江苏金融租赁股份有限公司 关于毕马威华振会计师事务所（特殊普通合伙） 履职情况评估报告 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"）2023 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。 于 2023 年 12 月 31 日，毕马威华振有合伙人 234 人，注册会计师 1,121 人，其中签署过证券服务业务审计报告的注册会计师超过 260 人。 1、项目咨询 2023 年年度审计过程中，毕马威华振就公司重大会计审计事项与 专业技术部 ...

经核查独立董事薛爽、王海涛、于津平、夏维剑的任职经历及其 签署的独立性自查文件，上述人员未在公司担任除独立董事外的任何 职务，也未在公司主要股东单位担任任何职务，与公司以及主要股东 之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不 存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第1号—规范运作》及公司 《独立董事工作制度》中对独立董事独立性的相关要求。 江苏金融租赁股份有限公司董事会 2024年4月26日 江苏金融租赁股份有限公司 董事会关于独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第1号—规范运作》等监管规定，江苏金融租赁股份有 限公司（以下简称"公司"）第四届董事会现任独立董事薛爽、王海 涛、于津平、夏维剑对照相关监管规定中关于独立董事应具备的独立 性要求进行了逐项自查，并向公司董事会提交了独立性自查情况报 告。经自查，公司全体独立董事均确认其已满足相关监管规定中对于 出任独立董事应具备的独立性要求。 ...

电 话 ： + 8 6 2 5 - 8 3 3 0 4 4 8 0 传 真 ： + 8 6 2 5 - 8 3 3 2 9 3 3 5 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 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 2019 年 限 制 性 股 票 股 权 激 励 计 划 第 三 个 解 除 限 售 期 解 除 限 售 条 件 成 就 、回 购 注 销 部 分 限 制 性 股 票 相 关 事 项 的 法 律 意 见 书 苏同律证字2024第[ 066 ]号 南 京 市 建 邺 区 贤 坤 路 江 岛 智 立 方 C 座 4 层 邮 编 ： 2 1 0 0 1 9 2019年限制性股票股权激励计划 第三个解除限售期解除限售条件成就、回购注销部分限制性股票 相关事项的法律意见书 苏同律证字 2024 第[066]号 致：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》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）《国有控股上市公司（境内）实施 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzhong (600901) and raises the target price to 6.68 CNY per share, corresponding to a P/B of 1.49 for 2024 [5][3]. Core Views - The report highlights a 10.3% year-on-year increase in net profit for Q1 2024, driven by the deepening of the "retail + technology" dual-leading strategy, which has led to an expansion in net interest margins. The asset quality remains stable with sufficient provisions [3][5]. - The company’s net profit for 2023 is projected at 2.66 billion CNY, with an annualized ROE of 15.48% for Q1 2024. The report adjusts the EPS estimates for 2024-2026 to 0.71, 0.85, and 0.97 CNY respectively [3][4]. Financial Summary - **Revenue**: The operating income is expected to grow from 4,346 million CNY in 2022 to 4,787 million CNY in 2023, and further to 5,583 million CNY in 2024, reflecting a growth rate of 10% for 2023 and 17% for 2024 [4][13]. - **Net Profit**: The net profit attributable to the parent company is projected to increase from 2,412 million CNY in 2022 to 2,660 million CNY in 2023, and to 3,009 million CNY in 2024, with a growth rate of 10% for 2023 and 13% for 2024 [4][13]. - **Earnings Per Share (EPS)**: The EPS is expected to be 0.63 CNY in 2023 and 0.71 CNY in 2024, with a gradual increase in subsequent years [4][13]. - **Dividend**: The company plans to distribute a cash dividend of 3.2 CNY per ten shares for 2023, resulting in a dividend payout ratio of 51.13% and a dividend yield of 5.9% based on the closing price on April 26, 2024 [3][4]. Strategic Insights - The company is focusing on a clearer business layout centered around clean energy, high-end equipment, and transportation, with a financing leasing asset balance of 114.11 billion CNY at the end of 2023, marking a year-on-year growth of 9.71% [3][4]. - The report notes that the company is expanding its channels and enhancing customer engagement through a comprehensive smart leasing system, which is expected to improve operational efficiency [3][4].

证券研究报告 公 2024年04月28日 司 报 告 江苏金租(600901) │ 行 业： 非银金融/多元金融 金 投资评级： 买入（维持） 融 当前价格： 5.38元 - 公司发展转向高质量，净利差逆势提升 公 目标价格： 6.79元 司 事件： 年 江苏金租发布23年年报与24年一季报，公司23年与24Q1分别实现营收 基本数据 报 47.87/12.82亿元，同比+10.14%/+5.84%，归母净利润26.60/7.12亿元， 点 总股本/流通股本(百万股) 4,369.84/4,356.78 同比+10.30%/+4.68%。 评 ➢ 业绩概览：整体业绩表现较为优异 流通A股市值(百万元) 23,439.45 23年江苏金租营收、归母净利润分别同比+10.14%、+10.30%，整体业绩表 每股净资产(元) 4.27 现亮眼。23年公司ROA、ROE分别为2.32%、15.81%，继续保持行业领先地 位。24Q1营收、归母净利润分别同比+5.84%、+4.68%，较23年分别-4.30PCT、 资产负债率(%) 85.14 -5.62PCT。24Q1 公司业绩边际有所下滑，主要系：1）24Q1 利 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901.SH) with a reasonable value target of 6.6 CNY per share, compared to the current price of 5.38 CNY [4]. Core Views - Jiangsu Jinzu reported a revenue of 4.787 billion CNY in 2023, a year-on-year increase of 10.14%, and a net profit attributable to shareholders of 2.660 billion CNY, also up by 10.30% [2][8]. - The company achieved a return on equity (ROE) of 15.81% in 2023, maintaining a leading position in the industry, with a cash dividend of 3.2 CNY per ten shares [2][8]. - The company’s receivables from leasing maintained a high growth rate, reaching 110.1 billion CNY by the end of 2023, a 10% increase from the end of 2022 [2][8]. - The non-performing asset ratio remained stable at 0.91% for both 2023 and Q1 2024, while the net interest margin continued to expand, recorded at 3.63% in Q1 2024 [2][11]. Financial Performance Summary - **Revenue and Profit Growth**: - 2023 revenue: 4.787 billion CNY, up 10.14% YoY - 2023 net profit: 2.660 billion CNY, up 10.30% YoY - Q1 2024 revenue: 1.282 billion CNY, up 5.84% YoY - Q1 2024 net profit: 712 million CNY, up 4.68% YoY [2][8]. - **Asset and Profitability Metrics**: - 2023 ROE: 15.81% - 2023 non-performing asset ratio: 0.91% - 2023 net interest margin: 3.61% [2][11]. - **Future Projections**: - Expected net profit for 2024: 2.846 billion CNY, a 7% increase YoY - Projected BVPS for 2024: 4.40 CNY [2][14]. Business Strategy and Growth Drivers - The company has focused on small-ticket retail and vendor leasing models, significantly increasing its partnerships with over 3,000 vendors, a nearly 60% increase from 2022 [2][8]. - The expansion of regional direct sales and the integration of technology through self-developed intelligent decision-making models have enhanced operational efficiency, allowing for 24/7 approval processes for standard retail small-ticket business [2][8].

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company, Jiangsu Jinzu, reported a revenue of 4.787 billion and a net profit of 2.660 billion for 2023, reflecting year-on-year increases of 10.14% and 10.30% respectively. The weighted average ROE decreased by 0.08 percentage points to 15.81% [1] - For Q1 2024, the company achieved a revenue of 1.282 billion and a net profit of 0.712 billion, with year-on-year increases of 5.84% and 4.68%, and quarter-on-quarter increases of 11.82% and 14.98% [1] - The total assets of the company reached 119.92 billion by the end of 2023, a year-on-year increase of 10.03%, with financing lease assets accounting for 114.11 billion, up 9.71% year-on-year. By the end of March 2024, total assets increased to 127.29 billion, a quarter-on-quarter rise of 6.14% [1] - The company has focused its asset allocation on clean energy, road transportation, and industrial equipment, with asset balances of 23.35 billion, 16.01 billion, and 14.88 billion respectively in 2023, showing year-on-year changes of +28.83%, -8.48%, and +48.64% [1] - The net interest margin for the leasing business in 2023 was 3.61%, an increase of 0.09 percentage points from 2022, and it improved to 3.63% in Q1 2024 [1] - The company maintained a healthy non-performing loan ratio of 0.91% in both 2023 and Q1 2024, although the provision coverage ratio slightly decreased to 448.4% in 2023 and 442.1% in Q1 2024 [1] - The company has expanded its customer acquisition through three main channels: manufacturers, regional direct sales, and online platforms, significantly increasing the number of cooperative manufacturers to 3,613, up by 1,255 year-on-year [1] - The company is expected to achieve net profits of 2.949 billion, 3.204 billion, and 3.462 billion for the years 2024 to 2026, with year-on-year growth rates of 10.9%, 8.7%, and 8.0% respectively, maintaining a "Add" rating based on a PB valuation of 1.10, 0.95, and 0.83 times the closing price on April 26 [1] Financial Forecast - The company is projected to generate revenues of 5.248 billion, 5.668 billion, and 6.121 billion for 2024, 2025, and 2026 respectively, with net profits expected to be 2.949 billion, 3.204 billion, and 3.462 billion for the same years [2] - The EPS for 2024, 2025, and 2026 is forecasted to be 0.69, 0.75, and 0.81 respectively, while the PB is expected to be 1.10, 0.95, and 0.83 [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates stable non-performing loan rates, high return on equity (ROE), and a high dividend yield, indicating strong financial health [6] - The company reported a revenue of 4.79 billion with a year-on-year growth of 10% for 2023, and a net profit of 2.66 billion, also up by 10.3% [6] - For Q1 2024, the revenue was 1.28 billion, reflecting a year-on-year increase of 5.8%, with a net profit of 712 million, up by 4.7% [6] - The company has a capital adequacy ratio of 15.7% and a dividend payout ratio of 51%, resulting in a static dividend yield of 5.95% based on the closing price of 5.38 yuan [6] - The company has established a diversified business layout with a focus on high-end equipment, clean energy, and transportation, forming a "3+N" business structure [7] Summary by Sections Financial Performance - The company achieved a total revenue of 4.79 billion in 2023, with a year-on-year growth of 10% [9] - The net profit for 2023 was 2.66 billion, also reflecting a growth of 10.3% [9] - For Q1 2024, the revenue was 1.28 billion, with a year-on-year increase of 5.8%, and a net profit of 712 million, up by 4.7% [9] Asset Quality - The company maintains a stable non-performing loan rate of 0.91%, consistently below the 1% threshold [6] - The provision coverage ratio was 448% at the end of 2023, indicating a robust risk management framework [6] Business Strategy - The company has developed strong partnerships with over 3,000 manufacturers and distributors, enhancing its market reach [7] - The business segments of clean energy, road transport, and industrial equipment represent the largest areas of focus, with respective asset balances growing by 29%, -8%, and 49% year-on-year [7] Future Outlook - The report projects the company's net profit for 2024 to be approximately 2.79 billion, reflecting a growth of 4.8% [9] - The company is expected to maintain a dynamic price-to-book ratio of 1.24x for 2024 based on the current closing price [6]

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" (maintained) [1] Core Views - The company reported revenue and net profit of 4.79 billion and 2.66 billion yuan for 2023, respectively, both showing a year-on-year increase of 10% [5] - The first quarter of 2024 saw revenue and net profit of 1.28 billion and 710 million yuan, respectively, with year-on-year growth of 6% and 5% [5] - The company’s dividend payout ratio reached 51.1% in 2023, exceeding expectations, with a current dividend yield of 5.9% [5] - The financing leasing business is expected to benefit from policies promoting large-scale equipment updates, enhancing demand in the real economy [5] Financial Summary - The total market capitalization is 23.51 billion yuan, with a circulating market capitalization of 23.44 billion yuan [2] - The average ROE for 2023 and Q1 2024 is estimated at 15.8% and 15.5%, respectively [5] - The estimated net profit for 2024 and 2025 has been revised down to 2.9 billion and 3.3 billion yuan, respectively, with a new forecast for 2026 at 3.7 billion yuan [5] - The company’s earnings per share (EPS) are projected to be 0.7, 0.8, and 0.9 yuan for 2024, 2025, and 2026, respectively [5] Asset Quality and Profitability - The estimated yield on interest-earning assets for 2023 and Q1 2024 is 6.66% and 6.82%, respectively [6] - The estimated net interest margin for 2023 and Q1 2024 is 3.66% and 3.72%, showing slight year-on-year changes [6] - The non-performing loan ratio remains stable at 0.91% for both 2023 and Q1 2024 [6] - The company’s provision coverage ratio is 448% for 2023 and 442% for Q1 2024 [6] Business Growth and Strategy - The balance of receivables from financing leases was 114.1 billion yuan at the end of 2023, increasing by 9.7% year-on-year [5] - The number of cooperative manufacturers increased by 53% year-on-year to 3,613 by the end of 2023 [5] - The company is focusing on a dual-leading strategy of "retail + technology" to enhance its service capabilities [5]

Financial Performance - The total assets of Jiangsu Financial Leasing reached RMB 119.92 billion at the end of 2023, an increase of 10.03% year-on-year[10]. - The net profit for 2023 was RMB 2.66 billion, reflecting a year-on-year growth of 10.30%[10]. - The company's operating revenue for 2023 was CNY 478,684.29 million, representing a year-on-year increase of 10.14% compared to CNY 394,059.29 million in 2022[19]. - The net profit attributable to shareholders for 2023 was CNY 266,008.72 million, reflecting a year-on-year growth of 10.30% from CNY 207,245.33 million in 2022[19]. - The total profit for 2023 was 3.54 billion yuan, reflecting a year-on-year increase of 10.20%[38]. - The company achieved a basic earnings per share of CNY 0.63 in 2023, up 8.62% from CNY 0.58 in 2022[20]. - The company's revenue for the reporting period was 4.79 billion yuan, a growth of 10.14% year-on-year[38]. - Interest income increased to 480,008.82 million RMB, up 15.73% compared to the previous year[40]. - The company reported a significant decrease in fee and commission income, down 99.83% to -11,100.36 million RMB[41]. Asset Management - The total assets at the end of 2023 reached CNY 11,992,005.64 million, marking a 10.03% increase from CNY 9,930,723.27 million in 2021[19]. - The financing lease asset scale was 114.11 billion yuan, growing by 9.71% year-on-year[28]. - The total financing lease assets reached CNY 11,410,906.47 million, an increase of 9.71% compared to the previous period[66]. - The net amount of financing lease assets (including accrued interest) was CNY 1,103.89 million, reflecting a growth of 9.95% compared to the previous year[61]. - The company reported a non-performing financing lease asset balance of CNY 1,038.36 million, an increase of 9.35% year-over-year, maintaining a non-performing asset ratio of 0.91%[61]. Strategic Focus - Jiangsu Financial Leasing operates across 10 major industries and over 80 sub-markets, forming a "3+N" business structure with three major hundred-billion-level segments[10]. - The company is focusing on clean energy, environmental protection, and green travel sectors to contribute to the national "dual carbon" strategy[10]. - The company aims to leverage new technological revolutions and industrial transformations to continue creating value and achieving its goal of becoming a leading international equipment leasing service provider[12]. - The company’s strategy for 2023 focused on "retail + technology" to enhance core competitiveness and achieve stable growth[27]. - The company is focusing on a "retail + technology" dual-leading strategy to enhance its competitive capabilities[32]. Governance and Compliance - The company emphasizes maintaining independence from its controlling shareholder in various aspects, including business and financial operations[91]. - The company has established a complete ownership and management rights over its assets, with no dependency or occupation issues with the controlling shareholder[93]. - The company’s financial management is conducted independently, with regular audits by internal and external agencies, confirming no non-operational fund occupation by the controlling shareholder[93]. - The company has a clear governance structure, with no mixed operations or overlapping functions between the controlling shareholder and the company[93]. - The company is committed to compliance with relevant laws and regulations in its operations and governance[93]. Risk Management - The company’s risk management system integrates technology to enhance its ability to identify and mitigate risks[37]. - The company faces risks related to declining asset quality due to adverse macroeconomic conditions, which could impact financial performance[80]. - Interest rate fluctuations may affect the company's profitability, particularly if the LPR pricing on the asset side decreases more than the funding market[80]. - The company has a mismatch in the duration of interest-bearing liabilities and leasing projects, which poses liquidity risks[80]. - The company is focusing on ESG loan initiatives as part of its risk management strategy[113]. Awards and Recognition - The company has received over 50 awards in 2023, including the "Best Financial Leasing Company of the Year" from the Financial Times[10]. Future Plans - The company aims to become an internationally leading equipment leasing service provider by 2026[34]. - In 2024, the company will prioritize capability building and adopt a "stability first, progress while maintaining stability" approach to face challenges[78]. - The company plans to enhance market capabilities through differentiated strategies, aiming to stabilize asset scale and expand regional business[79]. - The company intends to diversify financing methods to manage costs, including utilizing bond issuance and expanding international financing channels[79]. - The company plans to expand its market presence significantly, focusing on new product development and technological advancements[105]. Employee Management - The company reported a total of 528 employees, with 36 in management, 312 in business roles, and 180 in other positions[127]. - The company established a diversified compensation management system, ensuring fairness and competitiveness in employee salaries, and revised the performance compensation recovery management rules[128]. - A total of 83 training sessions were organized at the company level, with approximately 2,803 participants, and 100% coverage in departmental training[129]. - The company introduced a new employee psychological care service brand, enhancing employee management and fostering a supportive culture[131]. Social Responsibility - The company invested a total of CNY 990,268 in social responsibility initiatives, with CNY 981,035 allocated to funding and CNY 9,233 in material donations[146]. - The company conducted a "Charity One Day Donation" campaign, raising CNY 44,035 from over 400 employees to support various charitable projects[147]. - The company actively participated in rural revitalization efforts, focusing on agricultural machinery, modern livestock, and household photovoltaic systems to enhance rural green development[148]. - The company promotes "household photovoltaic" leasing to increase farmers' income and supports rural areas in achieving comprehensive industrial development[149].