FOSUN INTL(00656) 搜狐网·2025-04-22 02:13Core Viewpoint - Guozheng International Securities maintains a "buy" rating for Fosun International (00656.HK), citing a stable leverage ratio and improved financing channels, with a target price of HKD 7.5, indicating an 87% upside potential from the current price [1] Financial Performance - Fosun International reported total revenue of RMB 192.14 billion for 2024, with its four core subsidiaries contributing RMB 134.65 billion, accounting for 70.1% of total revenue [1] - The industrial operating profit reached RMB 4.9 billion, and the net profit attributable to shareholders, excluding significant one-time impacts, was RMB 750 million [1] - The group signed asset exit agreements worth approximately RMB 17.5 billion and RMB 30 billion on a consolidated basis [1] - As of the reporting period, the group's total debt to total capital ratio was 52.0%, with cash, bank balances, and time deposits amounting to RMB 106.34 billion [1] Financing Activities - Fosun successfully refinanced an USD 870 million loan due on March 28, 2025, with USD 675 million sourced from a new syndicate loan [1] - On April 1, Fosun Gaokai issued the second phase of asset-backed debt financing tools, raising RMB 1 billion with a 1+1 year term and a coupon rate of 4.7%, achieving a subscription multiple of 1.38 times [1] Strategic Focus - The company completed RMB 13.6 billion in public market financing in 2024, continuing to exit non-core assets while repurchasing core assets, including the privatization of Fosun Tourism and acquisitions in Fosun Pharma and Yuyuan [2] - The health sector showed robust growth, with Fosun Pharma's net profit attributable to shareholders increasing by 55% year-on-year to RMB 900 million [2] - The insurance segment in Portugal reported total premium income of EUR 6.17 billion, maintaining the top market share, with international business premiums growing by 7.8% year-on-year [2] Management Outlook - Fosun's management indicated plans to continue exiting heavy asset projects to reduce financial leverage, aiming to decrease interest-bearing liabilities from over RMB 80 billion to RMB 60 billion [2] - The targets for industrial operating profit and net profit attributable to shareholders are set at RMB 10 billion [2] Analyst Ratings - Other securities firms, including Industrial Securities and Kaiyuan Securities, have also reiterated their "overweight" and "buy" ratings for Fosun International, expressing optimism about its future performance [3]