Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 79.94, corresponding to a 2024 P/B of 1.14x [3][4]. Core Views - The report highlights that the improvement in performance is driven by both asset and liability sides, with expectations of revenue growth from increased leasing rates and reduced financing costs due to anticipated interest rate declines [3][25]. - The demand for air transport is recovering, leading to an expected increase in leasing rates, while the company's financing costs are projected to decrease as global interest rates decline [3][36]. Summary by Sections 1. Company Overview - The report identifies the company as one of the largest aircraft operating leasing firms globally, with a strong management team and a focus on operational leasing, which alleviates cash flow pressures for airlines [9][19]. - The company has shown resilience and recovery in performance post-pandemic, with a significant rebound in 2023 [25][22]. 2. Supply and Demand Dynamics - The report notes a mismatch in supply and demand, with strong aircraft demand driving rental yield increases, while financing costs are expected to decline due to lower interest rates [3][38]. - The aircraft manufacturing capacity is limited, primarily relying on Boeing and Airbus, which affects the supply of new aircraft to meet rising demand [38]. 3. Financial Projections - Revenue forecasts for 2024-2026 are projected at USD 2.533 billion, USD 2.697 billion, and USD 2.835 billion, reflecting year-on-year growth rates of 2.9%, 6.5%, and 5.1% respectively [3][7]. - Net profit estimates for the same period are USD 783 million, USD 892 million, and USD 991 million, with growth rates of 2.5%, 13.9%, and 11.2% respectively [3][7]. 4. Revenue Composition - In 2023, the company achieved rental income of USD 1.911 billion, accounting for 77.6% of total revenue, with a year-on-year growth of 7.1% [27][29]. - The increase in rental income is attributed to the growth in the number of aircraft in the operating lease fleet and improved rental yield [27][29].

股 票 研 [Table_industryInfo] 电子元器件 [ T究able_Main[ 2T I 0na 2fbo 4le] . _ 0T 5i .t 2le 60 ] [评Tab级le_：Inv est] 增持 上次评级： 增持 AI 手机走向 AIOS，系统级 AI 定位端侧智能助理 行 舒迪(分析师) 文紫妍(分析师) 陈豪杰(研究助理) 业 021-38676666 021-38038321 021-38038663 重点覆盖公司列表 更 shudi@gtjas.com wenziyan@gtjas.com chenhaojie026733@gtjas.com [ 代T 码ab le_Com 公p 司an 名y] 称 评级 证书编号 S0880521070002 S0880523070001 S0880122080153 新 002475 立讯精密 增持 本报告导读： 002938 鹏鼎控股 增持 AI手机时代来临，基于意图交互的AI OS及具有自主规划和执行的AI助理将赋予用 603296 华勤技术 增持 户个性化、智能化的服务体验，驱动新一轮换机浪潮，相关供应链深度受益。 摘要： 6880 ...

股 票 研 究 [Table_industryInfo] 建筑工程业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 8] [评Tab级le_：Inv est] 增持 上次评级: 增持 深化电力体制改革，推荐建筑新能源龙头 [细Ta分bl行e_业su评bI级nd ustry] 行 业 韩其成(分析师) 郭浩然(分析师) 事 021-38676162 010-83939793 件 hanqicheng8@gtjas.com guohaoran025968@gtjas.com 证书编号 S0880516030004 S0880524020002 快 评 本报告导读： 企业和专家座谈会就深化电力体制改革等提出意见建议，国电投强调当好构建新型电 [相Ta关ble报_D告oc Report] 力系统和新型能源体系的主力军和排头兵。推荐建筑+新能源中国能建、中国电建等。 建筑工程业《地产新政各方加速落实，低 摘要： 空经济地区规划频出》 2024.05.26 [总Ta书bl记e_S座u谈mm会ar听y]取 深化电力体制改革建议，国电投强调构建新型电力系 建筑工程业《财政地 ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 8] [评Tab级le_：Inv est] 增持 上次评级: 增持 响应调降利率，解除购房约束 [细Ta分bl行e_业su评bI级nd ustry] 行 ——对上海发布房地产优化政策的点评 业 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 事 010-83939826 010-83939815 021-38675923 件 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 快 评 本报告导读： 上海跟进房地产政策优化调整，涉及范围广，其中最关键的是利率政策，年初至今贷 [相Ta关ble报_D告oc Report] 款利率已累计下调60BP；预期政策将进一步提振市场信心，带来交易活跃度的提升。 房地产《2014还是2016，都来自金融创新》 摘要： 2024.0 ...

Investment Rating - The investment rating for the industry is "Add" [1] Core Insights - The performance of WeBank in 2023 met expectations, with significant loan issuance driving asset expansion, while net interest margin increased against the trend, although asset quality showed slight pressure [2] - Total assets of WeBank grew by 13.0% in 2023, an increase of 3 percentage points compared to 2022, with loans increasing by 77.5 billion yuan, a year-on-year growth of 23.0% [2] - The loan structure revealed a 28.4% increase in corporate loans and a 20.61% increase in personal loans, while the bill size decreased by 1.68 billion yuan [2] - The total liabilities of WeBank grew by 11.87%, with deposits only increasing by 5.22%, and the bond payable scale expanded by 3.67 times [2] - Operating income increased by 11.3% year-on-year, with net interest income rising by 20.8%, while net profit grew by 21% despite a decline of 8.8% compared to 2022 [2] - The net interest margin for 2023 was 6.18%, up by 50 basis points from 2022, driven by changes in asset structure [2] - The non-performing loan ratio was 1.46%, remaining stable compared to 2022, while the provision coverage ratio decreased by 61.4 percentage points to 352.64% [2] - Looking ahead to 2024, WeBank's performance may align more closely with industry averages, with potential pressure on loan growth due to factors like loan repricing and LPR adjustments [2] Summary by Sections - **Asset Expansion**: WeBank's total assets increased by 13.0% in 2023, with loans contributing significantly to this growth [2] - **Loan Structure**: Corporate loans grew by 28.4% and personal loans by 20.61%, while the bill size decreased [2] - **Liabilities**: Total liabilities increased by 11.87%, with a notable expansion in bond payables [2] - **Performance Metrics**: Operating income rose by 11.3%, with net interest income and net profit also showing positive growth [2] - **Interest Margin**: The net interest margin improved to 6.18%, influenced by asset structure changes [2] - **Asset Quality**: The non-performing loan ratio remained stable, but the provision coverage ratio saw a significant decline [2] - **Future Outlook**: Anticipated alignment with industry averages in 2024, with potential challenges in loan growth [2]

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 8] [评Tab级le_：Inv est] 增持 上次评级： 增持 解开金融链与实物链，利率是核心 [细Ta分bl行e_业su评bI级nd ustry] 行 业 谢皓宇(分析师) 白淑媛(分析师) 黄可意(研究助理) 更 010-83939826 021-38675923 010-83939815 新 xiehaoyu@gtjas.com baishuyuan@gtjas.com huangkeyi028691@gtjas.com 证书编号 S0880518010002 S0880518010004 S0880123070129 本报告导读： 房地产行业对于宏观的影响一直有两个途径，一是信用派生链条，呈现在金融体系， [相Ta关ble报_D告oc Report] 二是实物量链条，呈现在上下游，当前的政策，正在信用派生链条发力。 房地产《响应调降利率，解除购房约束》 摘要： 2024.05.28 [T abl在e_S2u0m18m年ary发] 布的 ...

股 票 研 究 [Table_industryInfo] 食品饮料 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 7] [评Tab级le_：Inv est] 增持 上次评级： 增持 从小作坊到钢铁丛林：零食业绩周期及成长空间探讨 [细Ta分bl行e_业su评bI级nd ustry] 行 ——休闲食品行业深度报告 业 訾猛(分析师) 李耀(分析师) 深 021-38676442 8621-38675854 度 zimeng@gtjas.com liyao022899@gtjas.com 证书编号 S0880513120002 S0880520090001 研 究 本报告导读： 我们认为零食业态仍处于发展阶段的相对早期阶段，后续将持续受零售效率提升及品 [相Ta关ble报_D告oc Report] 类红利驱动，中期维度看好板块业绩韧性，长期维度看好头部企业诞生可能。 食品饮料《预期先行，价值彰显》 摘要： 2024.05.26 [T abl投e_S资um建m议ar：y]看 好零食板块渠道、品类红利驱动下业绩弹性释放，以 食品饮料《饮水思变续写王者传奇》 202 ...

股 票 研 究 本周新股发行信息 达梦数据（688692.SH）发行 1900 万股 本报告导读： [Table_Summary] 公司核心看点及 IPO 发行募投：（1）公司是国内数据行业领军企 业，核心源代码 100%自主研发，积极推动国内数据库基础软件产业 发展。公司积极布局全栈数据产品解决方案和数据库产品云化战 略，紧跟行业发展趋势进一步提升市场竞争力。（2）本次公开发行 股票数量为 1900 万股，发行后总股本为 7600 万股，公开发行股份 数量占公司本次公开发行后总股本的比例为 25%。公司募投项目拟 投入募集资金总额23.51亿元，将主要用于提升公司科技创新能力和 产品技术优势，巩固公司在国产数据库领域的领先地位。 主营业务分析：公司主要产品及服务包括软件产品使用授权、数据 及行业解决方案、运维服务等。软件产品使用授权包括达梦数据库 管理系统、数据库集群软件及云计算与大数据产品。受益于金融、 能源等领域信息化建设加速及相关采购增长，公司业绩稳中有增， 2021~2023 年营收及归母净利润年均复合增速分别为 23.62%和 34.18%。公司毛利率整体维持在较高水平，受人员扩张影响期间费 用率 ...

股 票 研 究 [Table_industryInfo] 基础化工/原材料 [ Table_Main[ 龙TIna 佰fbole] 集 _T 团itle (] 0 02601) [评Tab级le_：Inv est] 增持 上次评级： 增持 4 月外需同比增长，资源为王持续成长 目标价格： 28.34 上次预测： 25.00 公 ——龙佰集团更新点评 当前价格： 21.79 司 钟浩(分析师) 沈唯(分析师) 王瑞健(研究助理) 2024.05.28 更 021-38038445 0755-23976795 021-38031022 [交Ta易bl数e_据M arket] 新 zhonghao027638@gtjas.co shenwei024936@gtjas.com wangruijian028700@gtjas.com 报 证书编号 mS0 880522120008 S0880523080006 S0880123070136 52周内股价区间（元） 15.60-22.98 总市值（百万元） 51,997 告 本报告导读： 总股本/流通A股（百万股） 2,386/2,323 流通B股/H股（百万股） 0/0 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[ 康 TIna 方fbole] 生 _T 物itle （] 9926） [评Tab级le_：Inv est] 增持 当前价格（港元）： 35.40 依沃西获批上市，ASCO 展现显著 PFS 获益 2024.05.28 海 ——康方生物公司跟踪点评 [ 交Ta易bl数e_据M arket] 外 丁丹(分析师) 甘坛焕(分析师) 姜铸轩(研究助理) 52周内股价区间（港元） 31.25-51.95 当前股本（百万股） 866 公 0755-23976735 021-38675855 021-38674878 当前市值（百万港元） 30,651 司 dingdan@gtjas.com gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123100004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 依沃西获批上市，ASCO数据展现显著PFS获益趋势， ...