CNPCCCL(000617) 东方证券·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.67 CNY, based on a price-to-book (PB) ratio of 0.8 for 2024 [4][2]. Core Insights - The company's revenue growth remains strong, exceeding 20% year-on-year, supported by robust performance in banking and financial services. The financial company's revenue growth reached 36.9%, while Kunlun Bank's revenue grew by 11.2% [1][2]. - Asset scale shows moderate expansion, with total assets increasing by 4.9% year-on-year. Kunlun Bank's asset growth improved to 11%, while the financial leasing company experienced significant growth post-pandemic [1][2]. - The company's return on equity (ROE) was 4.92% at the end of 2023, slightly down from the previous year, but there are expectations for improvement through state-owned enterprise value management assessments [1][2]. Financial Summary - Revenue for 2023 was 770 million CNY, with a year-on-year growth of 3.4%. The forecast for 2024 is 889 million CNY, reflecting a growth rate of 15.4% [3][8]. - The net profit attributable to the parent company for 2023 was 4,926 million CNY, with a minimal increase of 0.2%. The projected growth rates for 2024, 2025, and 2026 are 20.9%, 6.3%, and 11.5%, respectively [3][8]. - The company's net asset value per share (BVPS) is expected to rise from 8.34 CNY in 2024 to 9.17 CNY in 2026 [2][3].