Company Dynamics - 联易融科技 reported 3Q25 operational data showing a 30% increase in the number of core enterprise/financial institution partners to 2,798 and a 40% increase in revenue-generating clients to 1,346, with a client retention rate of 99% [1] - Total asset processing scale for 1-3Q25 increased by 28% year-on-year to 336.2 billion, with 3Q25 transaction volume up 30% year-on-year and 28% quarter-on-quarter to 132.6 billion, marking a record high for the first three quarters [1] Business Performance - Direct financing business saw a 44% year-on-year increase in transaction volume for 1-3Q25 to 252.3 billion, with 3Q25 transaction volume up 54% year-on-year and 17% quarter-on-quarter, driven by efficient customer acquisition and innovative financial solutions [1] - Asset securitization business experienced a 3% year-on-year decline in transaction volume for 1-3Q25 to 77 billion, but 3Q25 showed a 77% quarter-on-quarter increase to 37.5 billion, indicating improvement in the ABS cloud under deepening penetration in the infrastructure sector [1] Strategic Developments - Cross-border cloud transaction volume decreased by 5% year-on-year to 6.8 billion for 1-3Q25, with a significant drop of 33% year-on-year and 22% quarter-on-quarter in 3Q25, but the company is optimistic about future growth from its international strategy [2] - The company successfully won a bid for a large central enterprise's Web3.0 supply chain finance platform project, indicating potential breakthroughs in the Web3.0 trade finance sector [2] - The company is actively repurchasing shares, reflecting its commitment to shareholder returns and management's confidence in future development [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the company currently trading at 0.9x and 0.8x P/B for 2025 and 2026 respectively [2] - The target price has been raised by 77% to 3.6 HKD, corresponding to 1.1x and 1.0x P/B for 2025 and 2026, with an upside potential of 12.2%, while maintaining an outperform rating [2]
联易融科技-W(09959.HK)：处理资产规模创新高 新业务战略快速深化