenue of 684 million yuan in H1 2025, a year-on-year increase of 26.2%, with total TPV reaching 2.1 trillion yuan, up 32.0% year-on-year. Global payment TPV surged by 94% to 198.5 billion yuan, while domestic payment TPV grew by 27.6% to 1.9 trillion yuan [4]. - The company has established a comprehensive layout with 65 global payment licenses, serving a total of 7.9 million customers by H1 2025, indicating a strong potential for continued high growth in transaction volume [4]. Strategic Initiatives - The company plans to complete an H-share placement in July 2025, raising 387 million HKD, with 50% of the funds (approximately 194 million HKD) allocated for innovation and application of blockchain and other technologies in the global payment sector. The company has also obtained a license for a Hong Kong digital asset trading platform (VATP) and will continue strategic investments in the Web 3.0 field to enhance its digital asset licensing and ecosystem [5].
海通国际：维持连连数字(02598)“优于大市”评级 目标价15.52港元