Core Viewpoint - CICC has raised the profit forecast for CITIC Financial Assets (02799) for 2025 and 2026 by 16% and 20% to 11.5 billion and 11.4 billion respectively, due to growth in equity business income and a decline in financing costs [1] Group 1: Profit Forecast and Performance - The company expects a year-on-year increase in net profit attributable to shareholders of approximately 12.5% to 16.3% for 1H25, estimating net profit to be around 6 billion to 6.2 billion [2] - Excluding the impact of the financial leasing company, the year-on-year growth is projected to be about 23.9% to 28.2% [2] - The company plans to achieve its strategic goal of "significant improvement in quality and efficiency" by the end of 2025 and aims to become an industry benchmark by 2026-2027 [2] Group 2: Financing and Investment - The company has strengthened its financing capabilities in 1H25, with financing costs decreasing year-on-year [3] - The estimated financing cost for 2H24 is 3.63%, down 20 basis points year-on-year and 17 basis points compared to 1H24 [3] - The company has increased its holdings in Bank of China and China Everbright Bank, with a one-time investment income estimated between 17.9 billion and 20.6 billion [2] Group 3: MSCI Inclusion and Market Impact - The company was included in the MSCI China Index, with adjustments to take effect after August 26, potentially attracting passive fund inflows of approximately 1.1 billion USD [3] Group 4: Financing Authorization - The company's shareholders have authorized the board to issue new shares, with the total number not exceeding 20% of the currently issued domestic and H-shares, valid until the next shareholders' meeting in 2024 or the end of the 2025 shareholders' meeting [4]
中金：维持中信金融资产(02799)中性评级 上调目标价至1.21港元