证券代码：600901 证券简称：江苏金租 公告编号：2024-078 江苏金融租赁股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 江苏金融租赁股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 12 月 04 日上午 10:00-11:00 举行 2024 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2024 年 12 月 04 日(星期三)上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 27 日(星期三)至 12 月 03 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问 ...

Investment Rating - Buy/Maintain rating for Jiangsu Financial Leasing (600901) [1] Core Views - Core business continues to expand, with stable asset quality [1][3] - Asset scale continues to grow, with adjustments in liability structure [3] - Profitability remains strong, with stable interest margins [3] - Asset quality improves steadily, with high provision coverage [3] - Convertible bonds delisted, enhancing capital adequacy ratio [3] Financial Performance - Revenue for Q3 2024: 3.959 billion CNY, up 8.76% YoY [3] - Net profit attributable to shareholders: 2.227 billion CNY, up 9.12% YoY [3] - ROE (weighted): 11.87%, down 0.4 pct YoY [3] - Total assets: 134.521 billion CNY, up 12.18% from the end of the previous year [3] - Interest-bearing liabilities: 102.199 billion CNY, up 8.07% from the end of the previous year [3] - Net interest income: 3.895 billion CNY, up 6.79% YoY [3] - Net interest margin: 3.67%, down 2 bp YoY [3] - Operating lease income: 86 million CNY, up 180.78% YoY [3] - Cost-to-income ratio: 9.66%, up 0.35 pct YoY [3] - Non-performing financing lease asset ratio: 0.92%, up 1 bp from the end of the previous year [3] - Provision coverage ratio: 426.01%, down 22.38 pct from the end of the previous year [3] - Core Tier 1 capital adequacy ratio: 17.44%, up 3.38 pct from mid-year [3] Future Projections - Expected revenue for 2024-2026: 5.259, 5.781, 6.376 billion CNY [3] - Expected net profit attributable to shareholders for 2024-2026: 2.930, 3.233, 3.602 billion CNY [3] - Expected EPS for 2024-2026: 0.51, 0.56, 0.62 CNY [3] - PE ratio as of November 11: 10.46, 9.48, 8.51 times [3] Stock Data - Total shares outstanding/circulating: 5.793/5.790 billion shares [3] - Total market capitalization/circulating: 30.646/30.629 billion CNY [3] - 12-month high/low price: 5.92/4.20 CNY [3]

江苏世纪同仁律师事务所 关于江苏金融租赁股份有限公司 2024 年第二次临时股东大会的 法律意见书 江苏金融租赁股份有限公司： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》《上市公司股东大会规则》和《上海证券交易所上市公司自律监管指引 第 1 号-规范运作》等法律、法规和规范性文件以及《公司章程》的规定，本所受 公司董事会的委托，指派本所律师出席公司 2024 年第二次临时股东大会，并就 本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表决程序以 及表决结果等事项的合法有效性出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对 本法律意见书承担相应的责任。 上述会议通知载明了本次股东大会的召开时间、地点、股权登记日、会议召 1 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 （一）本次股东大会由 ...

Summary of Conference Call Company and Industry Overview - The conference call involved Jiangsu Jinguo, a company engaged in financing leasing, particularly focusing on retail and small-scale contracts. The company reported significant growth in its contract numbers and customer base, primarily serving small and micro enterprises [1][2]. Key Points and Arguments Financial Performance - As of Q3, the company has over 110,000 contracts with an average contract value of approximately 1.15 million [1]. - In the first three quarters, the company added around 40,000 new contracts, with 98% of new clients being small and micro enterprises [2]. - The company’s leasing business is diversified across several sectors, with the passenger vehicle segment contributing about 59% of the client base [2]. Regulatory Compliance - The company reported a direct leasing ratio of about 45% and a pure leaseback ratio of less than 24%, indicating strong compliance with regulatory requirements [2][3]. - The regulatory requirement states that by 2026, the leaseback ratio should not exceed 50%, and the company is currently well-positioned to meet this target [3]. Industry Segmentation - The company’s financing leasing services are segmented into high-end equipment (over 40% of new investments), energy and environmental protection (20%), and transportation (15%) [5][6]. - The high-end equipment segment includes industrial equipment, construction machinery, and agricultural equipment, with a focus on both international and domestic manufacturers [4][5]. Risk Management - The company has implemented a robust risk management strategy, focusing on monitoring asset quality and managing non-performing loans, which currently stand at 0.92% [9][10]. - The company has developed a dynamic monitoring system for both equipment and clients to mitigate risks associated with leasing [12][14]. Future Outlook - The company anticipates a cautious growth outlook for the next year, projecting a high single-digit growth rate in asset scale and leasing income [30][31]. - The company plans to maintain a dividend payout ratio of over 50%, despite potential dilution from convertible bonds [20]. Financing Strategy - The company has successfully reduced its financing costs, with new financing rates decreasing by approximately 50 basis points year-on-year [22]. - The financing structure is primarily composed of interbank loans, with a focus on short-term borrowing to optimize costs [21][22]. New Business Initiatives - The establishment of a specialized subsidiary, Fabre Agricultural Equipment, aims to deepen the company’s engagement in the agricultural and technology sectors [36][39]. - The subsidiary will leverage partnerships with leading manufacturers to enhance service offerings and explore new market opportunities [37][39]. Additional Important Information - The company is actively exploring new sectors, including energy storage and environmental protection, to diversify its portfolio [5][6]. - The management emphasized the importance of maintaining a diversified asset base to mitigate risks associated with economic fluctuations [16]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and industry positioning.

证券代码：600901 证券简称：江苏金租 公告编号：2024-076 江苏金融租赁股份有限公司 关于为项目公司提供担保的公告 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： 被担保人名称：汇江（天津）航运租赁有限公司（以下简称"汇 江租赁"），为江苏金融租赁股份有限公司（以下简称"公司"）在 境内保税地区设立的全资项目公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额为 18,400,000 美元；截至公告披露日，公司实际为其提供的担保余额为 18,400,000 美元（含本次）。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 一、担保情况概述 （一）担保基本情况 2024 年 11 月 6 日，公司与中国光大银行股份有限公司南京分行 （以下简称"光大银行"）签订《保证合同》，为汇江租赁向光大银 行申请的 18,400,000 美元项目融资贷款提供担保，担保期限为主合 二、被担保人基本情况 1.公司名称：汇江（天津）航运租赁有限公司 2.成立日期：2024年10月14日 3.住所：天津自贸 ...

Investment Rating - The report maintains an "Outperform" rating for Jiangsu Financial Leasing (600901) [1] Core Views - Jiangsu Financial Leasing's Q3 2024 revenue and net profit showed steady growth, with revenue reaching 13.4 billion yuan (+9.3% YoY) and net profit at 790 million yuan (+9.7% YoY) [4] - The company's net interest margin remained stable at 3.67%, with a slight YoY decrease of 0.02 percentage points [5] - The non-performing loan (NPL) ratio stood at 0.92% at the end of Q3 2024, maintaining a low level [6] - The company's retail strategy and financial technology-driven business model are expected to support long-term growth [6] Financial Performance - Total revenue for the first three quarters of 2024 reached 39.6 billion yuan, a YoY increase of 8.8% [4] - Net profit attributable to shareholders was 22.3 billion yuan, up 9.1% YoY [4] - Return on equity (ROE) was 11.87%, down 0.4 percentage points YoY due to changes in net assets [4] - Interest income from leasing operations grew by 6.8% YoY to 38.9 billion yuan [5] Business Operations - The scale of receivables from leasing operations slowed down, with a balance of 1237 billion yuan at the end of Q3 2024, up 12.3% from the beginning of the year [5] - Operating lease income surged by 181% YoY to 85.81 million yuan in the first three quarters of 2024 [5] - The company's business and management expenses increased by 11.8% YoY, accounting for 9.6% of total revenue [6] Valuation and Outlook - The report values Jiangsu Financial Leasing at 1.4-1.5x 2024E PB, with a fair value range of 5.87-6.28 yuan [6] - The company's dividend payout ratio has consistently been above 40%, with a 2023 dividend yield of 6.6% [6] - The company's unique "vendor leasing" model is expected to continue driving growth while managing risks [6] Comparative Analysis - The average ROE of comparable companies in 2023 was 6.81%, with an average PE of 5.25x and PB of 0.54x [12] - Jiangsu Financial Leasing's ROE of 15.7% in 2023 outperformed the industry average [12]

Investment Rating - The investment rating for Jiangsu Jinzu (600901) is "Buy" (maintained) [4] Core Views - The company reported a year-on-year increase in operating revenue and net profit attributable to shareholders of 8.76% and 9.12% respectively for Q1-Q3 2024, with growth rates improving compared to H1 2024 [2][6] - The company's credit cost rate decreased to 0.58%, down by 13 basis points from H1 2024, contributing to the improvement in net profit growth [6] - The annualized ROE for Q1-Q3 2024 was 15.83%, an increase of 0.43 percentage points from H1 2024, indicating enhanced profitability [2][6] Summary by Sections Financial Performance - For Q1-Q3 2024, Jiangsu Jinzu achieved operating revenue of 3.959 billion yuan and net profit of 2.227 billion yuan, reflecting year-on-year growth of 8.76% and 9.12% respectively [6] - The interest income for the same period was 3.895 billion yuan, with a year-on-year increase of 6.79% [6] - The company's financing lease asset scale reached 127.939 billion yuan, growing by 12.30% year-on-year [6] Business Stability - The net interest margin for Q1-Q3 2024 was 3.67%, showing strong resilience despite a slight decrease of 1 basis point from H1 2024 [6] - The company maintained a high provision coverage ratio of 426.01% as of Q3 2024, although it decreased by 5.21 percentage points from H1 2024 [6] Asset Quality - As of Q3 2024, the company's non-performing loan ratio was 0.92%, with a slight increase, while the attention rate improved significantly to 3.04%, down by 35 basis points from H1 2024 [6] - The overall asset quality showed notable improvement, attributed to the company's proactive risk management strategies [6] Future Outlook - The company is projected to achieve operating revenues of 5.182 billion, 5.582 billion, and 6.025 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.25%, 7.72%, and 7.94% [6][7] - Net profit attributable to shareholders is expected to be 2.883 billion, 3.106 billion, and 3.354 billion yuan for the same years, with growth rates of 8.39%, 7.72%, and 7.98% respectively [6][7]

Investment Rating - The report maintains a "Buy" rating with a target price of 6.27 CNY per share, corresponding to a P/B ratio of 1.51 for 2024 [4][5]. Core Views - The company continues to demonstrate steady growth, with asset scale, net interest margin, and non-performing loan ratio remaining stable. The conversion of convertible bonds effectively supplements the company's capital, indicating a positive outlook for sustained development [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's net profit attributable to shareholders reached 2.227 billion CNY, reflecting a year-on-year increase of 9.12%. The weighted average ROE was 11.87%, a slight decline of 0.40 percentage points year-on-year [4]. - The company forecasts EPS for 2024-2026 to be 0.50, 0.53, and 0.58 CNY, with net assets per share projected at 4.14, 4.42, and 4.71 CNY respectively [4]. Asset Growth - As of September 2024, the company's total asset scale was 134.52 billion CNY, a 12.18% increase from the end of the previous year. The scale of financing lease assets was 126.9 billion CNY, up 11.21% year-on-year [4]. - The non-performing financing lease asset ratio stood at 0.92%, a slight increase of 0.01 percentage points from the end of the previous year [4]. Capital Strength - The company announced the early redemption of its convertible bonds, with 49.98 billion CNY of the 50 billion CNY bonds converted into 1.595 billion shares, accounting for 53.40% of the total shares before conversion. This move is expected to enhance the company's capital strength and support the growth of its leasing business [4][5]. Strategic Initiatives - The company is expanding its customer acquisition channels through a dual-line strategy of "manufacturers + regions," establishing deep partnerships with over 4,000 manufacturers and dealers to reach quality end customers quickly [4]. - The net interest margin for Q3 2024 was 3.67%, showing a slight decrease of 0.02 percentage points year-on-year and a decrease of 0.01 percentage points from Q2 2024 [4].

证券代码：600901 证券简称：江苏金租 公告编号：2024-075 江苏金融租赁股份有限公司 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： 被担保人名称：汇济（天津）航运租赁有限公司（以下简称"汇 济租赁"），为江苏金融租赁股份有限公司（以下简称"公司"）在 境内保税地区设立的全资项目公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额为 18,400,000 美元；截至公告披露日，公司实际为其提供的担保余额为 18,400,000 美元（含本次）。 本次担保是否有反担保：否 关于为项目公司提供担保的公告 合同项下债务履行期限届满之日起三年，担保方式为连带责任保证 担保。汇济租赁是本公司经原中国银保监会江苏监管局批准后，为开 展跨境船舶租赁业务而在境内保税地区设立的全资项目公司。 （二）本次担保事项履行的内部决策程序 公司分别于 2024 年 4 月 26 日、2024 年 5 月 24 日召开了第四届 董事会第三次会议、2023 年年度股东大会，审议通过了《关于 2024 年度对境内保税地区项 ...