大行評級|德銀:上調連連數字目標價至12.4港元 境內外TPV增長超預期
德銀髮布研報,維持對連連數字(2598.HK)的“買入”評級,目標價從11.2港元上調至12.4港元。 研報指,2024年營業收入同比增長28%至13.15億元,符合預期;調整後EBITDA虧損收窄至2.8億元,調整後利潤扭虧為盈至7869萬元,超出預期。2024年,全球支付交易流水(TPV)同比增長66%,較該行預期高出28%;在B2B支付快速擴張的推動下,2H24的TPV較1H24增長75%。國內TPV亦同比增長68%至3萬億元,較該行預期高出2%。另外,增值服務(VAS)收入同比增長9%,較該行預期高出2%。 鑑於境內外TPV增長超預期,該行將2025-2027年的TPV預期上調5%,維持經營利潤率不變。另外,考慮到出售連通部分股權的收益,該行將2025年IFRS利潤預測從3100萬元上調至6.46億元,將EBITDA預測從5700萬元上調至7.88億元。
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