Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company reported a revenue of 3 billion RMB and a net profit of 1.6 billion RMB for the first half of 2025, representing year-on-year growth of 15% and 9% respectively [2]. - The company is expected to benefit from a market recovery, with a projected net profit of 3.204 billion RMB for 2025, reflecting an 8.9% year-on-year increase [4]. Performance Summary - As of the end of the first half of 2025, the company's total assets reached 156.8 billion RMB, with leasing assets growing by 14% year-to-date [3]. - The net interest margin for leasing business improved to 3.71%, an increase of 0.03 percentage points year-on-year [3]. - The company reported a non-performing loan ratio of 0.91%, maintaining a stable asset quality [3]. Financial Forecast and Valuation - The company is projected to achieve a dividend yield of 4.7% in 2025, supported by steady growth in interest-earning assets and an expanding interest margin [4]. - The estimated price-to-book ratio for 2025 is 1.3x, indicating a favorable valuation [4]. - Revenue is expected to grow from 4.787 billion RMB in 2023 to 7.152 billion RMB by 2027, with a compound annual growth rate of approximately 10% [9].

Group 1 - The shipbuilding and marine engineering industry in China is experiencing a golden development period, with completion volume, new orders, and hand-held orders ranking first globally in 2024, showcasing the industry's strong capabilities [1] - The leasing business is playing an irreplaceable role in ship acquisition, equipment updates, and capacity upgrades through its unique "financing + leasing" advantages [1] Group 2 - In August 2024, the Financial Regulatory Bureau released an "Encouragement List" for financial leasing companies, guiding them to optimize business directions and structures to better serve the marine engineering industry [2] - The encouragement list includes important equipment and major technological equipment, such as ships, aligning with national strategic needs [2] Group 3 - Local policies are also supporting the industry, as seen in Tianjin's initiative to support the establishment of specialized leasing companies and project companies in aviation and shipping [3] - Guangdong Province's regulations encourage financing for marine enterprises and the development of marine equipment leasing and supply chain finance [3] Group 4 - The activation of idle marine engineering assets is a key issue for many companies amid increasing competition and market volatility [4] - Companies like Guohai are adapting their marine engineering assets for offshore wind power, demonstrating flexibility and risk hedging in the market [4] Group 5 - Shenzhen Leasing, one of the earliest participants in marine engineering equipment financing leasing, has successfully launched international leasing projects in the marine engineering sector [5] - Chongqing's licensed financial institution, Bank of China Leasing, has delivered two "China-made" vessels to a major global shipowner in Greece, providing strong financial support for the international development of Chinese shipbuilding [5] Group 6 - The marine engineering equipment and high-tech shipbuilding sectors are among the ten strategic development directions outlined in China's "Made in China 2025" initiative, directly supporting the marine power strategy [5] - The marine engineering industry in China is expected to continue leading on the international stage, contributing to the prosperity of the marine economy [6]