易鑫集团（2858.HK）2025年年度业绩公告点评

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18, compared to the current price of HKD 2.45 [3]. Core Insights - The company has shown significant results from its asset-light transformation, with an increase in market share in the used car sector [1]. - The overall performance for 2025 met expectations, with total revenue reaching RMB 11.549 billion, a year-on-year increase of 16.27%. The net profit attributable to shareholders was RMB 1.199 billion, up 48.03% year-on-year [8]. - The company’s SaaS service revenue grew by 149.53% year-on-year, significantly contributing to the rapid growth of platform business revenue [8]. Financial Forecasts - Total revenue projections for 2026, 2027, and 2028 are RMB 14.203 billion, RMB 16.078 billion, and RMB 18.323 billion, respectively, with growth rates of 22.98%, 13.20%, and 13.96% [2]. - Net profit attributable to shareholders is expected to be RMB 1.486 billion, RMB 1.765 billion, and RMB 2.035 billion for the same years, reflecting growth rates of 23.95%, 18.77%, and 15.27% [2]. - The company’s earnings per share (EPS) is projected to increase from RMB 0.18 in 2025 to RMB 0.30 by 2028 [2]. Business Highlights - The company’s auto financing transaction volume reached 844,000 transactions in 2025, with a financing transaction amount of RMB 75.148 billion, marking an 8.69% increase year-on-year [8]. - The proportion of used car financing transactions increased, with used car business accounting for 63.63% of transaction volume and 55.99% of transaction value by the end of 2025 [8]. - The company’s SaaS service revenue accounted for 48.44% of platform business revenue by the end of 2025, indicating a strong upward trend [8].