中国光大控股(0165.HK)首次覆盖报告:资负共振 锚定科创 拐点已现

国泰海通证券
Sep 03, 2025

本报告导读:投资端,前瞻布局科技创新领域,逐步进入收获期;负债端,公司资金成本持续下行。资负共振下看好光大控股业绩爆发。投资要点:首次覆盖给予“增持”评级。分部估值合计239 亿港元,对应目标价14.18 港元,对应0.73xPB。公司是私募股权行业的领军者,预计2025-2027 年净利润20.44/24.19/27.91 亿元, 同比增长207.09%/18.34%/15.36%。基金管理业务...

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