Investment Rating - The report maintains a "Buy" rating for Jiangsu Financial Leasing (600901 SH) [2] Core Views - Jiangsu Financial Leasing's interest spread remains high, and the conversion of convertible bonds has strengthened its capital base, laying a solid foundation for growth [2] - The company's revenue and net profit for the first three quarters of 2024 reached 3 96 billion yuan and 2 23 billion yuan, respectively, both up 9% year-on-year [5] - The annualized weighted average ROE for the first three quarters of 2024 was 15 8%, slightly down by 0 5 percentage points year-on-year [5] - The company's capital adequacy ratio increased by 3 4 percentage points to 18 6% by the end of Q3 2024, providing ample room for expansion [5] - The company's long-term strategy focuses on "retail + technology" and emphasizes risk control, cost reduction, and moderate growth [5] Financial Performance - The balance of receivables from financial leasing at the end of Q3 2024 was 127 9 billion yuan, up 12 3% year-on-year and 1% quarter-on-quarter [5] - The net interest spread for the first three quarters of 2024 was 3 67%, down 0 02 percentage points year-on-year [5] - The non-performing loan ratio at the end of Q3 2024 was 0 92%, up 0 02 percentage points quarter-on-quarter, while the attention ratio decreased by 0 33 percentage points [5] - The provision coverage ratio at the end of Q3 2024 was 426%, slightly down from 431% in Q2 2024 [5] Future Projections - The report revises the net profit forecast for 2024-2026 to 3 0/3 4/3 9 billion yuan, up 13%/15%/12% year-on-year [5] - The EPS for 2024-2026 is projected to be 0 5/0 6/0 7 yuan, with a PB ratio of 1 3/1 2/1 1 times [5] - The dividend yield (TTM) is currently 4 57%, and the expected dividend yield for 2024 is 5 0% [5] Strategic Focus - The company benefits from large-scale equipment renewal policies, which positively impact its asset growth [5] - The cost of liabilities is expected to decrease due to the downward trend in interbank interest rates [5] - The company's high ROE and low non-performing loan characteristics are expected to continue [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that Jiangsu Jinzu's financing costs are marginally improving, with convertible bonds supplementing capital and maintaining an attractive dividend yield [5][7] - The company's performance in the first nine months of 2024 met expectations, with revenue of 39.6 billion yuan, a year-on-year increase of 8.8%, and a net profit attributable to the parent company of 22.3 billion yuan, up 9.1% year-on-year [5] - The report anticipates continued growth in the company's asset scale and a stable asset quality, with a non-performing loan ratio of 0.92% [5][6] Summary by Sections Market Data - Closing price: 5.28 yuan - One-year high/low: 5.92/4.20 yuan - Price-to-book ratio: 1.7 - Dividend yield: 6.06% - Circulating A-share market value: 30,571 million yuan [1] Financial Performance - Revenue for 2022: 4,346 million yuan; 2023: 4,787 million yuan; 2024E: 5,141 million yuan; 2025E: 5,552 million yuan; 2026E: 5,870 million yuan - Net profit attributable to the parent company for 2022: 2,412 million yuan; 2023: 2,660 million yuan; 2024E: 2,898 million yuan; 2025E: 3,117 million yuan; 2026E: 3,259 million yuan - Earnings per share for 2022: 0.81 yuan; 2023: 0.63 yuan; 2024E: 0.50 yuan; 2025E: 0.54 yuan; 2026E: 0.56 yuan [4][10] Asset and Liability Management - The company’s financing lease asset scale reached 123.7 billion yuan, a 12% increase from the beginning of the year - The non-performing loan ratio remained stable at 0.92%, with a provision coverage ratio of 426% [5][6] - The annualized financing cost is 2.76%, down from 2.78% in the first half of 2024 [6] Capital and Dividend Outlook - The capital adequacy ratio improved to 18.6%, up 2.9 percentage points from the end of 2023, following the conversion of convertible bonds [7] - The diluted dividend yield for 2024E is projected at 5.41%, indicating continued attractiveness [7] Profitability Forecast - The report raises profit forecasts, expecting net profits for 2024-2026 to be 29.0 billion yuan, 31.2 billion yuan, and 32.6 billion yuan respectively, reflecting year-on-year growth of 9%, 8%, and 5% [7]

江苏金融租赁股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 证券代码：600901 证券简称：江苏金租 公告编号：2024-074 召开的日期时间：2024 年 11 月 15 日 14 点 00 分 召开地点：江苏省南京市建邺区嘉陵江东街 99 号金融城 1 号楼江苏金融租 赁股份有限公司 405 会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2024 年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 采用上海证券交易所网 ...

Revenue and Profit - Revenue for the third quarter was 13.43 billion yuan, an increase of 9.33% year-over-year[3] - Net profit attributable to shareholders was 792.55 million yuan, up 9.69% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached 3,959,265,769.31 RMB, an increase from 3,640,459,772.87 RMB in the same period of 2023[20] - Net profit for the first three quarters of 2024 was 2,227,082,091.86 RMB, up from 2,040,943,755.71 RMB in the same period of 2023[21] - Net interest income for the first three quarters of 2024 was 3,894,960,863.20 RMB, compared to 3,647,417,197.91 RMB in the same period of 2023[20] Assets and Equity - Total assets reached 134.52 billion yuan, a 12.18% increase from the end of the previous year[4] - Shareholders' equity attributable to the parent company increased by 30.78% to 23.34 billion yuan[4] - Total assets increased to 13,452,087.87 million yuan, up from 11,992,005.64 million yuan at the end of the previous year[13] - Total equity increased to 23,792,637,764.50 yuan, up from 17,849,086,382.54 yuan at the end of the previous year[19] - Total liabilities increased to 11,072,824.10 million yuan, up from 10,207,097.00 million yuan at the end of the previous year[13] Earnings Per Share and Return on Equity - Basic earnings per share (EPS) for the quarter was 0.18 yuan, up 5.88% year-over-year[4] - Weighted average return on equity (ROE) was 4.18%, a decrease of 0.11 percentage points[4] - Basic earnings per share (EPS) for the first three quarters of 2024 were 0.51 RMB, compared to 0.48 RMB in the same period of 2023[23] - Diluted EPS for the first three quarters of 2024 were 0.40 RMB, compared to 0.38 RMB in the same period of 2023[23] Cash Flow and Financing - Operating cash flow for the first nine months was -11.13 billion yuan, a 209.03% decrease year-over-year[3] - Financing cash flow for the first nine months was 13.29 billion yuan[4] - Total cash inflows from operating activities for the first three quarters of 2024 were 66,905,110,581.51 RMB, up from 57,593,019,740.60 RMB in the same period of 2023[24] - The company's borrowing and interbank borrowing increased by 9,795,052,564.60 RMB in the first three quarters of 2024, compared to 7,289,843,042.85 RMB in the same period of 2023[24] - Net cash flow from operating activities was -1,113,355,759.00, a significant decrease compared to 1,021,126,625.37 in the previous period[26] - Net cash flow from investing activities was -724,264,512.69, a decrease from -235,670,953.67 in the previous period[26] - Net cash flow from financing activities was 1,328,647,668.74, a significant improvement from -2,305,839,486.29 in the previous period[26] - The company issued bonds worth 7,000,000,000.00 during the period[26] - The company repaid debts worth 4,500,000,000.00 during the period[26] - The company paid dividends, profits, or interest worth 1,608,489,981.12 during the period[26] - The company received 450,000,000.00 from investments during the period[26] - The company spent 724,301,312.69 on the purchase of fixed assets, intangible assets, and other long-term assets during the period[26] - The company's cash and cash equivalents decreased by 514,039,303.54 during the period[26] Capital and Risk Management - Core tier 1 capital adequacy ratio improved to 17.44%, compared to 14.55% at the end of the previous year[14] - Capital adequacy ratio rose to 18.60%, up from 15.70% at the end of the previous year[14] - Leverage ratio improved to 17.17%, up from 14.63% at the end of the previous year[14] - Total risk-weighted assets increased to 13,353,675.20 million yuan, up from 12,217,123.30 million yuan at the end of the previous year[14] - Non-performing financing lease asset ratio slightly increased to 0.92% from 0.91% at the end of the previous year[15] - Provision coverage ratio decreased to 426.01% from 448.39% at the end of the previous year[15] - Net interest spread on leasing business was 3.67%, slightly down from 3.69% in the same period last year[15] Shareholders and Comprehensive Income - The company's total number of ordinary shareholders at the end of the reporting period was 67,551[8] - The company's total comprehensive income for the first three quarters of 2024 was 2,224,866,894.31 RMB, up from 2,044,995,372.66 RMB in the same period of 2023[23] - Non-recurring gains and losses amounted to 223.28 million yuan for the quarter[6] Leasing and Interest Income - The company received 6,243,291,228.73 RMB in financing lease income in the first three quarters of 2024, up from 5,630,946,707.26 RMB in the same period of 2023[24] - The company paid 2,344,819,252.82 RMB in interest, fees, and commissions in the first three quarters of 2024, compared to 1,881,010,209.91 RMB in the same period of 2023[24]

证券代码：600901 证券简称：江苏金租 公告编号：2024-073 2024 年 10 月 28 日，江苏金融租赁股份有限公司（以下简 称"公司"）召开第四届董事会第七次会议，审议通过《关于解聘 公司市场总监郑寅生的议案》，解聘自本次董事会审议通过之日 起生效，解聘后郑寅生先生不再担任公司任何职务。本次解聘不 会影响公司正常经营活动。 特此公告。 2024 年 10 月 29 日 江苏金融租赁股份有限公司董事会 江苏金融租赁股份有限公司 关于解聘市场总监郑寅生的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 ...

三、关于召开 2024 年第二次临时股东大会的议案 证券代码：600901 证券简称：江苏金租 公告编号：2024-071 江苏金融租赁股份有限公司 第四届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 江苏金融租赁股份有限公司（以下简称"公司"）第四届董事会第 七次会议的通知于 2024 年 10 月 18 日以书面形式发出。本次会议于 2024 年 10 月 28 日以现场会议的方式在公司召开。会议应出席董事 11 人， 实际出席董事 11 人。会议由董事长熊先根先生主持。本次会议的召集 召开程序符合《公司法》《公司章程》及《董事会议事规则》等有关规 定。本次会议审议通过了以下议案： 一、关于《2024 年第三季度报告》的议案 表决结果：同意【 11 】票，反对【 0 】票，弃权【 0 】票。 本议案已经第四届董事会审计委员会第四次会议审议通过。 二、关于变更注册资本暨修订《公司章程》的议案 表决结果：同意【 11 】票，反对【 0 】票，弃权【 0 】票。 表决结果：同意【 11 】票，反对【 ...

一、注册资本变更情况 2018 年 3 月 1 日，公司股票在上海证券交易所上市，注册资本 为人民币 2,986,649,968 元。2018 年 3 月 1 日至 2023 年 6 月 28 日， 受公司可转换公司债券（以下简称"苏租转债"）转股1、回购注销 部分股权激励限制性股票、2022 年度利润分配（资本公积转增股本） 等因素影响，公司注册资本由人民币 2,986,649,968 元变更为 4,244,706,875 元。 2024 年 10 月 18 日，"苏租转债"完成赎回并摘牌。2023 年 6 1 公司于 2021 年 11 月公开发行 50 亿元苏租转债，苏租转债自 2022 年 5 月 17 日起进入转股期。 月 29 日至 2024 年 10 月 18 日，共有 4,762,979,000 元"苏租转债" 转换为公司股份，累计转股数量为 1,548,498,888 股，公司总股本由 4,244,706,875 股变更为 5,793,205,763 股。根据公司总股本变化的 实际情况 ， 注 册 资 本 将 由 人 民 币 4,244,706,875 元 变 更 为 5,793,205,7 ...

江苏金融租赁股份有限公司 2024年第二次临时股东大会 会 议 资 料 2024年11月15日·江苏南京 江苏金融租赁股份有限公司 2024年第二次临时股东大会 会议目录 | 2024年第二次临时股东大会会议议程 | 2 | | --- | --- | | 2024年第二次临时股东大会会议须知 | 3 | | 2024年第二次临时股东大会会议材料 | 6 | 1 江苏金融租赁股份有限公司 2024年第二次临时股东大会会议议程 四、审议议案 序号 议案名称 1 关于变更注册资本暨修订《公司章程》的议案 2 召开方式：现场会议+网络投票 召 集 人：公司董事会 主 持 人：熊先根董事长 一、宣布会议开始 二、介绍会议出席人员情况，宣布出席会议股东人数、代表股份数 五、股东集中提问及回答 六、股东投票表决 七、推选计票人、监票人，统计现场表决结果 八、宣布现场表决结果 九、见证律师宣读法律意见 十、宣布股东大会结束 江苏金融租赁股份有限公司 2024年第二次临时股东大会会议须知 会议时间：2024年11月15日（星期五）14：00 会议地点：江苏省南京市建邺区嘉陵江东街99号金融城1号楼江苏金 融租赁股份有限公司4 ...

江苏金融租赁股份有限公司 关于"苏租转债"赎回结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示: 证券代码：600901 证券简称：江苏金租 公告编号：2024-070 一、本次可转债赎回的公告情况 （一）有条件赎回条件满足情况 公司股票自 2024 年 8 月 19 日至 2024 年 9 月 6 日已满足连 续 30 个交易日内有 15 个交易日收盘价格不低于"苏租转债"当 期转股价格的 130％，已满足"苏租转债"的赎回条件。 （二）本次赎回事项公告披露情况 公司于 2024 年 9 月 6 日召开第四届董事会第六次会议，审 议通过了《关于提前赎回"苏租转债"的议案》,决定行使公司 可转债的提前赎回权,对"赎回登记日"（即 2024 年 10 月 17 日） 赎回数量：1,896,000元（18,960张） 赎回兑付总金额：1,906,655.52元（含当期利息） 赎回款发放日：2024年10月18日 可转债摘牌日：2024年10月18日 登记在册的"苏租转债"全部赎回。具体内容详见公 ...

证券代码：600901 证券简称：江苏金租 公告编号：2024-069 可转债代码：110083 可转债简称：苏租转债 江苏金融租赁股份有限公司关于 实施"苏租转债"赎回暨摘牌的最后一次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 自 2024 年 10 月 15 日起，"苏租转债"已停止交易。 最后转股日：2024 年 10 月 17 日 截至 2024 年 10 月 16 日收市后，距离 10 月 17 日（"苏租转 债"最后转股日，含当日）仅剩 1 个交易日，10 月 17 日为"苏租 转债"最后一个转股日。 本次提前赎回完成后，苏租转债将自 2024 年 10 月 18 日起 在上海证券交易所摘牌。 投资者所持可转债除在规定时限内按照 3.05 元/股的转股 价格进行转股外，仅能选择以 100 元/张的票面价格加当期应计利 赎回登记日：2024 年 10 月 17 日 赎回价格：100.562 元/张 赎回款发放日：2024 年 10 月 18 日 最后交易日：2024 年 10 月 1 ...