连连数字(2598.HK):上半年TPV增速好于预期 全球支付稳健前景不变

国证国际
Sep 01, 2025

连连数字上半年收入同比增27%,受益于全球/境内支付TPV 同比增94%/28%。我们微调全年收入及经调整EBITDA 利润预测,微调SOTP 目标价,维持买入评级。数字支付主业稳健增长趋势不变,财务上的规模效应有望持续显现。报告摘要上半年主业稳健,确认出售连通部分股权收益:1H25 总收入为7.8 亿元(人民币,下同,列明除外),同比增27%,略高于我们的预期2%,其中全球/境内支付收入同比增...

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