Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported a revenue of 35.79 billion yuan in 2025, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 3.89 billion yuan, reflecting a slight increase of 0.67% year-on-year [2][3] - The financing leasing business showed strong performance, contributing significantly to revenue, while the industrial operations segment faced challenges, leading to a decline in revenue [7] - The company plans to optimize its financing structure and expand its international business, with expectations of significant growth in overseas revenue and net profit in the coming years [7] Financial Data and Profit Forecast - Revenue and profit forecasts for the years 2024 to 2028 are as follows: - 2024: Revenue 37.75 billion yuan, Net Profit 3.86 billion yuan - 2025: Revenue 35.79 billion yuan, Net Profit 3.89 billion yuan - 2026E: Revenue 37.58 billion yuan, Net Profit 4.21 billion yuan - 2027E: Revenue 40.10 billion yuan, Net Profit 4.73 billion yuan - 2028E: Revenue 43.10 billion yuan, Net Profit 5.22 billion yuan [3][8] - The company expects a net profit growth of 8% in 2026, 13% in 2027, and 10% in 2028 [7] Revenue Breakdown - The revenue breakdown for 2025 shows: - Financing leasing revenue: 22.7 billion yuan, up 4.5% year-on-year, accounting for 63% of total revenue - Industrial operations revenue: 9.36 billion yuan, down 19% year-on-year, accounting for 26% - Health revenue: 3.57 billion yuan, down 13% year-on-year, accounting for 10% [7]
远东宏信（03360）：融资租赁支撑业绩正增，宏信建发收入筑底：远东宏信（03360）：