Core Viewpoint - In 2024, China Cinda's revenue and net profit are expected to decline significantly, with a revenue of 77.5 billion yuan, down 6.2% year-on-year, and a net profit of 1.5 billion yuan, down 65.2% year-on-year, resulting in a return on equity (ROE) of 0.9% [1] Group 1: Financial Performance - The total assets of the company at the end of 2024 are projected to be 1.64 trillion yuan, an increase of 2.8% year-on-year, with stable performance in the non-performing asset management segment [1] - The income from the non-performing asset management segment is expected to decline by 9.1% year-on-year, primarily due to the decrease in income from restructuring and debt-to-equity swap businesses [2] - The credit cost ratio is projected to rise to 2.1%, an increase of 0.4 percentage points year-on-year, mainly due to risk exposure in non-performing debt projects and loan quality issues at subsidiaries [2] Group 2: Business Segments - The financial services segment remains stable, with significant growth in the total assets of Cinda Securities, while other subsidiaries maintain stable scales [1] - The income from acquisition and management of non-performing debt is relatively stable, with internal rates of return within a reasonable range [2] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 3.3 billion, 3.4 billion, and 3.4 billion yuan respectively, reflecting a significant downward revision from previous estimates [3]
中国信达(01359.HK)：资产小幅增长 收入利润下降