华泰证券：利润增长稳健，分红比例提升-20250428

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.07 [8][9]. Core Insights - The company achieved a revenue of RMB 5.278 billion in 2024, representing a year-over-year growth of 10.26%, and a net profit of RMB 2.943 billion, up 10.63% year-over-year, slightly exceeding expectations [1]. - The company continues to focus on small and micro enterprises, enhancing its service capabilities and maintaining strong asset quality, with a non-performing asset ratio of 0.91% [2][3]. - The dividend payout ratio increased by 1.6 percentage points to 53% in 2024, reflecting the company's commitment to returning value to shareholders [1]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of RMB 1.544 billion, a year-over-year increase of 20.47%, and a net profit of RMB 772 million, up 8.41% year-over-year [1]. - The financing lease asset balance reached RMB 127.803 billion by the end of 2024, an increase of RMB 13.694 billion or 12.00% year-over-year [2]. Asset Quality - The company maintained a non-performing financing lease asset ratio of 0.91% at the end of 2024, consistent with the previous year, and a provision coverage ratio of 430.27%, despite a year-over-year decline of 18.12 percentage points [3]. Business Strategy - The company has adopted a dual-line business model of "vendor leasing + regional direct sales," establishing deep strategic partnerships with over 5,800 vendors and dealers [4]. - The focus remains on serving small and micro enterprises, with strong bargaining power on the asset side, indicating potential for continued growth in business scale and profitability [2]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.56, RMB 0.61, and RMB 0.67 respectively, with a book value per share (BPS) of RMB 4.67 for 2025 [5]. - The report assigns a price-to-book (PB) ratio of 1.3 for 2025, reflecting the company's stable profit growth and improved dividend payout [5].