Core Viewpoint - Cathay Securities maintains a "Buy" rating for Yixin Group (02858) with a target price of HKD 3.91, based on a 20x P/E for 2025, driven by strong performance in the used car and SaaS businesses [1] Group 1: Business Performance - The company is expected to achieve revenue of CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion for 2025-2027, representing year-on-year growth of 17%, 12%, and 12% respectively [1] - Net profit is projected to be CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion for the same period, with growth rates of 46%, 23%, and 24% respectively [1] Group 2: Financing and SaaS Growth - In Q3 2025, the company facilitated 235,000 auto financing transactions, a year-on-year increase of 22.6%, with a total financing amount of CNY 21.2 billion [2] - The used car credit segment saw a significant year-on-year growth of 51.3%, reaching CNY 12.1 billion, with its share increasing to 56.9% [2] - The SaaS business contributed CNY 11.4 billion in financing in Q3 2025, marking a 102% year-on-year increase, and its contribution to total financing rose to 53.7% [2] Group 3: Future Outlook and AI Integration - The company is expected to see continued improvement in performance in the second half of the year, with a focus on light asset transformation and potential dividends [3] - The rollout of AI products, including "X Call," is progressing, aiming to enhance efficiency in credit application processes and customer interactions by the end of 2025 [3]