Investment Rating - The report maintains a "Buy-A" investment rating for the company [2] Core Views - The company reported a main business revenue of 436 million yuan for the first half of 2024, a year-on-year decrease of 12%, while platform technology service revenue surged by 83% to 154 million yuan, accounting for 35% of total revenue [1] - Strategic cooperation with Taihu New City Group is expected to accelerate the company's transformation, despite a 22% decline in digital financial solutions revenue to 275 million yuan due to changes in ownership structure [1] - The company is optimistic about leveraging fintech to enhance its service capabilities for the real economy, which is anticipated to drive continued business growth [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 166 million yuan, down 12% year-on-year, with earnings per share of 0.16 yuan, a decrease of 11% [1] - The total processed supply chain asset scale reached approximately 216 billion yuan, reflecting a year-on-year increase of 22% [1] Strategic Developments - The partnership with Taihu New City Group led to a reduction in the company's stake in Wuxi Guojin from 80% to 49%, resulting in a short-term decline in operating revenue, total assets, and net assets [1] - The strategic cooperation aims to enhance platform service revenue and optimize the company's business structure, improving return on equity [1] Future Outlook - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.30 yuan, 0.36 yuan, and 0.43 yuan respectively, with a target price of 7.32 HKD based on a price-to-book ratio of 1.6x for 2024 [1][2]
盛业：科技类收入稳步增长，战略合作助力转型