金吾财讯 | 华创证券发研指，联易融科技(09959)于2024Q1-3总促成融资额2708.39亿元，同比增长17.4%。第三季度，主营业务收入及收益同比增长，毛利率明显改善。截至24Q3，公司合作核心企业1917家（较年初+28.8%），合作金融机构353家（较年初+11.0%）；核心企业客户821家（较年初+35.9%），金融机构客户138家（较年初+5.3%）。客户留存率（指去年同期的客户仍为本期客户的数量占比）为96%（较上年末+10pct）。该行表示，公司作为头部第三方供应链金融科技解决方案提供商，以金融科技助力中小企业降低融资成本，具有轻资产的运营模式，ROE弹性强。公司过往地产业务相关风险导致减值上升，拖累净利润。9月政治局会议定调“要促进房地产市场止跌回稳”，若地产行业企稳回升，预计公司或有受益。同时，公司通过主动多元化行业布局，增加业绩韧性，攻守兼备。Q3毛利率明显改善，预计未来降本增效下盈利空间逐步释放，看好公司长期价值。该行预计公司2024/2025/2026年经调整EPS为-0.12/-0.01/0.06元，SPS为0.40/0.47/0.58元，对应港股PS分别为4/3/2倍。根据可比公司PS估值法，给予公司2025年4倍PS目标估值，对应目标价为2.07港元，维持“推荐”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.