Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a strategic breakthrough and business structure optimization [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152 respectively, with a customer retention rate up by 3 percentage points to 99% [2] - The total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the focus on key industries and innovative financial solutions [3] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 showing a 77% quarter-on-quarter increase to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [3] - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company undergoing a rebranding of its international business in early October, which is expected to provide long-term growth momentum [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, indicating potential breakthroughs in the Web 3.0 trade finance sector [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future development [4]
中金：维持联易融科技-W(09959)跑赢行业评级 升目标价至3.6港元