融资租赁产业链观察五：仲利国际租赁，如何打造ROE领先的小微金融服务典范

Investment Rating - The report maintains a "Buy" rating for the industry [1] Core Viewpoints - Zhongli International, a subsidiary of Chailease Holding, demonstrates leading profitability in the financial leasing industry with a ROE of 20.3% and ROA of 5.2% in 2023 [1] - The company's success is attributed to its tailored business strategy, strong pricing power in the SME market, efficient overdue management, and robust risk control systems [1] - Zhongli International's asset size reached 57.3 billion RMB in 2023, with a net profit of 2.91 billion RMB, outperforming peers with similar asset scales [1] Company Overview - Zhongli International, established in 2005, operates as a financial leasing subsidiary of Chailease Holding in mainland China, focusing on SME markets [6] - The company has set up 7 regional business centers, 76 business departments, and 4 specialized subsidiaries, offering comprehensive financial services including direct leasing, sale-leaseback, trade credit, and commercial factoring [6] - Zhongli International's total assets grew from 17.4 billion RMB in 2016 to 57.3 billion RMB in 2023, with a CAGR of 18.5% [8] Business Strategy - Zhongli International adopts a unique marketing model, emphasizing self-cultivation of personnel, localized marketing, and direct promotion to control costs [13] - The company implements standardized operational processes to enhance customer acquisition and risk control efficiency, serving over 70,000 enterprises by the end of 2023 [25] - Zhongli International's average contract principal for new signings ranged from 1.66 million RMB to 2.09 million RMB per customer between 2017 and 2019 [15] Asset Management - Zhongli International employs a differentiated pricing strategy, achieving an average yield on interest-bearing assets of 13.2% and a net interest margin of 8.5% from 2017 to 2023 [27] - The company maintains a diversified asset portfolio across approximately 50 sub-industries, with the top five industries accounting for 31.0% of total assets in 2023 [29] - Zhongli International's asset delinquency rate in mainland China remained relatively low, ranging from 1.9% to 3.9% between 2020 and 2023 [33] Liability Structure - Zhongli International's liabilities are primarily composed of long-term borrowings, accounting for 29.0% of total liabilities in 2023, with no significant asset-liability mismatch [34] - The company maintains an average funding cost of 4.7% from 2017 to 2023, slightly higher than peers such as Jiangsu Financial Leasing (3.9%) and Far East Horizon (4.6%) [34] - Zhongli International has diversified funding sources, including bank loans, customer deposits, financial bonds, and asset securitization, with total credit lines reaching 27.09 billion RMB by March 2020 [37]