GUOTAI HAITONG SECURITIES·2026-01-12 05:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.71 CNY, compared to the current price of 22.31 CNY [6][13]. Core Insights - The report highlights that the limited scale of the H-share refinancing will have a minor impact on short-term shareholder returns, but it is expected to create a new growth driver for the company's international business in the long term, thereby expanding its development space [2][13]. - The company plans to raise approximately 61 billion HKD through H-share placement and convertible bonds, which will be fully allocated to increase capital for its overseas subsidiaries [13]. - The report adjusts the company's net profit forecasts for 2025-2027 to 14.201 billion, 15.568 billion, and 16.567 billion CNY respectively, reflecting a positive outlook on capital market recovery [13]. Financial Summary - Revenue projections for the company are as follows: - 2023A: 23.3 billion CNY - 2024A: 27.199 billion CNY (up 16.7%) - 2025E: 35.911 billion CNY (up 32.0%) - 2026E: 38.682 billion CNY (up 7.7%) - 2027E: 40.430 billion CNY (up 4.5%) [4][14] - Net profit (attributable to shareholders) is projected as: - 2023A: 6.978 billion CNY - 2024A: 9.637 billion CNY (up 38.1%) - 2025E: 14.201 billion CNY (up 47.4%) - 2026E: 15.568 billion CNY (up 9.6%) - 2027E: 16.567 billion CNY (up 6.4%) [4][14]. - The earnings per share (EPS) is expected to grow from 0.92 CNY in 2023 to 2.17 CNY in 2027 [4][14]. Market Data - The company has a total market capitalization of 169.686 billion CNY and a total share capital of 7.606 million shares, with 5.904 million shares in circulation [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.37 in 2023 to 10.26 in 2027, indicating an improving valuation over time [4][14].