Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21 HKD, representing a potential upside of over 20% from the current price of 13.8 HKD [5]. Core Insights - The company is expected to achieve a net profit growth of 20% year-on-year for the first half of 2025, driven by robust platform growth and innovative AI applications [1]. - The platform has facilitated over 277 billion CNY in total funding turnover, marking a 29% increase year-on-year, with over 19,100 clients served, a 14% increase [1]. - The company has successfully commercialized AI applications, with AI-assisted order revenue surpassing 400,000 CNY, and a 27% increase in the amount of funding turnover resolved per employee [3]. - The e-commerce segment has emerged as a new growth engine, with funding facilitation exceeding 2.8 billion CNY, an almost 8-fold increase year-on-year [4]. - The company is actively expanding into the robotics sector, forming strategic partnerships with leading industrial robot firms to enhance service offerings for small and medium enterprises [4]. Summary by Sections Platform Growth - The company has linked with over 180 funding partners, a 30% increase year-on-year, becoming a key partner for financial institutions in inclusive finance [2]. - The proportion of technology service revenue has surpassed 50%, with inclusive matching business accounting for 88% of the platform's operations [2]. AI Application - The integration of AI technologies has led to significant operational efficiencies, with innovative applications such as AI document sorting and contract review being successfully launched [3]. - Continuous model iteration and computational power upgrades are expected to further accelerate revenue growth driven by AI [3]. E-commerce and Robotics - The company has made significant strides in the e-commerce sector, rapidly entering the live-streaming e-commerce space and collaborating with major platforms [4]. - The strategic focus on robotics aims to provide differentiated funding services, leveraging data analytics to identify market opportunities for clients [4]. Financial Projections - Revenue forecasts for FY2025 are projected at 5.19 billion CNY for digital financial solutions, 5.43 billion CNY for platform technology services, and 490 million CNY for supply chain asset sales, with total revenue estimates for FY2025-FY2027 at 11.11 billion CNY, 13.46 billion CNY, and 16.15 billion CNY respectively [5].
盛业（06069）：AI应用商业化初步兑现，电商、机器人赛道同步布局