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 respectively, with a target price of HKD 15.52 per share [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 783 million, a year-on-year increase of 26.8%, and a net profit of 1.511 billion, significantly turning around from losses, primarily due to a large investment gain from selling 14.56% of its subsidiary to American Express for 1.601 billion [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 [3] Group 2: Payment Business Performance - The digital payment business generated revenue of 684 million in H1 2025, a year-on-year increase of 26.2%, with total TPV reaching 2.1 trillion, up 32.0% [4] - Global payment TPV surged to 198.5 billion, a remarkable increase of 94%, while domestic payment TPV reached 1.9 trillion, growing by 27.6% [4] Group 3: Strategic Investments - 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 technology in global payments [5] - The company has obtained a license for a Hong Kong digital asset trading platform (VATP) and will continue to strategically invest in the Web3.0 sector to enhance its digital asset licensing and ecosystem [5]
海通国际：维持连连数字“优于大市”评级 目标价15.52港元