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 ...

Performance Overview - Jiangsu Jinzhong achieved revenue and net profit attributable to shareholders of 5.278 billion and 2.943 billion yuan in 2024, representing year-on-year growth of 10.26% and 10.63% respectively, with a weighted average ROE of 14.72%, down 1.09 percentage points year-on-year [1] - In Q4 2024, the net profit attributable to shareholders was 716 million yuan, showing a quarter-on-quarter decrease of 9.62% but a year-on-year increase of 15.63% [1] - For Q1 2025, revenue and net profit attributable to shareholders were 1.544 billion and 772 million yuan, reflecting year-on-year growth of 20.47% and 8.41%, and quarter-on-quarter growth of 17.09% and 7.8% respectively [1] - The scale of interest-earning assets steadily increased, with a slight decline in yield; by the end of 2024, receivables from financing leases grew by 12.1% to 123.5 billion yuan, and in Q1 2025, it further increased by 12% to 138.3 billion yuan [1] - The average yield on interest-earning assets for 2024 and Q1 2025 was 6.53% and 6.52%, down 0.23 percentage points and 0.34 percentage points year-on-year respectively [1] Liability Structure Adjustment - The company adjusted its liability structure to reduce financing costs, increasing the proportion of short-term borrowing and long-term loans; by the end of 2024, the proportion of borrowed funds, bonds payable, and long-term loans changed by +3.1 percentage points, -3.9 percentage points, and +0.7 percentage points respectively compared to the end of the previous year [2] - The average cost of liabilities for 2024 and Q1 2025 was 2.79% and 2.31%, down 0.21 percentage points and 2.78 percentage points year-on-year respectively [2] - The net interest margin slightly widened, with net interest margins for 2024 and Q1 2025 at 3.62% and 3.91%, up 0.01 percentage points and 0.28 percentage points year-on-year respectively [2] Asset Quality and Dividend Policy - The overall asset quality remained stable, with non-performing loan ratios at 0.91% for both 2024 and Q1 2025; the provision coverage ratio was 430% and 408% respectively, indicating a slight decline but overall sufficient coverage [2] - The dividend payout ratio increased from 52.57% in 2023 to 53.15% in 2024 [2] Investment Outlook - The company is expected to maintain steady growth in performance driven by retail characteristics, technological integration, and stable growth in interest-earning assets alongside expanding interest margins [3] - Projected net profits attributable to shareholders for 2025-2027 are 3.630 billion, 3.792 billion, and 4.089 billion yuan, representing year-on-year growth of 23.4%, 4.5%, and 7.8% respectively [3] - Corresponding price-to-book ratios for April 25 are projected to be 1.16, 1.08, and 1.01, maintaining a "buy" rating [3]

《利差保持高位，转债转股扩充资本 金夯实增长基础—江苏金租 2024年三 季报点评》-2024.10.29 《转债强赎靴子落地，关注左侧布局 机会—公司信息更新报告》-2024.9.8 《多细分设备领域创收高增，净利差 环比扩张—江苏金租 2024 年中报点 评》-2024.8.17 非银金融/多元金融 江苏金租（600901.SH） 一季报营收超预期，利差和规模投放表现亮眼 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 5.21 | | 一年最高最低(元) | 5.92/4.20 | | 总市值(亿元) | 301.78 | | 流通市值(亿元) | 301.66 | | 总股本(亿股) | 57.92 | | 流通股本(亿股) | 57.90 | | 近 3 个月换手率(%) | 39.1 | 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-04 2024-08 2024-12 江苏金租 沪深300 相关研究报告 ——江苏金租 2024 年报及 2025 一季报点评 ...

事件：4/25，江苏金租披露2024 年年报及2025 年一季报，业绩超预期。公司2024 年实现营业总收入为 52.8 亿元/yoy+10.3%；实现归母净利润为29.4 亿元/yoy+10.6%。公司1Q25营业总收入为15.4 亿 元/yoy+20.5%/qoq+17.1% ； 归母净利润为7.7 亿元/yoy+8.4%/qoq+7.8%。 生息资产规模稳健增长，坚持"厂商+区域"策略拓渠道，境外融资租赁规模增速亮眼。 2024 年末，公司融资租赁资产余额1,278 亿元/较年初+12%；1Q25 末公司融资租赁资产余额1,427 亿元/ 同比+18%/较年初+12%。资产投放分布：公司立足"3+N+X"业务布局稳步推进投放，其中重点领域清 洁能源、交通运输板块租赁款余额分别同比增长39.9%/12.7%，报告期农业装备租赁款余额增速达到 42.0%（板块间增速最高）。公司坚持拓展"厂商+区域"渠道。2024 年末公司合作国内外龙头厂商数量 超5,800 家；资产投放区域方面，公司在河北、山西、广东地区投放增速较快，融资租赁资产余额同比 增速分别为59.5%、28.4%、25.1%，此外我们关注到报告期 ...

4月25日江苏金租发布2024年度分配预案，拟10派2.7元（含税），预计派现金额合计为15.64亿元。派现 额占净利润比例为53.15%，以该股2024年度成交均价计算，股息率为5.37%。这是公司上市以来，累计 第8次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.7元（含税） | 15.64 | 5.37 | | 2023.12.31 | 10派3.2元（含税） | 13.98 | 5.96 | | 2022.12.31 | 10转增4派3.5元（含税） | 10.61 | 6.75 | | 2021.12.31 | 10派3.5元（含税） | 10.45 | 6.57 | | 2020.12.31 | 10派3元（含税） | 8.96 | 5.17 | | 2019.12.31 | 10派2.4元（含税） | 7.17 | 3.56 | | 2018.12.31 | 10派2元（含税） | 5.97 | 2.15 | | 2017.12.31 | 1 ...

环境、社会及治理（ESG）报告 2024年度 做一家有温度的金融租赁公司 2 ｜ 江苏金租 目录 ｜ 3 目录 contents Chapter III P92 心怀绿意 守护生态环境 关于本报告 About the report 走进江苏金租 About JFL 重要性议题分析 Analysis of material topics Chapter I P16 P122 守正合规 深化公司治理 Integrity & Compliance – Deepening Corporate Governance ESG 管理 ESG management 金融风险防范 Financial risk prevention 反洗钱 Anti-money laundering 规范运营 Standardized operation 反商业贿赂及反贪污 Anti-commercial bribery and anti-corruption P50 P158 Special topic 乙巳不惑 半步领先 maintain half a step ahead 栉风沐雨砥砺前行 Braving the wind and rai ...

江苏金融租赁股份有限公司 根据《国有企业、上市公司选聘会计师事务所管理办法》《国有 金融企业选聘会计师事务所管理办法》等规定，公司对毕马威华振会 计师事务所（特殊普通合伙）（以下简称"毕马威华振"）2024 年度 履职情况进行评估。具体情况如下： 一、资质条件 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业， 更名为毕马威华振会计师事务所（特殊普通合伙），2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。毕马威华振 总所位于北京，注册地址为北京市东城区东长安街 1 号东方广场东 2 座办公楼 8 层。毕马威华振的首席合伙人邹俊，中国国籍，具有中国 注册会计师资格。 截至 2024 年 12 月 31 日，毕马威华振有合伙人 241 人，注册会 计师 1,309 人，其中签署过证券服务业务审计报告的注册会计师超过 300 人。 二、执业记录 1.诚信记录 关于毕马威华振会计师事务所（特殊普通合伙） 2024 年度履职情况评估报告 毕马威华振及其从业人员近三年未因执业行为受到任 ...