Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.8, while the current price is HKD 1.5 [1][2]. Core Views - The company reported a revenue of HKD 413 million for the first half of 2024, reflecting a year-on-year increase of 5.6%. However, the adjusted net profit was a loss of HKD 204 million, compared to a loss of HKD 86 million in the same period last year [1][2]. - The gross margin improved significantly to 70.9%, an increase of 10.1 percentage points year-on-year. However, impairment losses rose to HKD 162 million, a year-on-year increase of 127.2%, primarily due to extended ABS issuance cycles [1][2]. - The company plans to strategically acquire a 29.38% stake in Bait Technology, which will increase its ownership to 54.38%. This acquisition is expected to enhance customer base and provide integrated core system solutions [1][2]. - The financing amount facilitated by the company's supply chain financial technology business reached HKD 1,559.6 billion, a year-on-year increase of 14.6% [1][2]. - The company has maintained its leading position in the third-party supply chain financial technology provider market, with a market share of 20.9% [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of HKD 413 million, with a gross margin of 70.9% [1][2]. - The adjusted net profit was a loss of HKD 204 million, with a net loss margin increasing to 49.4% [1][2]. - The company’s expenses decreased by 3.4 percentage points year-on-year to 86.6% [1]. Business Segments - The electronic debt certificate business facilitated financing of HKD 1,149 billion, a year-on-year increase of 27.7% [1]. - The multi-level circulation cloud business, focusing on core enterprises, saw financing amounting to HKD 862.6 billion, a year-on-year increase of 56.9% [1]. - The cross-border cloud business facilitated financing of HKD 93.4 billion, a year-on-year increase of 63.1% [1]. Strategic Initiatives - The company is actively pursuing a strategic acquisition of Bait Technology to enhance its service offerings and customer base [1][2]. - The company has reaffirmed its share repurchase plan, indicating confidence in future stock price recovery [2]. Market Outlook - The report highlights the long-term growth potential of the supply chain financial technology industry, supported by policy backing and a recovering macroeconomic environment [2]. - The company is expected to benefit from a diversified customer base across various industries, enhancing its revenue resilience [1][2].
联易融科技-W：2024年半年报点评：毛利率改善，拟战略收购拜特科技