Investment Rating - The report assigns a neutral investment rating to the company, indicating that the potential investment return based on the stock price is between -10% and 10% [13][25]. Core Insights - The company has shown steady growth in financing volume and scale, with total financing transactions reaching 18.5 billion RMB in Q3 2024, a year-on-year increase of 4.5%. The number of financing transactions grew to 192,000, up 5.2% year-on-year, with used car transactions significantly increasing by 27.4% [3][6]. - The company is actively expanding its used car financing business, reflecting its competitive advantage against mainstream financial institutions, supported by policies promoting the used car market since 2022 [3][6]. - The penetration rate of new energy vehicles (NEVs) in China continues to rise, with financing transactions for NEVs increasing by 26.8% year-on-year to 53,000 in Q3 2024 [3][6]. Financial Summary - The company's revenue has shown significant growth, with actual revenues of 3,494 million RMB in FY21, 5,202 million RMB in FY22, and 6,686 million RMB in FY23, reflecting growth rates of 5.1%, 48.9%, and 28.5% respectively [5][24]. - Net profit has also improved, with figures of 29 million RMB in FY21, 371 million RMB in FY22, and 555 million RMB in FY23, showing growth rates of -102.5%, 1,180.7%, and 49.7% respectively [5][24]. - The company reported an adjusted net profit of 910 million RMB for 2023, a year-on-year increase of 32.2%, and an adjusted net profit of 510 million RMB for the first half of 2024, up 22.9% year-on-year [7][19]. Business Performance - The company has established itself as the largest internet automotive finance transaction platform in China, leveraging strategic investments from Tencent and JD.com to enhance its credit analysis capabilities [6][19]. - In Q3 2024, the financing amount facilitated under the fintech model reached approximately 5.6 billion RMB, a year-on-year increase of 87.2%, with NEVs accounting for about 60.6% of this amount [7][19]. - The company aims to capitalize on the strong demand from financial institutions in the automotive fintech sector, which is expected to drive performance upward [7][19].
易鑫集团：三季度业务稳步增长