Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's total revenue for 2024 is projected at 37.749 billion RMB, a slight decrease of 0.55% year-on-year, while the net profit attributable to shareholders is expected to be 3.862 billion RMB, reflecting a significant decline of 37.63% year-on-year [8] - The financial services segment experienced a revenue decline of 7% to 21.7 billion RMB, primarily due to a reduction in interest income from interest-earning assets [8] - The industrial operations segment showed strong growth, with revenue increasing by 10% to 16.2 billion RMB, significantly contributing to the company's overall performance [8] - The company continues to enhance shareholder returns, proposing a total cash dividend of 0.55 HKD per share for 2024, a 10% increase from 2023 [8] - The report projects net profits for 2025 and 2026 to be 4.889 billion RMB and 5.432 billion RMB, respectively, with corresponding growth rates of 26.57% and 11.11% [8] Summary by Sections Financial Performance - Total revenue for 2023 was 37.96 billion RMB, with a projected decline to 37.749 billion RMB in 2024 [1] - Net profit for 2023 was 6.193 billion RMB, expected to drop to 3.862 billion RMB in 2024 [1] - The average ROE for 2024 is estimated at 7.80%, down by 5.19 percentage points year-on-year [8] Business Segments - Financial services revenue decreased by 7% to 21.7 billion RMB, with interest income down by 6% to 21.2 billion RMB [8] - Industrial operations revenue increased by 10% to 16.2 billion RMB, with equipment operations revenue rising by 21% to 11.6 billion RMB [8] - The healthcare segment saw a slight decline in revenue, down 3% to 4.1 billion RMB [8] Dividend Policy - The company plans to distribute a total cash dividend of 0.55 HKD per share for 2024, which includes a final dividend of 0.30 HKD and an interim dividend of 0.25 HKD [8] Earnings Forecast - The report revises the earnings forecast, projecting net profits of 4.889 billion RMB for 2025 and 5.432 billion RMB for 2026, with growth rates of 26.57% and 11.11% respectively [8] - The estimated P/E ratios for 2025, 2026, and 2027 are 4.94, 4.45, and 4.06, respectively [8]
远东宏信（03360）：2024年年报点评：业绩相对承压，产业运营业务表现突出