融资租赁公司业务转型研究-联合资信

External Environment of Business Transformation - The external environment for the transformation of financing leasing companies is characterized by both pressure and opportunities. Regulatory policies are guiding the industry back to its core functions of "financing + asset leasing," with specific requirements for financial leasing companies to maintain a direct leasing business ratio of no less than 50% [1][12][17] - The market environment is affected by policies aimed at reducing local government debt, which limits traditional non-standard financing business, while a low-interest-rate environment intensifies competition with banks and trusts, leading to a narrowing of industry spreads. However, opportunities arise from large-scale equipment updates and national policies like the "dual carbon" strategy, which open growth avenues in green leasing and high-end equipment leasing [1][28][29] Core Transformation Directions - The transformation paths focus on four core areas: 1. Aviation and shipping leasing, leveraging the standardized nature of aircraft and vessels for competitive differentiation [2] 2. Green low-carbon leasing, covering wind power, photovoltaics, energy storage, and green transportation, aligning with the characteristics of heavy assets and long cycles in the new energy sector [2][33] 3. High-end equipment leasing, targeting technology-intensive equipment such as industrial robots and semiconductor devices to meet industrial upgrade demands [2][34] 4. Micro and agricultural leasing, utilizing industrial chain financial models to support small and medium-sized manufacturing enterprises and agricultural equipment updates [2][31] Transformation Outcomes and Challenges - The transformation outcomes show a divergence between financial leasing companies. Financial leasing companies that started early and made significant efforts are seeing a 25.16% year-on-year increase in direct leasing business in 2024, with green leasing assets reaching 1.07 trillion yuan. However, there is a notable disparity in business structures between leading and smaller institutions [2][31] - In contrast, commercial leasing companies face greater transformation pressures, with 36% of sampled companies experiencing a decline in business scale, 73% reporting a drop in profitability, and 55% facing asset quality challenges. Successful cases like Guoyin Financial Leasing and Everbright Financial Leasing have optimized their business structures through early investments in aviation and green energy sectors, but many companies still encounter initial "growing pains" during transformation [2][31] Risks in the Transformation Process - The transformation process must address multiple risks, including intensified competition in popular sectors, funding shortages for smaller companies, and various operational risks associated with aviation, new energy, and micro-businesses. Blindly following trends without adequate risk control may lead to deteriorating asset quality [3][12][26] Opportunities from Policy Support - The "dual carbon" strategy and national policies promoting large-scale equipment updates and consumption upgrades present significant opportunities for financing leasing companies. The government has allocated approximately 300 billion yuan in special bonds to support these initiatives, which align well with the leasing industry's asset characteristics [28][29] - The transformation of urban investment enterprises into comprehensive operators provides further business opportunities for financing leasing companies, especially in new infrastructure and livelihood-related sectors. Companies with deep ties to urban investment can leverage their resources to continue operations in these areas [30]