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]

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]

江苏金租 20250427 摘要 • 江苏金融租赁 2024 年营收和利润实现两位数增长，总资产规模扩大，净 息差保持平稳略增 1 个基点，不良贷款率维持在 0.91%，显示出稳健的经 营态势和良好的风险控制能力。 • 公司延续专业化、差异化、多元生根的发展战略，设备类租赁占比达 47.14%，接近监管 2026 年要求，处于行业领先地位。业务布局上，坚 持 3+N 业务格局，重点拓展装备、清洁能源、交通运输等领域。 • 专业子公司运营平稳，各项制度和内部管理逐步加强，系统对接和风控体 系搭建初见成效，截至 2024 年底，投放和盈利均取得不错成绩，为 2025 年发展奠定基础。 • 2025 年公司将加强战略客户服务升级，提出"与优秀者同行"的理念， 并在更多行业培育新的业务基础，同时提升零售、科技、风控、融资及人 员管理能力，为长远发展积蓄力量。 • 一季度资产投放增长主要来自高端装备（38%）、能源环保（22%）和交 通运输（17%）板块，以及现代服务及民生保障等领域，共同支撑了资产 规模的大幅增长。 Q&A 公司在 2024 年及 2025 年一季度的业绩表现如何？ 公司在 2024 年及 2025 ...

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 ...

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 ...