金吾财讯 | 东吴证券发研指，九方智投控股(09636)拟以约1.088亿港元收购Yintech Financial全部股权，并以1,816万港元购买其核心信息系统。Yintech Financial通过附属公司方德证券及方德资本为个人及机构客户提供证券、期货、资产管理等业务，覆盖中国香港及海外金融市场，提供一站式综合金融服务。其核心信息系统涵盖证券、期货和基金柜台系统，支持集中交易管理、清算结算及风险管理，确保业务稳定运营。该行指，同时收购Yintech Financial与核心信息系统的原因：①系统支撑业务连续性：收购系统可避免因系统切换导致的中断风险，确保业务稳定。②降低技术依赖风险：若仅收购公司而未收购系统，可能面临原有系统与自身技术架构不兼容的问题，导致整合成本高、效率低。③避免重复开发成本：直接获取成熟系统可减少自研投入，快速实现业务落地。该行表示，通过本次收购，公司将进一步拓展综合金融服务能力；该行维持盈利预测，预计2025-2027年公司归母净利润分别为12.93、17.01、22.45亿元，分别同比+375%/+32%/+32%，对应9/7/5倍PE，维持“买入”评级。
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