惠譽博華:內地租賃行業進入轉型深水區 料明年長期債務佔比回升
評級機構惠譽的內地全資附屬惠譽博華表示,租賃行業進入轉型深水區,在行業合同規模整體收縮態勢下,金融租賃公司仍保持穩健增長,又指資產質量指標良好,並保持了較高的撥備水平。金融租賃公司不良率上升壓力主要來源於政信類業務。
惠譽博華表示,今年國家金融監督管理總局發布了《關於促進金融租賃公司規範經營和合規管理的通知》,要求逐步提高直租業務佔比,力爭在2026年實現年度新增直租業務佔比不低於50%的目標,並嚴禁新增非設備類售後回租業務。惠譽博華預計,政信類業務監管升級有助於促進金融租賃公司回歸以「融物」為核心的租賃經營模式,長期來看將對金融租賃公司資產質量產生積極影響。
金融租賃公司的「類信貸」業務已顯著壓降,但新業務尚未進入快速增長通道。惠譽博華預計,金融租賃公司在業務轉型期將減弱對資本的消耗,資本水平將維持良好。
金融租賃公司憑借母公司資金及流動性優勢實現「借短投長」賺取利差,期限錯配程度較高。目前金融租賃公司債券發行限制有放寬跡象,惠譽博華預計,各金融租賃公司有意願在市場利率低位進行加大長期融資規模,明年金融租賃公司長期債務佔比將回升。
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