FOSUN INTL(00656) 开源证券·2024-11-29 10:27Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has successfully returned to the offshore bond market after three years, indicating improved refinancing capabilities and diversified financing channels [2][6] - The company plans to issue up to $300 million in senior unsecured bonds with an initial guidance price set in the 8.875% range, which will help refinance existing offshore debt and improve capital structure and liquidity [6][7] - The company's net profit is projected to grow significantly, with estimates of CNY 2.15 billion, CNY 3.29 billion, and CNY 4.56 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 55.6%, 53.1%, and 38.8% [6][8] Financial Summary and Valuation Metrics - Revenue is expected to increase from CNY 198.2 billion in 2023 to CNY 267.245 billion in 2026, with a year-on-year growth rate of 12.5% in 2026 [8] - The company's net profit is forecasted to improve from a loss of CNY 832 million in 2022 to a profit of CNY 4.56 billion in 2026, with a net profit margin increasing from -0.5% in 2022 to 1.7% in 2026 [8] - The company's earnings per share (EPS) are projected to rise from CNY 0.2 in 2023 to CNY 0.6 in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 23.0 in 2023 to 7.0 in 2026 [8]