HDCM(SZ:000567) Xinda Securities·2024-04-25 07:30Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company has shown strong growth in revenue and net profit, with a projected increase in net profit from 880 million in 2023 to 1.446 billion by 2026, reflecting a compound annual growth rate (CAGR) of 27.3% [3][4]. - The company is expanding its capabilities in managing non-performing loans through acquisitions and technological advancements, particularly in the use of big data and AI [11]. - The company has a leading market position in the non-performing asset management sector, with a significant market share among major asset management companies [11]. Financial Summary - Total revenue for 2023 is projected at 1.230 billion, with a year-on-year growth of 15.7% [4]. - The net profit attributable to the parent company is expected to reach 880 million in 2023, up 25.7% from the previous year [4]. - The company's gross margin is forecasted to be 94.6% in 2023, with a return on equity (ROE) of 16.1% [4]. - Earnings per share (EPS) is projected to increase from 0.65 in 2023 to 1.07 in 2026 [4]. Business Development - The company has acquired a 51% stake in Guangzhou Huilong, enhancing its capacity to manage non-performing loans [3][11]. - The establishment of a digital technology department aims to integrate asset management and debt collection processes [11]. - The company has a diversified approach to managing distressed assets, including energy sector interventions and support for listed companies facing delisting risks [11].