机构：国联民生证券 研究员：刘雨辰/陈昌涛 事件 公司发布2025 年三季度营运概要，公司整体运营保持平稳，前三季度归母净利润保持正增。 金融及咨询业务：整体经营平稳，普惠业务维持高增从前三季度来看，整体金融及咨询业务收入保持正 增，息差同比、环比均有所改善。其中普惠业务保持高增，收入同比增速超100%，生息资产规模增速 超60%。 产业运营：宏信建发设备出海持续推进，利润降幅边际收窄设备方面，从前三季度来看，宏信建发整体 收入降幅依旧超10%，主要系国内供需状况尚未明显改善，设备出租率整体维持在较高水平，其中高空 作业平台2025Q3末利用率约为80%。建发出海持续推进，截至2025Q3 末，宏信建发海外收入占比超 15%，海外毛利占比超25%。从2025H1 来看，宏信建发实现收入43.50 亿元，同比-10.72%，归母净利 润0.35 亿元，同比-86.77%。截至2025H1 末，宏信建发海外收入、海外毛利占比分别为13.73%、 28.85%。整体来看，宏信建发前三季度经营状况较2025H1 略有改善，归母净利润降幅超70%，但较 2025H1 降幅有所收窄。宏信健康方面整体经营保持平稳，收入同比 ...

证券研究报告 港股公司|公司点评|远东宏信（03360） 利差环比继续走扩，设备出海稳步推进 请务必阅读报告末页的重要声明 glzqdatemark1 2025年10月24日 证券研究报告 |报告要点 公司发布 2025 年三季度营运概要，公司整体运营保持平稳，前三季度归母净利润保持正增。 从前三季度来看，整体金融及咨询业务收入保持正增，息差同比、环比均有所改善。其中普惠 业务保持高增，收入同比增速超 100%，生息资产规模增速超 60%。资产质量方面整体保持平 稳，普惠相关不良资产核销政策审慎，整体风险可控。 |分析师及联系人 远东宏信(03360) 利差环比继续走扩，设备出海稳步推进 | 行 业： | 非银金融/多元金融 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 7.13 港元 | 基本数据 | 总股本/流通股本(百万股) | 4,781/4,781 | | --- | --- | | 流通市值(百万港元) | 34,085.02 | | 每股净资产(元) | 11.74 | | 资产负债率(%) | 83.65 | | 一年内最高/最低(港元) | 8.4 ...

Core Viewpoint - Far East Horizon reported a decline in revenue for the first half of 2025, but a growth in net profit, indicating a mixed performance in its financial results [1][2]. Group 1: Financial Performance - In 1H25, the company achieved operating revenue of 17.336 billion yuan, a year-on-year decrease of 3.9%, while net profit attributable to shareholders was 2.164 billion yuan, an increase of 3.8% [1]. - The average return on equity for the first half of 2025 was 8.66%, up by 0.17 percentage points year-on-year [1]. Group 2: Business Segments - The financial and consulting business remains a key pillar, generating revenue of 11.090 billion yuan (up 2.1% year-on-year), while equipment operation and industrial operation revenues were 4.350 billion yuan (down 10.7%) and 1.797 billion yuan (down 15.5%), respectively [2]. - The gross margins for these segments were 57.5%, 21.6%, and 18.0%, reflecting changes of +1.7, -10.4, and -3.9 percentage points year-on-year [2]. Group 3: Asset Management - The company maintained a stable interest-earning asset scale of 266.626 billion yuan, with a quarter-on-quarter increase of 2.3% [2]. - The average yield on interest-earning assets rose to 8.08%, while the cost of interest-bearing liabilities decreased to 4.02%, leading to a net interest margin increase to 4.51% [2]. Group 4: Inclusive Finance - The inclusive finance business saw significant growth, with interest-earning assets reaching 22.192 billion yuan, a quarter-on-quarter increase of 28.7%, and revenue of 1.451 billion yuan, a year-on-year increase of 124.1% [3]. - The yield for this business segment was 14.72%, notably higher than the overall financial business yield of 8.1% [3]. Group 5: Asset Quality - The non-performing loan ratio and attention ratio were 1.05% and 5.51%, respectively, both showing a decline from the previous year [3]. - The provision coverage ratio remained stable at 227.33%, indicating good asset quality [3]. Group 6: Dividend and Future Outlook - The company has a high cash dividend payout ratio of 56% for 2024 and 50% for 1H25, with potential for stability and further increases [3]. - Projected net profits for 2025 to 2027 are 4.01 billion yuan, 4.23 billion yuan, and 4.48 billion yuan, reflecting year-on-year growth rates of 3.8%, 5.5%, and 5.9% respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 3.9% year-on-year decline in revenue for the first half of 2025, totaling 17.336 billion yuan, while net profit attributable to shareholders increased by 3.8% to 2.164 billion yuan [1]. - The financial and consulting business remains a key revenue driver, with a revenue increase of 2.1% year-on-year, while equipment and industrial operations saw declines of 10.7% and 15.5%, respectively [1][17]. - The company has focused on the development of inclusive finance, achieving a 28.7% growth in the asset scale of this business, with revenue soaring by 124.1% year-on-year [3][38]. Summary by Sections Financial Performance - In the first half of 2025, the average return on equity was 8.66%, an increase of 0.17 percentage points year-on-year [1]. - The company’s interest-earning assets stood at 266.626 billion yuan, reflecting a 2.3% increase from the end of the previous year [2]. - The average yield on interest-earning assets rose to 8.08%, while the cost of interest-bearing liabilities decreased to 4.02%, leading to a net interest margin of 4.51% [2][25]. Business Segments - The financial and consulting segment generated 110.90 billion yuan in revenue, accounting for 64.0% of total revenue, with a gross margin of 57.5% [1][19]. - The inclusive finance business achieved a revenue of 14.51 billion yuan, significantly contributing to overall growth [3][38]. Asset Quality - The company reported a non-performing loan ratio of 1.05% and a watchlist ratio of 5.51%, both showing a decline from the previous year [3][36]. - The provision coverage ratio remained stable at 227.33%, indicating solid asset quality [3]. Future Outlook - The company is expected to maintain a high cash dividend payout ratio, with projections for net profit attributable to shareholders of 4.01 billion yuan, 4.23 billion yuan, and 4.48 billion yuan for 2025, 2026, and 2027, respectively [4][5].