Investment Rating - The report assigns a rating of "Buy" for CITIC Financial Assets [6]. Core Views - The company has established a new business pattern focusing on non-performing asset management and long-term equity investment, with the latter becoming a new stabilizing force for performance [2]. - The report highlights the ongoing transformation in non-performing asset management and the strategic shift towards long-term equity investments as a counter-cyclical measure [10]. Financial Summary - Total revenue is projected to reach RMB 62,183.98 million in 2025, with a growth rate of 142.8% in 2024, followed by a decline of 11.9% in 2025 [4]. - Net profit is expected to increase significantly, reaching RMB 9,618.37 million in 2025, reflecting a growth of 444.6% from the previous year [4]. - The report provides a price-to-earnings (PE) ratio of 7.42 for 2025 and a price-to-book (PB) ratio of 1.63 for the same year [4]. Business Analysis - The company is one of the four major Asset Management Companies (AMCs) in China, with a focus on non-performing asset management as its core business [31]. - The report indicates that the company is undergoing structural adjustments in its non-performing asset management, with a cautious approach to risk recognition [57]. - Long-term equity investments are highlighted as a new stabilizing factor, providing steady returns and long-term value [10][57]. Earnings Forecast and Valuation - The forecast predicts a net profit growth of 7.4% in 2025, 11.0% in 2026, and 8.6% in 2027, reaching RMB 12,451.52 million by 2027 [10]. - The report sets a target price of HKD 1.16 based on a 2x PB valuation for 2025 [10].
中信金融资产（02799）：首次覆盖报告：拨云见日，双轮启航