Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][16]. Core Insights - The company has shown a steady increase in financing amounts, with a total facilitated financing of 270.84 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 17.4%. The gross profit margin has significantly improved in Q3 [1]. - The company operates primarily on a SaaS service model, charging a fee based on a percentage of the facilitated financing amount, which is a key factor influencing revenue [1]. - The report highlights a comprehensive growth in customer numbers and a high customer retention rate of 96% as of Q3 2024 [1]. Summary by Sections Financing Performance - Total facilitated financing for Q1-Q3 2024 reached 2708.39 billion yuan, up 17.4% year-on-year. The breakdown includes: - Electronic debt certificate business: 1752.4 billion yuan (up 16.7% year-on-year), accounting for 65% of total financing. - Asset securitization business: 797.8 billion yuan (up 11.9% year-on-year), representing 29% of total financing. - Cross-border cloud financing: 149.1 billion yuan (up 66.8% year-on-year), accounting for 6% of total financing [1]. Customer Growth - As of Q3 2024, the company has partnered with 1917 core enterprises (up 28.8% from the beginning of the year) and 353 financial institutions (up 11.0%). The number of core enterprise customers reached 821 (up 35.9%) [1]. Financial Projections - The report projects adjusted EPS for 2024, 2025, and 2026 to be -0.12, -0.01, and 0.06 yuan respectively, with corresponding sales per share (SPS) of 0.40, 0.47, and 0.58 yuan. The target price is set at 2.07 HKD based on a 4x PS valuation for 2025 [1][2].
联易融科技-W：融资额稳步提升，Q3毛利率明显改善