Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.42 HKD, representing a potential upside of over 20% from the current price of 8.1 HKD [6][5]. Core Insights - The company is expected to achieve a net profit of 371 million CNY in 2024, reflecting a year-on-year increase of approximately 30%, indicating the success of its new platform-based development strategy [1]. - The revenue from platform technology services has significantly increased, accounting for about 40% of total revenue in 2024, up from 18% in 2023, showcasing the effectiveness of the company's platformization strategy [2]. - The company has established strong partnerships with over 138 funding partners, marking a growth of 13.1%, and is poised for rapid replication of its successful joint venture model with state-owned enterprises [2]. - The company anticipates deep cooperation with over 10 core state-owned enterprises across various industries, including infrastructure and healthcare, with a projected 180% year-on-year increase in daily average balance of platform services [3]. - The company is expanding its business into new sectors, such as e-commerce supply chain services, while maintaining rapid growth in its existing operations, which is expected to create new revenue streams [4]. Summary by Sections Financial Performance - The company forecasts revenue for FY2024 to be adjusted to 941 million CNY, with net profit estimates revised to 347 million CNY, reflecting strong growth expectations [5]. Market Position - The company is well-positioned in the supply chain technology sector, with robust customer acquisition and risk management capabilities, which are expected to drive future growth [5]. Strategic Development - The company is focusing on enhancing its service capabilities to support the real economy, particularly in inclusive finance, and aims to expand its service scale and supply chain asset size [3][4].
盛业：事件点评：业绩盈喜，轻资产模式已被验证