Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 18,036,339 thousand[8] - Net profit attributable to ordinary shareholders for the six months ended June 30, 2024, was RMB 2,085,076 thousand[8] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.49[8] - Diluted earnings per share for the six months ended June 30, 2024, was RMB 0.45[9] - Average return on assets for the six months ended June 30, 2024, was 1.30%[9] - Average return on equity for the six months ended June 30, 2024, was 8.49%[9] - Net interest margin for the six months ended June 30, 2024, was 1.30%[9] - Net interest spread for the six months ended June 30, 2024, was 8.49%[9] - Operating cost ratio for the six months ended June 30, 2024, was 3.95%[10] - Total revenue for the first half of 2024 was RMB 18,036,339 thousand, a slight decrease from RMB 18,361,807 thousand in the same period of 2023[11] - Financial services (interest income) contributed RMB 10,699,938 thousand in H1 2024, down from RMB 11,084,837 thousand in H1 2023[11] - Industrial operations revenue increased to RMB 7,244,246 thousand in H1 2024, up from RMB 6,890,244 thousand in H1 2023[11] - Pre-tax profit for H1 2024 was RMB 4,007,621 thousand, compared to RMB 4,990,390 thousand in H1 2023[11] - The net interest margin improved to 4.47% in H1 2024, up from 4.42% in H1 2023[11] - Basic earnings per share for H1 2024 were RMB 0.49, down from RMB 0.73 in H1 2023[11] - Revenue for the first half of 2024 decreased by 1.77% to RMB 18,036.34 million compared to RMB 18,361.81 million in the same period last year[28][30] - Net profit attributable to ordinary shareholders of the company dropped by 32.10% to RMB 2,085.08 million[28] - Financial and consulting segment revenue (before taxes and surcharges) decreased by 6.02% to RMB 10,862.04 million, accounting for 59.99% of total revenue[30][32] - Industrial operations segment revenue increased by 5.14% to RMB 7,244.25 million, contributing 40.01% of total revenue[31][32] - Interest income from financial services declined by 3.47% to RMB 10,699.94 million, representing 59.10% of total revenue[33] - Consulting service revenue plummeted by 65.69% to RMB 162.10 million[31] - The company's interest-bearing assets average balance decreased by 3.91% to RMB 263,959.17 million[29] - Asset provisions surged by 120.49% to RMB 644.11 million[28] - Income from joint ventures and associates plunged by 66.78% to RMB 83.40 million[28] - Tax expenses increased by 13.01% to RMB 1,696.59 million[28] - The average balance of interest-earning assets decreased by 3.91% from RMB 274,693,818 thousand in the first half of 2023 to RMB 263,959,174 thousand in the first half of 2024[36] - The average yield on interest-earning assets improved to 8.11% in the first half of 2024, up from 8.07% in the same period of 2023[37] - The average balance of interest-earning assets in the inclusive finance business increased by 22.20% from RMB 10.817 billion at the end of 2023 to RMB 13.218 billion in the first half of 2024[35] - Interest income from the East China region accounted for 40.89% of total interest income in the first half of 2024, up from 37.52% in the same period of 2023[38] - Service fee income from the financial and consulting division decreased by 65.69% from RMB 472,509 thousand in the first half of 2023 to RMB 162,101 thousand in the first half of 2024[39] - Industrial operations revenue increased by 5.14% from RMB 6,890,244 thousand in the first half of 2023 to RMB 7,244,246 thousand in the first half of 2024[40] - Equipment operations revenue within the industrial operations division increased by 15.85% from RMB 4,205,971 thousand in the first half of 2023 to RMB 4,872,421 thousand in the first half of 2024[41] - Sales costs for the financial and consulting division decreased by 4.19% from RMB 5,008,769 thousand in the first half of 2023 to RMB 4,799,138 thousand in the first half of 2024[45] - Sales costs for the industrial operations division increased by 4.38% from RMB 4,900,457 thousand in the first half of 2023 to RMB 5,115,071 thousand in the first half of 2024[45] - Total sales costs increased by 0.05% from RMB 9,909,226 thousand in the first half of 2023 to RMB 9,914,209 thousand in the first half of 2024[45] - The average cost rate of interest-bearing liabilities decreased to 4.16% in the first half of 2024, down from 4.26% in the same period of 2023, primarily due to lower domestic financing costs and bond market conditions[47][48] - The company's financial and consulting sales costs decreased by RMB 209.631 million to RMB 4,799.138 million in the first half of 2024, compared to RMB 5,008.769 million in the same period of 2023[48] - The industrial operations segment's costs increased by 4.38% to RMB 5,115.071 million in the first half of 2024, with equipment operation costs rising by 19.61% to RMB 3,313.096 million[50] - The company's gross profit decreased by 3.91% to RMB 8,122.130 million in the first half of 2024, with the gross margin dropping from 46.03% to 45.03%[51] - Net interest income decreased by 2.88% to RMB 5,900.800 million in the first half of 2024, while the net interest spread increased by 14 basis points to 3.95%[53][55] - The industrial operations segment's gross profit increased by 7.01% to RMB 2,129.175 million in the first half of 2024, with hospital operation gross profit rising by 15.43% to RMB 464.530 million[56] - The company's other income/earnings decreased by 11.55% to RMB 608.672 million in the first half of 2024, with a significant 75.48% drop in income from off-balance sheet assets[57] - The company's interest income decreased by 3.47% to RMB 10,699.938 million in the first half of 2024, while interest expenses decreased by 4.19% to RMB 4,799.138 million[53] - Sales and administrative expenses increased by RMB 9.103 million (0.26%) to RMB 3,538.985 million in the first half of 2024, driven by market expansion strategies[59] - Other expenses decreased by 11.15% to RMB 41.997 million in the first half of 2024, mainly due to reduced donation expenses[60] - Financial costs rose by 9.29% to RMB 581.489 million in the first half of 2024, primarily due to financing costs in the industrial operations segment[61] - Pre-provision profit decreased by 11.94% to RMB 4,651.728 million in the first half of 2024, with significant declines in financial and consulting segment revenues[62] - Asset provisions increased by 120.49% to RMB 644.107 million in the first half of 2024, with notable changes in interest-earning asset provisions and receivables provisions[63] - Income tax expenses increased by 13.01% to RMB 1,696.585 million in the first half of 2024, driven by higher cross-border withholding taxes[65] - Net profit attributable to ordinary shareholders decreased by 32.10% to RMB 2,085.076 million in the first half of 2024[66] - Basic earnings per share decreased by 32.88% to RMB 0.49 in the first half of 2024[67] Asset and Liability Management - Asset-liability ratio as of June 30, 2024, was 83.67%[10] - The company's total assets as of June 30, 2024, stood at RMB 361,642,055 thousand, slightly up from RMB 361,362,852 thousand at the end of 2023[12] - The asset-liability ratio was 83.67% as of June 30, 2024, down from 84.38% at the end of 2023[12] - Non-performing asset ratio remained stable at 1.04% as of June 30, 2024, compared to 1.05% at the end of 2023[13] - Provision coverage ratio was 227.21% as of June 30, 2024, down from 234.87% at the end of 2023[13] - Total assets increased by 2.89% to RMB 361,642.055 million as of June 30, 2024, while interest-earning assets decreased by 1.01%[70] - The company's total assets increased by 2.89% to RMB 361.64 billion as of June 30, 2024, compared to RMB 351.48 billion as of December 31, 2023[72] - Interest-earning assets accounted for 71.92% of the company's total assets as of June 30, 2024, with a slight decrease of 1.01% in net interest-earning assets to RMB 266.38 billion[73][74] - The company's cash and cash equivalents increased significantly by 21.71% to RMB 22.95 billion as of June 30, 2024[72] - The cultural tourism sector saw a 21.54% increase in net interest-earning assets to RMB 30.70 billion as of June 30, 2024[78] - The consumer goods sector experienced a 23.95% growth in net interest-earning assets to RMB 28.25 billion as of June 30, 2024[78] - The urban public utilities sector's net interest-earning assets decreased by 11.62% to RMB 94.69 billion as of June 30, 2024[78] - The company's financial assets measured at fair value through profit or loss increased by 85.46% to RMB 16.40 billion as of June 30, 2024[72] - The company's provision for financial assets measured at fair value through profit or loss increased by 62.72% to RMB 50.57 million as of June 30, 2024[74] - The company's inclusive finance business maintained steady growth, with net interest-earning assets increasing to RMB 13.96 billion as of June 30, 2024[79] - The company decided to no longer invest in long-term infrastructure projects and accelerated the disposal of such assets, with a balance of RMB 7.721 billion as of June 30, 2024[80] - The interest-earning assets in East China accounted for 43.34% of the total, with a balance of RMB 115.46 billion as of June 30, 2024[82] - The interest-earning assets in the city utility sector in East China accounted for 44.27% of the total, with a balance of RMB 41.92 billion as of June 30, 2024[83] - Interest-earning assets due within 1 year increased to 59.54% of the total, with a balance of RMB 158.59 billion as of June 30, 2024[85] - Interest-earning assets due within 1 year accounted for 61.07% of the total, with a balance of RMB 162.67 billion as of June 30, 2024[87] - The proportion of interest-earning assets due in 3 years and above decreased by 49.21%, with a balance of RMB 4.95 billion as of June 30, 2024[87] - Total interest-bearing assets amounted to RMB 266.38 billion as of June 30, 2024, with normal assets accounting for 93.15%[97] - The proportion of special mention assets decreased by 0.16 percentage points to 5.81% compared to the end of 2023[97] - The non-performing asset ratio remained stable at 1.04% as of June 30, 2024[97] - The urban public utilities sector accounted for 38.50% of total special mention assets, with a sector-specific ratio of 6.30%[98] - The company successfully implemented diversified disposal strategies, including collateral and pledge disposal, flexible debt transfer, and legal enforcement[94] - The company restructured its asset management organization to enhance efficiency and risk control, establishing separate departments for customer monitoring and asset disposal[92] - A new asset disposal department was established with specialized teams to maximize risk reduction and recovery[93] - The company optimized its post-lease operation system, integrating disposal strategies, decision-making, execution, data monitoring, and system optimization[93] - The company implemented a refined incentive mechanism to maximize asset disposal value and potential[95] - The company maintained a stable asset quality despite a slight decrease in total assets during the reporting period[91] - The proportion of attention assets in the cultural tourism sector is 20.09%, with the sector's attention asset ratio at 10.13%, higher than the company's overall attention asset ratio[99] - The proportion of attention assets in the engineering construction sector is 14.79%, with the sector's attention asset ratio at 6.78%, slightly higher than the company's overall attention asset ratio[99] - The proportion of attention assets in the healthcare sector is 11.39%, with the sector's attention asset ratio at 9.09%, slightly higher than the company's overall attention asset ratio[100] - The total attention assets as of June 30, 2024, amounted to RMB 15,485,788 thousand, with the healthcare sector accounting for RMB 1,763,291 thousand (11.39%) and the cultural tourism sector accounting for RMB 3,110,590 thousand (20.09%)[101] - The non-performing asset ratio as of June 30, 2024, was 1.04%, with the total non-performing assets amounting to RMB 2.774 billion[102] - The proportion of non-performing assets in the urban public utilities sector is 45.70%, with the sector's non-performing asset ratio at 1.34%[103] - The proportion of non-performing assets in the transportation and logistics sector is 18.90%, with the sector's non-performing asset ratio at 2.53%[104] - The proportion of non-performing assets in the cultural tourism sector is 10.52%, with a sector-specific non-performing asset ratio of 0.95%, showing a significant decrease compared to previous periods[105] - The mechanical manufacturing sector's non-performing assets account for 6.47% of total non-performing assets, with a sector-specific ratio of 1.14%, indicating a slight decline[105] - The healthcare sector's non-performing assets decreased to 174,641 thousand RMB, representing 6.30% of total non-performing assets, down from 11.77% in December 2023[106] - The urban utilities sector holds the largest share of non-performing assets at 45.70%, amounting to 1,267,506 thousand RMB[106] - The total non-performing assets as of June 30, 2024, were 2,773,644 thousand RMB, with a non-performing asset ratio of 1.04%, consistent with the previous period[112] - The non-performing asset generation rate for the period was 0.12%, a decrease from 0.51% in December 2023[112] - The cultural tourism sector's substandard assets decreased to 11,350 thousand RMB, representing 0.86% of total substandard assets, down from 2.61% in December 2023[107] - The urban utilities sector's substandard assets decreased to 684,838 thousand RMB, representing 51.85% of total substandard assets, down from 59.15% in December 2023[107] - The healthcare sector's doubtful assets increased to 105,073 thousand RMB, representing 7.23% of total doubtful assets, up from 4.53% in December 2023[108] - The urban utilities sector's doubtful assets increased to 582,668 thousand RMB, representing 40.11% of total doubtful assets, up from 19.09% in December 2023[108] - Non-performing asset provision ratio decreased to 26.24% as of June 30, 2024, compared to 26.49% at the end of 2023[114] - Provision coverage ratio stood at 227.21% as of June 30, 2024, slightly down from 227.59% at the end of 2023[114] - Credit cost rate remained stable at 0.13% as of June 30, 2024, consistent with the rate at the end of 2023[114] - Write-off ratio for non-performing assets was 11.85% as of June 30, 2024, significantly lower than 49.41% at the end of 2023[116] - Over 30 days delinquency rate decreased to 0.90% as of June 30, 2024, down by 0.01 percentage points from the end of 2023[119] - Urban public utilities accounted for 38.

非银行金融 2024 年 08 月 11 日 远东宏信(3360.HK) 中期分红提升回报，股份回购彰显信心 推荐（维持） 事项： 股价：5.46 港元 主要数据 行业 非银行金融 公司网址 www.f ehorizon.com 大股东/持股 中化资本投资管理（香港）有限公司 /21.29% 实际控制人 总股本(百万股) 4,320 流通 A 股(百万股) 流通 B/H 股(百万股) 4,320 总市值（亿港元） 236 流通 A 股市值(亿元) 每股净资产(元) 11.16 资产负债率(%) 83.67 行情走势图 相关研究报告 【平安证券】远东宏信（3360.HK）*公司首次覆 盖报告 *租赁龙头穿越牛熊，高股息特色鲜明*推荐20240422 证券分析师 | --- | --- | |--------|-----------------------------| | 王维逸 | 投资咨询资格编号 | | | S1060520040001 | | | BQC673 | | | WANGWEIYI059@pingan.com.cn | | 李冰婷 | 投资咨询资格编号 | | | S1060520040002 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 52周内股价走势图 -22% -14% -5% 3% 11% 19% 远东宏信 恒生指数 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 本报告导读： 投资要点： [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | liji ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3360） 截至二零二四年六月三十日止六個月中期業績公告 | --- | --- | |--------------------|------------------------------------------------------------------------| | | | | 附載的資料之要求。 | 報告全文，並符合香港聯合交易所有限公司證券上市規則有關中期業績初步公告 | | | 承董事局命 | | | 遠東宏信有限公司 主席、行政總裁及執行董事 | | | 孔繁星 | | | | 香港，二零二四年八月九日 於本公告日期，本公司的執行董事為孔繁星先生（主席）、王明哲先生及曹健先 生；本公司非執行董事為陳樹民先生、衛濛濛女士、劉海峰先生、郭明鑑先生及 羅強先生；以及本公司獨立非執行董事為韓小京先生、劉嘉凌先生、葉偉明先生 及黃家輝先生。 →◇γγ ...

证券研究报告 | 2024年05月07日 远东宏信（03360.HK）2023 年报点评 买入 规模平稳，质量向好 核心观点 公司研究·财报点评 收入利润增长，盈利能力回落。公司2023年实现收入总额380亿元，同比 银行·其他银行Ⅱ 增长3.8%；2023年实现归属于母公司普通股股东净利润62亿元，同比增长 证券分析师：孔祥 证券分析师：陈俊良 1.0%。2023年加权平均ROE13.0%，同比下降1.1个百分点。 021-60375452 021-60933163 kongxiang@guosen.com.cn chenjunliang@guosen.com.cn 资产规模保持稳定。公司2023年末总资产同比增长1.3%至3515亿元，规模 S0980523060004 S0980519010001 保持稳定，其中贷款及应收款项同比增长1.4%至2708亿元。《2023年中国 证券分析师：王剑 021-60875165 租赁行业发展报告》显示2023年全国融资租赁合同余额同比下降3.6%，整 wangjian@guosen.com.cn 个行业处于收缩阶段，远东宏信表现略好于行业整体水平。 S098051 ...

Financial Performance and Growth - The company achieved steady growth in revenue and profitability in 2023, with financial business remaining stable and asset quality improving[10] - The company's total assets reached RMB 3,514.83 billion at the end of 2023, a year-on-year increase of 1.29%, with annual revenue of RMB 379.60 billion, up 3.76% year-on-year, and net profit attributable to ordinary shareholders of RMB 6.193 billion, a year-on-year increase of 1.04%[13] - Total revenue for 2023 reached RMB 37,959,798 thousand, a 3.8% increase from RMB 36,585,722 thousand in 2022[19] - Net profit attributable to ordinary shareholders was RMB 6,192,972 thousand in 2023, slightly up from RMB 6,128,954 thousand in 2022[19] - The company's average return on equity was 12.99% in 2023, with a proposed dividend of HKD 0.50 per share[13] - The company's diluted earnings per share were RMB 1.33 in 2023, with an average return on assets of 1.98% and an average return on equity of 12.99%[17] - The company's asset-liability ratio decreased from 84.89% in 2022 to 83.62% in 2023, with net assets per share increasing from RMB 10.49 in 2022 to RMB 11.61 in 2023[18] - The group's revenue for 2023 reached RMB 37,959.798 million, a 3.76% increase compared to the previous year[36][38] - Net profit attributable to ordinary shareholders of the company for 2023 was RMB 6,192.972 million, a 1.04% increase compared to the previous year[36] - The company's total assets increased by 1.29% to RMB 351.48 billion as of December 31, 2023, compared to RMB 346.99 billion in the previous year[80] - The company's cash and cash equivalents increased significantly by 18.54% to RMB 18.85 billion as of December 31, 2023[80] - The company's total liabilities decreased by RMB 640.439 million (0.22%) to RMB 293,913.636 million as of December 31, 2023, with interest-bearing bank and other financing accounting for 86.98% of total liabilities, an increase of 1.65 percentage points compared to the previous year[141][142] - The company's property, plant, and equipment balance was RMB 23,513.055 million, including RMB 18.2 billion for equipment operations and RMB 3.3 billion for hospital buildings and medical equipment[139] - The company's investment in joint ventures and associates amounted to RMB 9,105.237 million, including RMB 5,093.862 million in equity investments in provincial asset management companies[139] - The company's financial assets measured at fair value through profit or loss totaled RMB 8,841.595 million, including RMB 3.22 billion in interest-bearing assets and RMB 2.85 billion in other debt investments[140] - The company's total assets under asset-backed securities/notes decreased by 71.83% to RMB 1,649 million as of December 31, 2023, compared to RMB 5,853 million in the previous year[137] - The company's self-held portion of asset-backed securities/notes decreased by 58.55% to RMB 369.172 million as of December 31, 2023, compared to RMB 890.572 million in the previous year[137][138] - The company's deferred tax assets amounted to RMB 6,052.352 million, primarily due to timing differences between accounting and tax treatments[139] - The company's prepayments and other receivables stood at RMB 4,374.919 million, mainly consisting of prepayments to suppliers for machinery and equipment[139] - The company's restricted deposits amounted to RMB 3,149.062 million as of December 31, 2023[139] - The total interest-bearing bank and other financing of the company amounted to RMB 255,636,145 thousand as of December 31, 2023, an increase of 1.71% compared to the end of the previous year[144] - The proportion of current interest-bearing bank and other financing increased to 51.79% as of December 31, 2023, up from 49.12% at the end of the previous year, mainly due to a reduction in the issuance scale of long-term bonds overseas[145][146] - The proportion of unsecured interest-bearing bank and other financing decreased to 82.13% as of December 31, 2023, down from 84.95% at the end of the previous year, as the company obtained more low-cost funds through asset pledges[147] - Bank loans accounted for 60.87% of the total interest-bearing bank and other financing as of December 31, 2023, an increase of 15.91% compared to the end of the previous year, reflecting the company's deepening cooperation with banks[149] - Domestic financing accounted for 84.59% of the total interest-bearing bank and other financing as of December 31, 2023, an increase of 3.73% compared to the end of the previous year, as the company balanced domestic and overseas financing channels[150][151] - RMB-denominated financing accounted for 81.35% of the total interest-bearing bank and other financing as of December 31, 2023, an increase of 4.56% compared to the end of the previous year, as the company actively promoted RMB financing both domestically and internationally[152][153] - Indirect financing accounted for 69.67% of the total interest-bearing bank and other financing as of December 31, 2023, an increase of 15.73% compared to the end of the previous year, as the company optimized its financing structure and increased indirect financing[155] - The total equity of the company amounted to RMB 57,569,600 thousand as of December 31, 2023, an increase of 9.78% compared to the end of the previous year, driven by steady profit growth and the successful listing of Hongxin Construction[156] - Total equity increased by 9.78% to RMB 57.57 billion in 2023, compared to RMB 52.44 billion in 2022[157] - The company's ordinary shareholders' equity rose by 10.72% to RMB 50.10 billion in 2023, up from RMB 45.25 billion in 2022[157] - Non-controlling interests surged by 43.39% to RMB 5.90 billion in 2023, compared to RMB 4.11 billion in 2022[157] - Perpetual securities decreased by 48.91% to RMB 1.57 billion in 2023, down from RMB 3.08 billion in 2022[157] - The company proposed a special dividend in the form of a distribution of approximately 160 million Hongxin Construction shares, representing about 5% of the total issued shares of Hongxin Construction as of December 6, 2023[160] - The total dividend payable for the special dividend in kind was approximately RMB 664 million, based on the closing price of Hongxin Construction shares on December 29, 2023[160] - The listing of Hongxin Construction on the Hong Kong Stock Exchange on May 25, 2023, resulted in an increase of approximately RMB 870 million in the equity attributable to ordinary shareholders of the company[161] - The company updated its medium-term note and perpetual securities program on July 24, 2023, allowing for the issuance of up to USD 4 billion in notes and/or perpetual securities[165] - The company issued and outstanding convertible bonds as of December 31, 2023, include a $300 million bond due in 2025 with a 2.5% annual interest rate, and a $250 million zero-coupon bond due in 2026[166][167] - The net proceeds from the $300 million bond issuance were approximately $296.6 million, with a net conversion price of approximately HK$8.24 per share[166] - The net proceeds from the $250 million bond issuance were approximately $246 million, with a net conversion price of approximately HK$10.01 per share[167] - As of December 31, 2023, the outstanding principal amount of the $300 million bond was $290 million after redeeming $10 million in July 2023[166] - The outstanding principal amount of the $250 million bond remained at $250 million as of December 31, 2023[167] - If all convertible bonds were fully converted, the company would issue 569,336,712 shares, representing approximately 13.19% of the issued share capital as of December 31, 2023[170] - The conversion of all convertible bonds would dilute the shareholding percentage of major shareholders, with China National Chemical Corporation's stake decreasing from 21.31% to 18.83%[171] - The company's credit ratings remained unchanged in 2023, and it has sufficient cash flow and bank credit lines to fully repay the convertible bonds at maturity[173] - The implied internal rate of return for the convertible bonds issued on July 8, 2020, and June 15, 2021, indicates that bondholders will receive equally favorable economic returns whether they choose to convert or redeem the bonds by the end of 2023 to 2025. The corresponding stock prices are HKD 6.59 for 2023 and 2024, and HKD 8.94, 9.12, and 9.30 for 2023, 2024, and 2025, respectively[174] - The conversion prices for the convertible bonds issued in July 2020 and June 2021 were adjusted to HKD 6.48 and HKD 8.35 per share, respectively, due to the payment of special dividends on January 22, 2024. If all conversion rights are exercised, the company will issue 579,227,090 shares[175] - The company's asset-liability ratio was 83.62% as of December 31, 2023, compared to 84.89% in the previous year, reflecting a slight improvement in capital management[177][178] - The risk asset-to-equity ratios for the company's financing leasing subsidiaries were 4.58, 3.49, 1.57, and 4.34 as of December 31, 2023, all of which comply with regulatory requirements[179][180][181][182] - The company's capital expenditure for 2023 was RMB 2,880.915 million, primarily used for property, plant, and equipment additions, as well as external equity investments[183] Credit Ratings and ESG Performance - Far East Horizon's credit rating was confirmed as "BBB-" by S&P Global Ratings with a "stable" outlook, and its standalone credit profile (SACP) was upgraded to "bbb-"[10] - The company received an "A" rating from MSCI for ESG for two consecutive years, with its sustainable financing framework achieving the highest score among Asian financial institutions by Moody's and Fitch[10] Industrial Operations and Market Expansion - Far East Horizon's industrial operations saw breakthroughs, with Hongxin Construction successfully spinning off and listing, and continued expansion in overseas markets[10] - The company's healthcare business, Hongxin Health, returned to normal operating conditions, with operational efficiency continuously improving[10] - Far East Horizon operates in multiple sectors including healthcare, tourism, construction, machinery, chemicals, electronics, consumer goods, logistics, and urban utilities[7] - The company has established a nationwide service network with offices in major cities such as Beijing, Shanghai, Shenzhen, and Chengdu[8] - The company's headquarters is located in Hong Kong, with business operation centers in Shanghai, Tianjin, and Guangzhou[8] - Far East Horizon was listed on the Hong Kong Stock Exchange on March 30, 2011, under the stock code 03360[8] - Far East Horizon has been recognized in the Fortune China 500 and Forbes Global 2000 rankings[7] - The industrial operation segment achieved a total revenue of RMB 14.739 billion in 2023, a year-on-year increase of 11.38%, with its revenue contribution ratio rising from 36.02% to 38.68%[12] - Hongxin Jianfa, a leading equipment operation service provider in China, expanded its overseas market and increased its total revenue to RMB 9.611 billion in 2023, a year-on-year growth of 22.00%, with adjusted annual profit reaching RMB 1.043 billion, up 10.65% year-on-year[12] - Hongxin Jianfa's aerial work platform management scale reached 177,600 units by the end of 2023, ranking first in Asia and top three globally, with material asset management scale of approximately 2.28 million tons, maintaining domestic leadership[12] - Hongxin Health achieved a total revenue of RMB 4.238 billion in 2023, a year-on-year increase of 15.53%, with annual profit surging 252.75% year-on-year to RMB 172 million[12] - The company expanded its overseas market with new outlets in Malaysia and Indonesia, steadily advancing its international business[33] - The company's financial services (interest income) increased by 3.64% to RMB 22,467.103 million, while consulting services (fee income) decreased by 50.82% to RMB 896.331 million[39][40] - Industrial operations revenue increased by 11.38% to RMB 14.739 billion, with Hongxin Construction contributing RMB 9.611 billion (up 22.00%) and Hongxin Health contributing RMB 4.238 billion (up 15.53%)[41] - Non-leasing business accounted for 46.51% of total revenue (pre-tax), with new business directions like inclusive finance and commercial factoring contributing 5.48% of interest income[41] - Interest income from financial services increased by 3.64% to RMB 22.467 billion, accounting for 58.97% of total revenue (pre-tax)[42] - The average yield on interest-earning assets rose to 8.24% in 2023, up 0.24 percentage points from 8.00% in 2022[46] - Interest income from new business directions (inclusive finance, commercial factoring, and asset business) increased by 12.09% to RMB 2.087 billion, with an average yield showing steady growth[44] - Service fee income from consulting services decreased by 50.82% to RMB 896.331 million, accounting for 2.35% of total revenue (pre-tax)[48] - Sales costs increased by 10.10% to RMB 19.959 billion, with financial and consulting division costs rising by 10.82% to RMB 9.982 billion[52] - Hongxin Construction's operating costs increased by 23.28% to RMB 5.849 billion, while Hongxin Health's operating costs rose by 13.13% to RMB 3.473 billion[52] - Financial and consulting division costs increased by 10.82% to RMB 9,982,081 thousand in 2023, accounting for 50.01% of total sales costs[54][57] - Industrial operations division costs rose by 9.39% to RMB 9,976,734 thousand in 2023, with equipment operation costs surging 23.28% to RMB 5,849,180 thousand[54][59] - The company's gross profit decreased by 2.48% to RMB 18,000,983 thousand in 2023, with gross margin dropping from 50.45% to 47.42%[60] - Net interest income declined by 1.46% to RMB 12,485,022 thousand in 2023, while net interest spread increased by 4 basis points to 3.98%[62][64] - Industrial operations division gross profit grew 15.80% to RMB 4,762,537 thousand in 2023, with hospital operations gross profit surging 27.83% to RMB 765,180 thousand[65] - The company's average cost rate for interest-bearing liabilities increased to 4.26% in 2023, up from 4.06% in 2022[56][57] - Interest expense rose 10.82% to RMB 9,982,081 thousand in 2023, outpacing the 3.64% growth in interest income[62] - Equipment operation gross profit increased 20.06% to RMB 3,761,401 thousand in 2023, accounting for 78.98% of industrial operations gross profit[65] - Other income/earnings decreased by 21.55% to RMB 1,559,591 thousand in 2023, with gains from equity and debt investments surging 163.97% to RMB 507,929 thousand[66] - The company's average balance of interest-bearing liabilities increased to RMB 234,089,521 thousand in 2023, up from RMB 221,672,148 thousand in 2022[56] - Government subsidies for the period amounted to approximately RMB 160 million, including VAT deduction benefits, enterprise development subsidies, and government support funds[67] - Sales and administrative expenses increased by 19.59% to RMB 8,121,968 thousand, driven by market expansion strategies[68] - Other expenses decreased by 86.43% to RMB 55,090 thousand, with significant reductions in exchange losses and bank fees[69] - Financial costs decreased slightly by 1.59% to RMB 1,037,956 thousand, primarily related to financing costs for the industrial operations division[70] - Pre-provision profit decreased by 14.66% to RMB 10,614,851 thousand, impacted by rising financing costs and reduced gains from off-balance sheet assets[71] - Asset provisions decreased by 91.05% to RMB 189,591 thousand, with significant reversals in fixed asset provisions due to improved market conditions[72] - Income tax expenses decreased by 5.66% to RMB 3,508,237 thousand, mainly due to a reduction in cross-border withholding taxes[74] - Net profit attributable to ordinary shareholders increased by 1.04% to RMB 6,192,972 thousand, with basic earnings per share rising by 0.68% to RMB 1.47[75][76] - Total assets increased by 1.29% to RMB 351,483,236 thousand, while interest-earning assets decreased by 0.56% to RMB 269,084,739 thousand[79] - The company's total assets increased by 1.29% to RMB 351.48

2024年03月15日 公 司点评 公 买入 / 维持 司 远东宏信(03360) 研 究 目标价: 昨收盘:6.05 非银行金融 多元金融 远东宏信 2023 年报点评：稳金融、扩产业、强化高股息 事件：远东宏信发布2023年年度报告，报告期内实现营收379.60亿 ◼ 走势比较 元，同比+3.76%；实现归母净利润61.93亿元，同比+1.04%。未计税金及 附加前，金融及咨询分部收入为233.63亿元，同比-0.58%，产业运营收 10% 入为147.39亿元，同比+11.38%。 太 2% 金融业务保持稳定，新型业务拓展对冲咨询收入下滑。受制于目标客 平 (6%)51/3/32 72/5/32 8/8/32 02/01/32 1/1/42 41/3/42 群 积基 极本 拓展稳定 普和 惠金咨询 融、需 商求 业下 保降 理， 、公 资司 产咨 业询 务业 等务 新收 型入 业同 务比 ，贡-5 献0. 利82 息%； 收同 入时 2公 0.司 87 洋 (14%) 亿元，同比+12.09%，对咨询收入下滑形成一定对冲。规模上，公司生息 证 (22%) 资产平均余额为2710.19亿元，同比+0.67 ...

[Table_Page] 年报点评|多元金融 证券研究报告 [【Table_T广itle] 发 非 银 & 海 外 】 远 东 宏 信 [公Tab司le_I评nves级t] 增持 当前价格 6.35港元 （03360.HK） 合理价值 7.9港元 前次评级 增持 弱化城市公用投放，各指标稳中求进 报告日期 2024-03-14 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 远东宏信发布2023年年报，2023年营业收入379.60亿元，同比微增 7% 3.76%，归母净利润61.93亿元，同比增长1.04%。 1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 ⚫ 金融咨询分部：生息资产投放趋于审慎，城市公用压降明显。（1）城 -5% 市公用占比受到明显压缩。截至2023年底，公司生息资产合计2690.85 -12% 亿元，同比下降0.56%，其中城市公用占比自2022年的50.97%下降 -18% 到 2023 年的 39.82%，回到 2020 年前的水平，第二大投放行业工程 -24% 建设占比自2022年的8. ...

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[远I Tnaf 东bol]e 宏_Ti信tle]（ 3360） [评Tab级le_：Inv est] 增持 当前价格（港元）： 6.35 产业运营发力推动业绩实现跨周期增长 2024.03.14 海 ——远东宏信2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 谢雨晟(分析师) 52周内股价区间（港元） 5.01-7.32 当前股本（百万股） 4,315 公 021-38676647 021-38674943 当前市值（百万港元） 27,401 司 liuxinqi@gtjas.com Xieyusheng@gtjas.com 证书编号 S0880515050001 S0880521120003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司2023年营收同比3.76%，主要得益于产业运营较快增长；归母净利润同比1.04%， 远东宏信 恒生指数 香 符合预期，维持“增持”评级，维持目标价11.96港元。 7% 摘要： 港 1% [T abl ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3360） 截至二零二三年十二月三十一日止年度全年業績公告 遠東宏信有限公司（「本公司」）董事局（「董事局」）謹此公佈本公司及其附屬公司 （「本集團」）截至二零二三年十二月三十一日止年度之經審計財務業績。本公告列 載本公司二零二三年年度報告全文，並符合香港聯合交易所有限公司證券上市規 則有關年度業績初步公告附載的資料之要求。 承董事局命 遠東宏信有限公司 主席、行政總裁及執行董事 孔繁星 香港，二零二四年三月十三日 於本公告日期，本公司的執行董事為孔繁星先生（主席）、王明哲先生及曹健先 生；本公司的非執行董事為陳樹民先生、衛濛濛女士、劉海峰先生、郭明鑑先生 及羅強先生；以及本公司的獨立非執行董事為韓小京先生、劉嘉凌先生、葉偉明 先生及黃家輝先生。 (3) 速東宏信有限公司 · 2023年度報告 目 鐵 公司简介 - 聯絡職 業績搬覧 - 必荣信息 理會討論與分析 ...