远东宏信：2024年半年报点评：盈利承压，首次实施中期派息彰显经营韧性

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Insights - The company's revenue for the first half of 2024 decreased by 1.77% year-on-year, primarily due to pressure on financial services, while contributions from industrial operations continued to improve [4][8]. - The net profit attributable to shareholders fell by 32.10% year-on-year, with the company implementing a mid-term dividend for the first time, reflecting operational resilience [4][8]. - The target price is set at HKD 11.96, corresponding to a P/E ratio of 9.04x for 2024 [8]. Financial Performance Summary - The company achieved revenue of RMB 18.036 billion in the first half of 2024, down 1.77% year-on-year, with financial services revenue declining by 3.47% [8][10]. - The net profit for the same period was RMB 2.085 billion, a decrease of 32.10% year-on-year, mainly due to fair value changes of non-financial assets and one-time cross-border income tax impacts [8][10]. - The average interest yield improved to 8.11%, up 0.04 percentage points year-on-year, while the average cost of interest-bearing liabilities decreased to 4.16%, down 0.10 percentage points year-on-year [8][10]. - The net interest margin (NIM) for the first half of 2024 was 4.47%, an increase of 0.05 percentage points year-on-year [8][10]. Business Segment Performance - The contribution from industrial operations increased, with revenue share rising from 37.52% to 40.16%, effectively offsetting the impact of the financial services downturn [8][10]. - The company’s financial assets decreased by 1.01% year-on-year to RMB 266.4 billion, reflecting a more prudent strategy [8][10]. - The company continues to expand its industrial operations, with significant growth in revenue from its construction and health services segments [8][10].