ZA ONLINE(06060) 国金证券·2025-05-25 12:23Investment Rating - The report maintains a "Buy" rating for the company, suggesting a potential upside of over 15% within the next 6-12 months [5][14]. Core Insights - The company is positioned to benefit from the recent passing of the Stablecoin Regulation Bill in Hong Kong, allowing institutions to apply for compliance as stablecoin issuers by the end of the year [2]. - ZA Bank, a subsidiary of the company, aims to provide banking services for stablecoin issuers and has already partnered with over 80 Web3 companies [2][3]. - The company has launched cryptocurrency trading services for retail users in Hong Kong, simplifying the investment process through its app [3]. - The company is expected to see significant profit growth in 2025, with a projected net profit of 905 million yuan, reflecting a 50% increase from the previous year [5][11]. Financial Projections - Insurance service revenue is projected to grow from 27,535 million yuan in 2023 to 45,823 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 13.5% [11]. - The company's net profit is expected to increase from 294 million yuan in 2023 to 1,360 million yuan by 2027, indicating a strong growth trajectory [11]. - The price-to-book (P/B) ratio is projected to decrease from 0.84 in 2023 to 0.62 by 2027, suggesting potential undervaluation [11].