HDCM(000567) 太平洋·2024-06-20 09:30Investment Rating - The report maintains a "Buy" rating for the company [5][12]. Core Views - The company achieved a revenue of 1.23 billion yuan in 2023, representing a year-on-year growth of 15.69%, and a net profit of 880 million yuan, up 25.68% year-on-year [12]. - The company's asset disposal income reached 1.11 billion yuan, accounting for 90.43% of total revenue, indicating strong performance in the institutional distressed asset management business [12]. - The report forecasts revenue growth for 2024-2026 at 16.25%, 20.65%, and 24.25% respectively, with net profit expected to grow by 22.50%, 24.10%, and 26.57% [12]. Financial Summary - The company’s diluted earnings per share (EPS) are projected to be 0.55 yuan for 2024, 0.68 yuan for 2025, and 0.87 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 11.26, 9.07, and 7.17 [12]. - The average return on equity (ROE) for 2023 was 16.57%, an increase of 2.35 percentage points year-on-year [12]. - The company maintained a high dividend payout ratio, with a proposed cash dividend of 570 million yuan for the reporting period, representing a 65% payout ratio [12].