Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.03 HKD, indicating an expected return of over 20% within the next six months [7]. Core Insights - The company has successfully implemented a platform-based development strategy, leading to a significant increase in platform technology service revenue, which reached 3.47 billion HKD, a year-on-year growth of 103.6% [2]. - The company's net profit for 2024 is projected to be 3.80 billion HKD, reflecting a 42% increase year-on-year, despite the impact of the divestment of Wuxi Guojin Commercial Factoring Co., Ltd [1]. - The integration of AI technology into the supply chain has positioned the company as a leader in the AI + industrial supply chain sector, with a focus on infrastructure, pharmaceuticals, and bulk commodities [3][4]. Summary by Sections Financial Performance - For 2024, the company expects total revenue of 9.19 billion HKD, a decrease of 4.6% year-on-year, primarily due to the divestment impact, which is offset by growth in platform technology services [1]. - The platform technology services now account for 37.7% of total revenue, up from 17.7% in 2023 [2]. Strategic Developments - The company has established strong partnerships with local state-owned enterprises, enhancing its platform-based financial services and increasing the number of funding partners to 163, a growth of 24.4% [2]. - The company is actively exploring new markets, including e-commerce and robotics, with potential market sizes exceeding 10 trillion HKD [4][5]. AI and Technology Integration - The company has integrated its cloud platform with DeepSeek AI, enhancing its capabilities in supply chain management and decision support [4]. - The company has also secured computational resources from Wuxi Economic Development Zone, which will support its AI initiatives [4]. Future Projections - Revenue forecasts for FY2025 and FY2026 have been adjusted to 11.11 billion HKD and 13.46 billion HKD, respectively, with net profit projections of 4.98 billion HKD and 6.53 billion HKD [6]. - A new revenue forecast for FY2027 is set at 16.15 billion HKD, with a net profit of 8.36 billion HKD [6].
盛业（06069）：事件点评：行业数据+IDC+AI应用，打开AI全链条