金吾财讯 | 方正证券研报指，OSL集团(00863)是香港首家，也是目前亚洲唯一一家上市虚拟资产交易所。2024年公司新高管团队亮相，助力全球扩张计划。近年来公司营收保持高增速，24年净利润首度转正。该机构指，近年来香港虚拟资产生态持续完善，OSL集团先发优势明显。行业驱动方面，虚拟资产生态圈上市公司估值中枢与比特币价格走势强相关。多重催化下看好虚拟资产市场景气度维持高位：催化一：虚拟资产走势与全球流动性周期高度吻合；催化二：虚拟资产供需结构改善；催化三：各国虚拟资产市场监管推进较快、稳定币生态持续完善。该机构预计2025-2027E公司营业收入7.0、10.6、14.7亿港元，同比+87%、+51%、+38%，实现归母净利润0.19、0.34、0.93亿港元，同比-61%、+80%、+174%；25/7/30收盘价对应25-27E动态PS为14.8x、9.8x、7.1x。给予强烈推荐评级。
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