Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 2.05, representing a potential upside of 20.6% from the recent closing price of HKD 1.50 [3]. Core Insights - The company experienced a 24.2% year-on-year increase in asset processing scale to HKD 322 billion, while total revenue decreased by 6.1% to HKD 870 million due to changes in customer and product structure and a flexible pricing strategy [1]. - The gross profit margin significantly declined by 23.1% to 60.7%, and the adjusted net loss was HKD 286 million, a shift from profit due to increased R&D and marketing expenses [1]. - The company announced a shareholder return plan, proposing a special dividend of HKD 0.1 per share, totaling approximately HKD 230 million, and a share buyback plan of up to USD 100 million [1][2]. Business Performance Summary - The multi-level circulation cloud and e-chain cloud services are in a rapid growth phase, with supply chain asset processing volumes increasing by 82.2% to HKD 136.8 billion and 18.7% to HKD 80.4 billion, respectively [2]. - The company added 235 new clients to its multi-level circulation cloud service, bringing the total to 558, with a high customer retention rate of 99% [2]. - Cross-border cloud business showed steady growth, processing supply chain assets worth HKD 12.6 billion, with revenue increasing by 1% to HKD 35.12 million [2]. - The asset securitization business faced challenges, with a 10.9% decline in AMS cloud processed assets to HKD 64.4 billion and a 15.7% drop in ABS cloud processed assets to HKD 27 billion [2]. Financial Overview - The company has a strong cash position with net cash reserves exceeding HKD 4.8 billion, indicating robust risk resilience [1][2]. - Despite the pressures on revenue and profitability in a complex macroeconomic environment, the company is expected to return to growth in 2024, supported by the shareholder return initiatives [2].
行业底步期待反弹，提升派息与回购加强股东汇报