2024年融资租赁公司分类别专题研究

Investment Rating - The report categorizes leasing companies into three types: industrial leasing companies, platform leasing companies, and comprehensive leasing companies, with varying growth rates and financial health indicators [2][3][4]. Core Insights - Industrial leasing companies are experiencing significant growth in total assets and equity due to increased industry demand and favorable policy guidance, while platform leasing companies are facing a slowdown in asset growth and profit [2][3][4]. - The report highlights a shift in asset allocation from urban investment platforms to various industries, with industrial leasing companies benefiting from this transition [2][3][4]. - The profitability of platform leasing companies is expected to decline further, while comprehensive leasing companies may see slight profit growth as they adapt to industry changes [2][3][4]. Summary by Sections Company Classification - The report identifies 64 leasing companies, with 29 classified as industrial, 9 as platform, and 26 as comprehensive, reflecting a diverse range of asset allocations and credit ratings [3][4]. - Industrial leasing companies primarily focus on sectors like power, renewable energy, and aviation, while platform leasing companies are more regionally focused on public utilities and infrastructure [3][4]. Financial Performance - As of the end of 2023, industrial leasing companies showed a significant increase in total assets, while platform and comprehensive leasing companies experienced a slowdown in growth [7][9]. - The average asset growth rates from 2021 to 2023 for industrial, platform, and comprehensive leasing companies were 11.74%, 13.58%, and 1.81%, respectively, indicating a stark contrast in performance [9][27]. Risk and Asset Quality - The report notes that industrial leasing companies have a higher single-client concentration compared to other types, which poses a transformation pressure, while comprehensive and platform leasing companies maintain lower concentration levels [12][21]. - As of the end of 2023, the non-performing asset ratios for industrial and platform leasing companies showed slight improvements, while comprehensive leasing companies had the highest non-performing asset ratio among the three categories [21][23]. Leverage and Liquidity - Industrial leasing companies have a higher leverage ratio compared to platform and comprehensive leasing companies, which have seen a decline in their leverage levels [14][17]. - The liquidity position of industrial leasing companies is stronger due to their long-term asset focus, while platform leasing companies face some asset-liability mismatches [19][21].