CICC: Maintains outperform rating on SY Holdings (06069), target price of HKD 15.

Zhongjin released a research report stating that considering the friction cost brought by the business structure transformation of SY HOLDINGS (06069), the profit forecast for 2026 is revised down by 6.5% to 610 million yuan, and the profit forecast for 2027 is introduced at 790 million yuan. The company's current trading P/E ratio is 14.8x/11.4x for 26e/27e, maintaining an outperform industry rating and a target price of 15 Hong Kong dollars (corresponding to 21.8x/16.8x 26e/27e P/E), with a 47% upside potential. Key points from Zhongjin are as follows: The company's performance in 2025 is slightly below the bank's expectations The company's revenue in 2025 is expected to be -1.7% year-on-year to 900 million yuan, with a net profit attributable to the parent company increasing by 26% year-on-year to 480 million yuan, slightly below the bank's previous expectations. The main reasons are that the transformation process of the light-asset business exceeded expectations and the decline in revenue from digital financial solutions was significant. In addition, the company values shareholder returns and has announced a dividend of 0.405 yuan per share and a special dividend of 0.23 yuan per share for the year 2025, making the shareholder return level attractive. Continued progress in the light-asset transformation strategy, further optimization of revenue structure In 2025, the company's platform technology service revenue is expected to increase by 36.6% year-on-year to 470 million yuan, while revenue from digital financial solutions is expected to decrease by 28% year-on-year to 380 million yuan. The proportion of technology revenue in total revenue is expected to increase by 14.7 percentage points to 52.4%. Under the drive of the deepening of the light-asset strategic transformation, the total revenue of the company has slightly decreased, with the revenue structure further optimized. The bank believes that under the optimized business structure, the company is expected to further enhance revenue stability and improve long-term profit quality. E-commerce, overseas expansion, AI, and other businesses are expected to open up new growth space In addition to continuing to cultivate traditional advantageous industries such as infrastructure, pharmaceuticals, and commodities, the company has accelerated the expansion of e-commerce, overseas expansion, and other high-growth sectors in recent years. As of the end of 2025, the cumulative platform service business scale of the e-commerce sector has exceeded 6 billion yuan, an increase of more than 4.4 times from the end of 2024. In terms of overseas expansion, the company has established an international headquarters in Singapore, with a professional team in development. As of the end of 2025, the company has reached strategic cooperation with nearly 10 companies planning to go public, such as Siasun Robot & Automation, Yangtze Optical Fibre and Cable Joint Stock, JiKangYin, and Carro. In addition, in 2025, the company achieved AI service contract revenue of 17 million yuan and recognized AI service revenue of about 2.3 million yuan for the first time. The bank believes that the company is expected to leverage its technological and data foundation to drive service capabilities in e-commerce and overseas expansion, providing new drive for long-term growth. Risk Warning: Platform transformation progress falling short of expectations, new business development falling short of expectations, macroeconomic fluctuations, and pressure on asset quality. (Note: Some industry-specific terms and company names may not have direct translations and have been retained as is.)