Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.00, representing a potential upside of 49.3% from the recent closing price of HKD 1.34 [3]. Core Insights - The company reported a 16.8% year-on-year growth in asset processing scale to HKD 165.86 billion in 1H2024, with core enterprise cloud processing assets increasing by 39.9% to HKD 123.7 billion [1]. - Total revenue for the first half of the year was HKD 413 million, reflecting a 5.6% increase, while gross margin improved significantly from 60.8% to 70.9% [1][2]. - The company is actively pursuing diversification through the acquisition of Shenzhen Bait Technology Co., aiming to enhance its service offerings to clients [2]. Financial Performance - The total asset processing volume for supply chain financial technology solutions reached HKD 156 billion, a 14.6% increase year-on-year, with notable growth in multi-polar circulation cloud processing assets, which surged by 56.9% [2]. - The company recorded an increase in asset impairment losses by 127.2% to HKD 162 million, attributed to cautious measures in light of economic pressures and challenges in the real estate sector [2]. - The company has a strong cash position with net cash reserves exceeding HKD 5.086 billion, and it has initiated a share buyback program of up to USD 100 million to enhance shareholder returns [2]. Market Position - The company is positioned to benefit from its diversified business model and strong cash reserves, which provide a buffer against macroeconomic challenges [2][3]. - The current valuation is considered safe, with a projected net cash value of HKD 2.43 per share, indicating potential for future growth [2].
联易融科技-W：业务增长于调整并存，持续回购回馈股东