Investment Rating - The report maintains a "Buy - A" investment rating for the company [2][6]. Core Insights - The company reported a robust growth in business scale, with total revenue and income reaching 960 million HKD, a year-on-year increase of 20%, and a net profit attributable to shareholders of 270 million HKD, up 22% year-on-year [1]. - The proposed final dividend for 2023 is 0.269 HKD per share, representing a significant increase of 259% compared to the previous year [1]. - The proportion of technology revenue has increased, with technology income (platform service income + supply chain technology service income) rising by 65% to 170 million HKD, accounting for 17.7% of total revenue, an increase of 4.8 percentage points year-on-year [1]. - The company has seen a steady expansion in digital finance, with digital financial solutions revenue increasing by 16% to 720 million HKD, driven by an increase in average daily loan balances [1]. - The company’s supply chain asset balance grew significantly, with a year-on-year increase of 58% to 13.9 billion HKD by the end of 2023 [1]. - The company’s platform development strategy is progressing, with expectations for further integration of funding partners and key participants in the supply chain ecosystem, which is anticipated to enhance platform development and industry collaboration [1]. Financial Projections - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.30 HKD, 0.36 HKD, and 0.43 HKD respectively [1][4]. - The report assigns a price-to-book (P/B) ratio of 1.1x for 2024, with a corresponding six-month target price of 4.97 HKD [1][2].
业务规模稳健增长，分红派息大幅提升