Bohai Leasing(SZ:000415) GF SECURITIES·2026-03-24 02:12Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 3.90 CNY and a reasonable value estimated at 5.86 CNY [4]. Core Insights - Bohai Leasing has announced a share repurchase plan with a total fund range of 300-500 million CNY, aiming to buy back shares at a price not exceeding 7.36 CNY per share. This could involve repurchasing approximately 40.76 million to 67.93 million shares, representing 0.66% to 1.10% of the total share capital [1][2]. - The company is implementing a market value enhancement plan that includes focusing on its core aircraft leasing business, seeking quality acquisition targets for industry consolidation, and enhancing shareholder returns through improved operational performance and compliance with profit distribution systems [2]. Financial Forecast - Revenue is projected to grow from 33.68 billion CNY in 2023 to 49.12 billion CNY in 2025, with a growth rate of 5.5% in 2023 and 27.8% in 2025, followed by a decline in 2026 and 2027 [3]. - The net profit attributable to shareholders is expected to fluctuate significantly, with a forecast of 1.28 billion CNY in 2023, dropping to -315 million CNY in 2025, and then rebounding to 3.18 billion CNY in 2026 and 3.92 billion CNY in 2027 [3]. - Earnings per share (EPS) is anticipated to be 0.21 CNY in 2023, decreasing to -0.05 CNY in 2025, and then increasing to 0.51 CNY in 2026 and 0.63 CNY in 2027 [3].