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]

证券研究报告 金融公司|公司点评|江苏金租（600901） 净利差韧性较强，关注率明显改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月29日 证券研究报告 |报告要点 2024Q1-Q3 公司营业收入、归母净利润分别同比+8.76%、+9.12%，增速较 2024H1 分别+0.29pct、 +0.32pct。归母净利润增速边际提升且改善幅度大于营收，主要系公司信用成本有所下降。 2024Q1-Q3 公司信用成本率为 0.58%，较 2024H1 -13bp。从 ROE 来看，2024Q1-Q3 公司年化 ROE 为 15.83%，较 2024H1 +0.43pct，盈利能力有所提升。 |分析师及联系人 刘雨辰 陈昌涛 SAC：S0590522100001 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月29日 江苏金租(600901) 净利差韧性较强，关注率明显改善 | --- | --- | |----------------------------|---------------------| | | | | 行 ...

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 ...

公 司 季 报 点 评 非银行金融 2024 年 10 月 29 日 江苏金租(600901.SH) 业绩保持稳健增速，转债强赎补充资本 推荐（维持） 事项： 股价：5.28 元 | --- | --- | |----------------------------|------------------------------| | | | | 主要数据 | | | 行业 | 非银行金融 | | 公司网址 | www.jsleasing.cn/ | | 大股东 / 持股 | 江苏交通控股有限公司 /21.61% | | 实际控制人 | 江苏省政府国有资产监督管理委 | | | 员会 | | 总股本 ( 百万股 ) | 5,793 | | 流通 A 股 ( 百万股 ) | 5,790 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 306 | | 流通 A 股市值 ( 亿元 ) | 306 | | 每股净资产 ( 元 ) | 4.03 | | 资产负债率 (%) | 82.3 | | 行情走势图 | | 江苏金租 = 沪深300招数 相关研究报告 【平安证券】江苏金租（600901.S ...

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]

上 市 公 司 非银金融 2024 年 10 月 28 日 江苏金租 (600901) ——融资成本边际改善，转债转股补足资本、股息属性仍 具吸引力 报告原因：有业绩公布需要点评 证 券 研 究 报 告 | --- | --- | |-----------------------------|------------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 5.28 | | 一年内最高/最低（元） | 5.92/4.20 | | 市净率 | 1.7 | | 息率（分红/股价） | 6.06 | | 流通 A 股市值（百万元） | 30,571 | | 上证指数 / 深证成指 | 3,322.20/10,685.89 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 4.19 | ...

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。 ...

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 ...