Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the automotive finance sector, leveraging its technological capabilities to drive growth and innovation [9][14]. - The automotive finance industry in China is expected to continue expanding, with significant growth opportunities due to low penetration rates compared to mature markets [34][40]. - The company's transition from self-operated financing to a transaction platform model is accelerating, with financial technology services becoming a key growth driver [25][61]. Summary by Sections Company Overview - The company, originally part of Yiche.com, has evolved into a major player in automotive finance since its establishment in 2013 and listing in 2017 [14]. - Tencent holds a 53.88% stake in the company, providing strong backing and resources for its growth [16]. - The management team has extensive industry experience, which supports the company's long-term development [19]. Automotive Finance Industry Overview - The automotive finance market in China is projected to reach 6.8 trillion yuan by 2029, driven by increasing consumer demand and regulatory support [37]. - The penetration rate of automotive finance in China is currently at 50.5%, indicating substantial room for growth compared to developed markets [40]. - The competitive landscape includes various players such as commercial banks, automotive finance companies, and internet platforms, each with distinct advantages and challenges [44]. Company Development Highlights - The company's transaction platform business is a strategic focus, with revenue from this segment growing significantly [56]. - Financial technology (SaaS) services have become a major revenue driver, with a 124% year-on-year increase in revenue [61]. - The self-operated financing business has seen a decline in revenue, but asset quality remains stable [67]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 11.26 billion yuan in 2025, with a compound annual growth rate of 39.03% from 2025 to 2027 [1]. - Earnings per share (EPS) are projected to grow from 0.17 yuan in 2025 to 0.26 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing over the same period [1].
易鑫集团（02858）：深耕互联网汽车金融，科技能力催生新动能