重大事项点评：发行短融，基本面的又一次改善

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 9.3 CNY and a current price of 8.09 CNY [1]. Core Insights - The issuance of 1 billion CNY short-term bonds at a coupon rate of 2.03% marks a significant improvement in the company's fundamentals. This is the first short-term bond issuance since the resolution of shareholder risk events [1]. - The short-term bonds will help the company in two main ways: 1. Increase interest margins by replacing high-interest existing bonds, as recent bond market rates have been declining [1]. 2. Enhance Return on Equity (ROE) by expanding the company's leverage capacity through the addition of new financing tools [1]. - The company is expected to see an increase in ROE, with projections of 0.31, 0.35, and 0.39 for the years 2024, 2025, and 2026 respectively, alongside an estimated EPS of 0.26, 0.31, 0.35, and 0.39 for the same years [1]. Financial Summary - The company’s total assets are projected to grow from 222.44 billion CNY in 2023 to 274.22 billion CNY by 2026 [4]. - Total revenue is expected to increase from 7,119 million CNY in 2023 to 10,438 million CNY in 2026, reflecting a growth rate of 11% [4]. - Net profit attributable to shareholders is forecasted to rise from 2,152 million CNY in 2023 to 3,176 million CNY in 2026, with a growth rate of 12% [4].