Credit Suisse first gave China Huarong (02799.HK) an outperforming market rating. The target price was 3.59 yuan, reflecting 7 times the market profit and 1.07 times the market account ratio. The bank claims that the compounded annual growth rate of the company's net profit in 15-17 was 20%, the return on assets was 2.4%, and the return on equity was about 20%, mainly due to strong performance in the non-performing assets business and financial services business. The bank estimates that in the next 2 years, the revenue growth rate of the traditional non-performing asset business will reach 60%. Mainly due to pressure on bank assets, it will need to sell non-performing assets. However, according to the bank, it is necessary to pay attention to the excessive share of the real estate market; cyclical risks from banking, loan and trust businesses; and further adjustments in the capital market.