Investment Rating - Buy (Maintained) [1] Core Views - The company's financial business remains stable, with industrial operations showing high growth, and its high dividend attribute is noteworthy [1] - The company's 2023 performance met expectations, with operating revenue reaching 37.96 billion yuan, a year-on-year increase of 3.76%, and net profit attributable to the parent company reaching 6.193 billion yuan, a year-on-year increase of 1.00% [2] - The company's financial and consulting segment saw a slight decline in interest income, but the financial services interest income increased by 3.64% to 22.467 billion yuan [3] - The industrial operations business achieved a revenue of 14.739 billion yuan, a year-on-year increase of 11.38%, with Hongxin Construction Development and Hongxin Health showing significant growth [3] - The company's net interest margin widened, and asset quality remained stable, with a non-performing asset ratio of 1.04%, a slight decrease from the previous year [3] Financial Performance and Valuation - The company's operating revenue is expected to grow steadily, with forecasts of 40.632 billion yuan, 43.046 billion yuan, and 45.504 billion yuan for 2024, 2025, and 2026, respectively [2] - Net profit attributable to the parent company is projected to be 6.649 billion yuan, 7.043 billion yuan, and 7.369 billion yuan for 2024, 2025, and 2026, respectively [2] - The EPS is expected to be 1.54 yuan, 1.63 yuan, and 1.71 yuan for 2024, 2025, and 2026, respectively [2] - The P/E ratio is forecasted to be 3.55, 3.35, and 3.20 for 2024, 2025, and 2026, respectively [2] Business Segments - Financial Services: Interest income from financial services increased by 3.64% to 22.467 billion yuan, with the average balance of interest-bearing assets increasing by 0.67% to 2.728 trillion yuan [3] - Industrial Operations: Revenue from industrial operations increased by 11.38% to 14.739 billion yuan, with Hongxin Construction Development and Hongxin Health contributing significantly [3] - Hongxin Construction Development expanded its overseas layout, with a management scale of 177,600 aerial work platforms, ranking first in Asia and top three globally [3] - Hongxin Health achieved a net profit of 170 million yuan, a year-on-year increase of 253%, by optimizing its hospital portfolio and improving management efficiency [3] Market Data - The closing price of the stock is 6.35 HKD, with a one-year low/high of 4.96/7.38 HKD [5] - The P/B ratio is 0.55, and the market capitalization is 27.401 billion HKD [5] Financial Indicators - The company's net asset per share is 11.61 HKD, with a debt-to-asset ratio of 83.62% [6] - The total share capital is 4.315 billion shares, with the same number of shares in circulation [6] Related Research - Previous reports have highlighted the company's special dividends and the strategic foresight of Hongxin Construction Development's listing [7]
2023年年报点评：金融业务稳健，产业运营高增，高股息属性值得重视