【方正金融】易鑫集团9M25业务更新点评：二手车战略助推融资额增长，看好全年业绩延续高增

Group 1: Business Performance - In Q3 2025, the total financing amount of Yixin Group continued to grow, achieving a total of 235,000 vehicle transactions, representing a year-on-year increase of 22.6%, significantly outperforming the industry average of 11.0% for new and used car sales in China [1][10] - The total financing amount reached 21.2 billion yuan in Q3 2025, reflecting a year-on-year growth of 14.6% [1][10] - The second-hand car financing strategy is progressing steadily, with second-hand car financing accounting for 57% of total financing in Q3 2025, and the financing volume for second-hand cars reaching 12.1 billion yuan, up 51.3% year-on-year [1][10] Group 2: Business Structure - The financing volume for second-hand electric vehicles was 1.5 billion yuan, accounting for 22.5% of the company's new energy vehicle financing, with a year-on-year increase of 9.4 percentage points [1][10] - The financial technology business continued to grow rapidly, with financing facilitated through the fintech platform reaching 11.4 billion yuan in Q3 2025, a year-on-year increase of 102.0%, accounting for 53.7% of total financing [1][10] - The company expanded its cooperation network in the fintech model, partnering with two new financial institutions and establishing relationships with two well-known electric vehicle brands in Q3 2025 [1][10] Group 3: AI Strategy - The company is steadily advancing its AI strategy, with the deployment of the X Call product expected to be completed by the end of 2025, aimed at improving efficiency in the credit application process [2][11] - The X Call product is designed to enhance online marketing, document processing, and customer management efficiency, while also enabling real-time communication and automated interactions through AI [2][11] Group 4: Investment Analysis - As a leading third-party automotive finance company, Yixin Group's second-hand car strategy has shown significant results, supporting the company's performance, with expectations for continued high growth in the second half of the year [2][11] - The company maintains a strong dividend policy, providing returns to shareholders, and is rated as "strongly recommended" [2][11] - Forecasted net profits for 2025-2027 are 1.2 billion, 1.46 billion, and 1.76 billion yuan, representing year-on-year growth rates of 48%, 22%, and 21% respectively [2][11]