SaaS 业务爆发，AI 和国际化双轮驱动——易鑫集团 2025 年年报点评

Investment Rating - The report assigns a rating of "Buy" for the company [2][8]. Core Insights - The company's SaaS business is experiencing rapid growth, driven by AI and international expansion, which are expected to become new growth points. The transition to a light-asset model has significantly boosted the SaaS business, while the proportion of used car financing and a decrease in funding costs have greatly enhanced profits [3][9]. Financial Summary - Total revenue for 2025 is projected at 11.56 billion, with a year-on-year growth of 17%. Net profit is expected to reach 1.199 billion, reflecting a 48% increase. For 2026 to 2028, revenue is forecasted to be 12.696 billion, 14.230 billion, and 16.114 billion respectively, with growth rates of 10%, 12%, and 13%. Net profit is anticipated to be 1.452 billion, 1.760 billion, and 2.152 billion, with year-on-year growth of 21% for each year [5][9]. Business Performance - The SaaS business generated revenue of 4.501 billion, a 150% increase year-on-year, contributing 161% to revenue growth. The number of core customers increased from 17 to 24, and the total financing amount on the SaaS platform reached 40.3 billion. The company's funding cost is projected to decrease to 3.7% in 2025, up from 4.5% in 2024, which will enhance the net interest margin from 4.9% in 2024 to 6.0% [9][11]. Strategic Developments - The company launched its first agent-type AI model, XinMM-AM1, in November 2025, which aims to reduce reliance on manual processes in traditional workflows. The company has accelerated its international expansion, particularly in Southeast Asia, with significant progress in markets like Singapore and Malaysia [9][11]. Market Outlook - The automotive finance market is expected to grow rapidly, and the continued decline in funding costs is seen as a catalyst for future growth [9].