事件：4 月25 日，江苏金租公布2024 年报及2025 年一季报。2024 年实现归母净利润29.4 亿 元/yoy+10.6%，实现营收52.8 亿元/yoy+10.3%；1Q25 归母净利润7.7 亿元/yoy+8.4%。2024 年公司每股 分红0.27 元，分红率为53.15%/yoy+2.02pct，对应25/4/25 股息率为5.18%。 25/4/25 收盘价对应公司25-27E 动态PB 分别1.17x、1.10x、1.03x。 24 年生息资产规模保持双位数增长，1Q25 净利差环比提升。1）资产规模看：24 年面对外部环境不确 定性增加与租赁行业竞争加剧双重挑战，公司保持战略定力、推动资产规模稳步扩张；24 年末公司资 产总额1373 亿元/yoy+14.5%（1Q25 末较年初+8.9%），其中融资租赁资产规模1278 亿/yoy+12.0%；新 增投放829.2 亿元/yoy+14.5%，其中直接租赁投放金额同比增长22%、直租占比达到47%。2）1Q25 净 利差环比提升：24 年公司租赁业务净利差为3.62%/yoy+0.01pct，1Q25 净利差为3.91%/yoy+0.2 ...

Core Insights - Jiangsu Jinzu reported a revenue of 5.278 billion yuan for 2024, representing a year-over-year increase of 10.26%, with a net profit attributable to shareholders of 2.943 billion yuan, up 10.63% year-over-year, slightly exceeding expectations [1] - The company achieved a revenue of 1.544 billion yuan in Q1 2025, a year-over-year growth of 20.47%, with a net profit of 772 million yuan, reflecting an 8.41% increase year-over-year [1] Business Expansion - As of the end of 2024, the company's financing lease asset balance reached 127.803 billion yuan, an increase of 13.694 billion yuan from the previous year, marking a 12.00% year-over-year growth [2] - The clean energy sector remains the largest segment, with an asset balance growth of 39.93% to 32.637 billion yuan, contributing significantly to asset appreciation [2] - Accounts receivable from leasing increased by 12.01% compared to the beginning of the year, indicating strong growth momentum [2] Asset Quality - The company maintained a non-performing financing lease asset ratio of 0.91% at the end of 2024, unchanged from the previous year, supported by a multi-tiered risk prevention matrix [3] - The provision coverage ratio was 430.27%, down 18.12 percentage points year-over-year, while the provision ratio was 3.93%, a slight decrease of 0.15 percentage points [3] Strategic Initiatives - The company is deepening its focus on small and micro enterprises through a dual-line business model of "vendor leasing + regional direct sales," establishing strategic partnerships with over 5,800 vendors [4] - A strong technological engine has been developed to support an annual processing capacity of 100,000 transactions [4] Profit Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.56, 0.61, and 0.67 yuan, reflecting increases of 2% and 3% from previous estimates [5] - The target price for 2025 is set at 6.07 yuan, based on a price-to-book (PB) ratio of 1.3, maintaining a "buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.07 [8][9]. Core Insights - The company achieved a revenue of RMB 5.278 billion in 2024, representing a year-over-year growth of 10.26%, and a net profit of RMB 2.943 billion, up 10.63% year-over-year, slightly exceeding expectations [1]. - The company continues to focus on small and micro enterprises, enhancing its service capabilities and maintaining strong asset quality, with a non-performing asset ratio of 0.91% [2][3]. - The dividend payout ratio increased by 1.6 percentage points to 53% in 2024, reflecting the company's commitment to returning value to shareholders [1]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of RMB 1.544 billion, a year-over-year increase of 20.47%, and a net profit of RMB 772 million, up 8.41% year-over-year [1]. - The financing lease asset balance reached RMB 127.803 billion by the end of 2024, an increase of RMB 13.694 billion or 12.00% year-over-year [2]. Asset Quality - The company maintained a non-performing financing lease asset ratio of 0.91% at the end of 2024, consistent with the previous year, and a provision coverage ratio of 430.27%, despite a year-over-year decline of 18.12 percentage points [3]. Business Strategy - The company has adopted a dual-line business model of "vendor leasing + regional direct sales," establishing deep strategic partnerships with over 5,800 vendors and dealers [4]. - The focus remains on serving small and micro enterprises, with strong bargaining power on the asset side, indicating potential for continued growth in business scale and profitability [2]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.56, RMB 0.61, and RMB 0.67 respectively, with a book value per share (BPS) of RMB 4.67 for 2025 [5]. - The report assigns a price-to-book (PB) ratio of 1.3 for 2025, reflecting the company's stable profit growth and improved dividend payout [5].

Group 1 - The banking sector has shown positive performance, with the China Securities State-Owned Enterprises Dividend Index (000824) rising by 0.10% and several constituent stocks experiencing significant gains, such as Chongqing Bank (601963) up by 7.21% and Jiangsu Jinzu (600901) up by 5.57% [1] - The National State-Owned Enterprises Dividend ETF (159515) has seen a growth in scale of 979.54 million yuan this month, ranking it in the top half among comparable funds [1] - The Central Political Bureau of the Communist Party of China held a meeting on April 25, focusing on economic themes and indicating a continuation of policy support [1] Group 2 - Huachuang Securities noted that large banks are advancing their capital increase plans, and the mid-term dividend strategy is still in progress, indicating sustained long-term investment value in the banking sector [2] - The low interest rate environment continues to highlight the stability of bank earnings and dividends, with high dividend yield banks showing absolute returns [2] - The positive economic trend remains unchanged, with monetary and fiscal policies being firmly implemented since October 2024, which is expected to stabilize bank asset quality and support credit growth [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) among the top [3] - The performance of individual stocks within the index varies, with some stocks like Nanjing Steel (600282) showing a gain of 2.07%, while others like Hengyuan Coal Power (600971) saw a decline of 2.64% [5]

Group 1 - The "national team" has increased holdings in hard technology, domestic demand, and financial insurance sectors while reducing positions in multiple energy stocks during Q1 2025 [1][2] - Over 2,400 A-share listed companies have disclosed their Q1 2025 reports, with more than 360 companies showing "national team" as a major shareholder [1] - The most significantly increased stock by the "national team" is China Ping An, with an additional 252 million shares acquired in Q1 2025, totaling 1.471 billion shares held [1] Group 2 - The "national team" has notably reduced holdings in the energy sector, with China Aluminum seeing a decrease of over 50 million shares, and other companies like Chifeng Gold and Shenhuo Co. also experiencing significant reductions [2] - Insurance funds are focusing on key industries related to national livelihood, with the Honghu Fund, initiated by China Life and Xinhua Insurance, achieving a good performance with investments totaling 50 billion yuan [2][3] - The second batch of long-term investment trials for insurance funds was approved, expanding the total scale from 500 billion yuan to 1.62 trillion yuan, with eight insurance companies participating [3] Group 3 - The Honghu Fund has increased its stake in Shaanxi Coal and has become a significant shareholder, holding over 116 million shares as of Q1 2025 [3][4] - The Honghu Fund also entered the top ten shareholders of China Telecom and holds 76.174 million shares, maintaining its position in Q1 2025 [4] - Insurance companies have mirrored the "national team's" strategy by reducing energy stock holdings while increasing positions in key sectors [5]

Summary of Jiangsu Financial Leasing Conference Call Company Overview - Jiangsu Financial Leasing reported double-digit growth in revenue and profit for 2024, with total assets expanding and a net interest margin slightly increasing by 1 basis point. The non-performing loan ratio remained stable at 0.91%, indicating robust operational performance and effective risk management [2][3][4]. Core Business Strategies - The company continues to implement a specialized, differentiated, and diversified development strategy, with equipment leasing accounting for 47.14% of its business, nearing regulatory requirements for 2026 and positioning it as an industry leader [2][5]. - The business layout follows a "3+N" model, focusing on sectors such as equipment, clean energy, and transportation, while also expanding into information technology, healthcare, education, cultural tourism, and environmental protection [5][6]. - In 2025, the company aims to enhance strategic customer service and cultivate new business foundations across various industries, while improving capabilities in retail, technology, risk control, financing, and personnel management [2][7]. Financial Performance - In Q1 2025, revenue and pre-provision profit grew by 20% year-on-year. The management expressed satisfaction with these results, especially given the current economic environment [3][4]. - The asset deployment growth in Q1 2025 was primarily driven by high-end equipment (38%), energy and environmental protection (22%), and transportation (17%) sectors, contributing to significant asset scale growth [2][8]. Risk Management - The company has established a key warning list and enhanced asset management in response to the pressures from tariffs affecting clients, particularly those in the supply chain for the U.S. market [4][9]. - Continuous monitoring and management of existing clients are in place to mitigate potential asset quality risks due to external economic pressures [9][10]. Future Outlook - The company anticipates stable growth in 2025, despite challenges from external trade pressures, aiming for appropriate growth in overall asset speed [8][9]. - The net interest margin and net profit margin are expected to remain reasonable, with efforts focused on asset pricing, comprehensive management, and industry innovation [14][16]. Dividend Policy - The company plans to increase the absolute value of dividends from over 1.3 billion to over 1.5 billion in 2025 to enhance shareholder returns, while also considering more frequent dividend distributions [20][21]. Subsidiary Performance - The joint venture with Societe Generale has shown stable operations, focusing on technology and agriculture sectors, with plans for independent financing and enhanced collaboration with domestic and international partners [20][21]. This summary encapsulates the key points from the conference call, highlighting the company's strategic direction, financial performance, risk management, and future outlook.

丨证券研究报告丨 公司研究丨点评报告丨江苏金租（600901.SH） [Table_Title] 江苏金租 2024A&2025Q1 点评：资产投放提速， 净利差显著走阔 报告要点 [Table_Summary] 江苏金租 2025 年以来资产投放明显提速，负债成本率大幅下降驱动净利差走阔，不良率控制 良好，体现出公司资产端的强盈利能力与风控能力。公司积极回报股东，2024A 分红比例达 53.15%，同比+0.58pct。看好公司在强监管周期市场份额稳定扩张，利润稳健增长的同时以高 分红比例回报股东。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% 1 江苏金租（600901.SH） cjzqdt11111 [Table_Title 江苏金租2022]4A&2025Q1点评：资产投放提速， 净利差显著走阔 [Table_Summary2] 事件描述 江苏金租发布 2024 年报与 2025 年一季报，2024 年实现营业收入、归母净利润分别为 ...

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting a recovery trend in brokerage profitability [4]. Core Insights - The brokerage sector has shown significant performance improvements, with a year-on-year net profit increase of 16% for 2024, totaling 143.5 billion yuan. The fourth quarter of 2024 saw a remarkable 96% increase in net profit compared to the previous quarter [4]. - The insurance sector also demonstrated resilience, with notable growth in new business value (NBV) for major companies despite some profit declines due to rising long-term interest rates [4]. - The report suggests two main investment themes: mergers and acquisitions in the brokerage sector and performance sensitivity to market activity [4]. Market Performance - The Shanghai Composite Index closed at 3,786.99, with a weekly change of +0.38%. The non-bank index rose by 1.17%, while the brokerage, insurance, and diversified financial indices increased by 0.89%, 1.35%, and 2.77%, respectively [7]. - The average daily stock trading volume reached 12,581.27 billion yuan, indicating a high level of market activity [52]. Key Company Announcements - China Ping An reported a net profit of 27.016 billion yuan for Q1 2025, a decrease of 26.4% year-on-year, primarily due to fluctuations in fair value of bonds [23]. - China Pacific Insurance's net profit for Q1 2025 was 9.627 billion yuan, down 18.1% year-on-year, reflecting pressures on both asset and liability sides [24]. - Dongfang Caifu achieved a net profit of 2.715 billion yuan in Q1 2025, marking a 38.96% increase year-on-year [25]. Investment Recommendations - For brokerages, the report recommends focusing on companies with strong market activity sensitivity and solid client deposit advantages, such as Dongfang Caifu and招商证券 (Zhaoshang Securities) [4]. - In the insurance sector, companies like Xinhua Insurance, China Life, and China Pacific Insurance are highlighted as potential investment opportunities due to favorable policy expectations and market conditions [4].

Group 1 - The core viewpoint of the articles highlights the significant concentration of financing leasing companies in Shanghai, which accounts for over 20% of the national total, with 1,749 companies registered as of June 2024 [1] - Shanghai's financing leasing market has a projected investment scale exceeding 900 billion yuan in 2024, featuring major players such as Far East Horizon, China Merchants Jinling, and others [2] - The competitive landscape of China's financing leasing industry shows a low market concentration, with the top three companies holding a market share of approximately 9%, the top five at 13%, and the top ten at 23% [8] Group 2 - The financing leasing companies with registered capital exceeding 12 billion yuan are limited, primarily including Bohai Leasing and others, often backed by banks and insurance firms [5] - Companies with registered capital between 5 billion and 12 billion yuan include Bank of China Financial Leasing and others, indicating a tiered structure within the industry [5]

证券研究报告·公司点评报告·多元金融 江苏金租（600901） 2024 年年报及 2025 年一季报点评：不良率 保持稳定，2025Q1 净利差走阔 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4787 | 5278 | 6135 | 6797 | 7484 | | 同比（%） | 10.1% | 10.3% | 16.2% | 10.8% | 10.1% | | 归母净利润（百万元） | 2660 | 2943 | 3241 | 3603 | 3976 | | 同比（%） | 10.3% | 10.6% | 10.1% | 11.2% | 10.4% | | BVPS-最新摊薄（元/股） | 3.08 | 4.17 | 4.41 | 4.77 | 5.16 | | P/B（现价&最新摊薄） | 1.69 | 1.25 | 1.18 | 1.09 | 1.01 | 2025 年 04 月 26 日 证券分析 ...