兴业证券发表研究报告，首次覆盖连连数字(02598.HK)，给予"增持"评级。 连连数字此前公布的2025H1财报显示，总支付额快速增长，实现扭亏。截至2025年6月30日，公司 TPV 达到2.1万亿元，同比增长 32.0%。2025H1总收入达到7.83亿元，同比增长26.8%。毛利达到4.06亿元， 同比增长25.0%，毛利率达到 51.9%，相对平稳。经调整损益为16.56亿元，实现扭亏。 从业务分部情况来看，1)全球支付业务：公司完成对支付基础设施的重构，并积极开拓东南亚、中东和 拉美区域市场，全球支付TPV达1985亿元，同比增长94.0%；收入4.73亿元，同比增长27.0%。2)境内支 付业务：公司深化SaaS协同，强化私域电商客户的系统服务能力，境内支付TPV达到1.9万亿元，同比 增长27.6%；收入2.11亿元，同比增长24.6%。3)增值业务：公司围绕流量服务、跨境通讯等场景拓展生 态版图，2025H1增值服务收入同比增长34.2%。 研报指，连连数字是中国领先的数字支付解决方案提供商。公司主营跨境支付业务，服务对象包括中国 跨境商户及企业、海外商户及企业、境内企业等。截至2025年6 ...

兴业证券发表研究报告，首次覆盖连连数字(02598.HK)，给予"增持"评级。研报指，连连数字是中国领 先的数字支付解决方案提供商。公司主营跨境支付业务，服务对象包括中国跨境商户及企业、海外商户 及企业、境内企业等。截至2025年6月30日，公司累计服务的客户数量达到790万家。公司已累计取得65 张牌照(包括中国、美国、欧盟、英国、东南亚和南美主要国家的牌照)，确保在全球支付市场的合规运 营。连连数字此前公布的2025H1财报显示，总支付额快速增长，实现扭亏。截至2025年6月30日，公司 TPV达到2.1万亿元，同比增长 32.0%。2025H1总收入达到7.83亿元，同比增长26.8%。毛利达到4.06亿 元，同比增长25.0%，毛利率达到 51.9%，相对平稳。经调整损益为16.56亿元，实现扭亏。从业务分部 情况来看，1)全球支付业务：公司完成对支付基础设施的重构，并积极开拓东南亚、中东和拉美区域市 场，全球支付TPV达1985亿元，同比增长94.0%；收入4.73亿元，同比增长27.0%。2)境内支付业务：公 司深化SaaS协同，强化私域电商客户的系统服务能力，境内支付TPV达到1.9万亿元，同比 ...

Core Insights - MSCI announced the results of its quarterly index review for August 2025, including the addition of LianLian Digital (2598.HK) to the MSCI Global Small Cap Index [1] Company Overview - LianLian Digital is a leader in the digital payment solutions market in China and a facilitator of global trade digitization [1] - The company is one of the first digital technology firms in China to provide comprehensive payment solutions globally [1] - As of December 31, 2024, LianLian Digital has obtained 65 global payment licenses and qualifications, serving over 5.9 million clients across more than 100 countries and regions, supporting transactions in over 130 currencies [1] Impact of MSCI Inclusion - Inclusion in the MSCI Global Small Cap Index is significant for LianLian Digital as it is expected to attract more international investors and enhance the company's global visibility [1] - Index and passive funds typically invest based on index constituents, so this inclusion is likely to bring in more passive capital inflows [1] - Being part of the index is also anticipated to improve the company's market liquidity and create more value for shareholders [1]

Investment Rating - The report initiates coverage on LianLian Digital with a "Buy" rating and a target price of HKD 17.3, representing a potential upside of 40% from the latest closing price of HKD 12.42 [6]. Core Insights - LianLian Digital is positioned as a leading 2B digital payment service provider, focusing on cross-border payment solutions for e-commerce merchants. The company has a strong potential for market share growth due to its established brand and merchant base [2][11]. - The company has obtained a Virtual Asset Trading Platform (VATP) license, which may open up future business opportunities in virtual asset trading and stablecoin issuance [3][12]. - The financial outlook is positive, with projected total revenue of HKD 16.3 billion in 2025, reflecting a year-on-year growth of 24% [3][5]. Company Overview - LianLian Digital primarily offers digital payment solutions, including global and domestic payment services. The company has served over 5.9 million merchants and achieved a total payment volume (TPV) of approximately HKD 3.3 trillion in 2024, with a year-on-year growth of 65% [11][45]. - The company has a diversified revenue stream, with digital payment services contributing 88% of total revenue in 2024 [18]. Financial Performance - In 2024, LianLian Digital reported total revenue of HKD 13.1 billion, a 28% increase from the previous year. The global payment segment contributed 70% of the digital payment revenue [2][18]. - The company achieved an adjusted net profit of HKD 79 million in 2024, marking its first profitable year [24][30]. Market Position and Competitive Landscape - LianLian Digital holds a significant market share in the cross-border payment sector, with its global payment TPV accounting for approximately 13.1% of China's cross-border e-commerce export value in 2024 [2][45]. - The competitive landscape in the cross-border payment industry is fragmented, with key players including Payoneer, PingPong, and others [2][11]. Future Opportunities - The company is well-positioned to capitalize on the growing demand for digital payment solutions in the cross-border e-commerce market, which is projected to reach USD 1.2 trillion by 2024 [46]. - The potential issuance of stablecoins could provide additional revenue streams, particularly in cross-border trade scenarios where traditional payment methods face challenges [3][12].

Investment Rating - The report does not provide a specific investment rating for the company [7] Core Insights - The company is a digital payment service provider that is expected to benefit from the implementation of stablecoin regulations in Hong Kong, which will take effect on August 1, 2023 [1] - The company has achieved profitability, with total revenue of 1.31 billion RMB in 2024, a year-on-year increase of 28%, and a net profit of 79 million RMB [3][11] - The company plans to apply for stablecoin issuance in Q4 2024, targeting cross-border trade payments [4] Summary by Sections Company Overview - The company primarily offers digital payment solutions, including payment collection, remittance, virtual cards, and aggregated payments, mainly serving small and medium-sized enterprises, particularly in the cross-border e-commerce sector [2] - As of December 2024, the company has served 5.9 million merchants and holds 65 payment licenses across various jurisdictions [2] Financial Performance - In 2024, the company's total transaction volume (TPV) is projected to reach 3.3 trillion RMB, representing a year-on-year growth of 65% [2] - The digital payment service revenue is expected to account for 88% of total revenue, with global payments contributing 70% of digital payment revenue [2][11] - The gross profit margin for 2024 is estimated at 52%, with a gross profit of 683 million RMB [3][11] Business Developments - The company has obtained a Virtual Asset Trading Platform (VATP) license, allowing it to conduct regulated activities under Hong Kong's Securities and Futures Ordinance [3][12] - The company is also involved in clearing services through a joint venture established with American Express, holding one of the three available clearing licenses in China [4] Market Position and Valuation - The company's current price-to-sales (P/S) ratio is 6.2x for 2025E and 5.1x for 2026E, compared to the average P/S ratios of 7.5x for overseas digital payment companies [5][13] - The company has a market capitalization of approximately 10.74 billion HKD [7]

Core Viewpoint - The company, Lianlian Digital, reported a 28% revenue growth last year, driven by strong penetration of its digital payment services in both domestic and international markets, alongside an expanding global payment network and customer base [1][3]. Group 1: Financial Performance - In 2024, the company's revenue increased from 1.03 billion yuan to 1.32 billion yuan (approximately 182 million USD), with digital payment business revenue soaring by 31.6% to 1.15 billion yuan, accounting for about 87.5% of total revenue [1]. - The total payment volume (TPV) reached 3.3 trillion yuan, a growth of 64.7% compared to 2023, with global TPV increasing by 63.1% and domestic TPV rising by 64.9% [1]. - The company achieved an adjusted annual profit of 78.7 million yuan, reversing a loss of over 400 million yuan from the previous year, attributed to the scale of operations and integration of artificial intelligence technology [3]. Group 2: Business Expansion and Strategy - Lianlian Digital has established a global payment network, holding 65 payment licenses and serving over 5.9 million merchants across more than 100 countries and regions, supporting over 130 currencies [4]. - The company has expanded its global footprint by obtaining a virtual asset trading platform (VATP) license in Hong Kong and an electronic money institution (EMI) license in Luxembourg, enabling it to provide digital payment services to local businesses in Europe [4]. - The CEO emphasized the company's focus on expanding global licensing, enhancing compliance capabilities, and improving product service capabilities to drive significant growth in performance [3].