JFL(600901) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - Jiangsu Jinzu reported strong financial performance for 2024 and Q1 2025, with revenue and net profit growth indicating a positive trend in the leasing industry [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.278 billion yuan and a net profit of 2.943 billion yuan, representing year-on-year growth of 10.26% and 10.63% respectively [1][2]. - For Q1 2025, revenue reached 1.544 billion yuan and net profit was 772 million yuan, with year-on-year growth of 20.47% and 8.41% respectively [1][2]. - The revenue growth in Q1 2025 was primarily driven by a significant increase in net interest income, which rose by 23.68% year-on-year [2]. Asset Growth and Profitability - The company’s financing leasing asset scale grew to 127.803 billion yuan in 2024 and 142.719 billion yuan in Q1 2025, marking year-on-year increases of 12.24% and 17.70% respectively [4]. - The net interest margin for leasing business improved to 3.62% in 2024 and 3.91% in Q1 2025, with a marginal increase of 29 basis points in Q1 2025 [4]. - The average cost of liabilities decreased significantly, contributing to the expansion of the net interest margin [4]. Asset Quality and Risk Management - As of Q1 2025, the company reported a non-performing loan ratio of 0.91% and a关注率 (attention rate) of 2.33%, showing improvements compared to the end of 2024 [5]. - The provision coverage ratio stood at 407.95% in Q1 2025, despite a year-on-year increase in credit impairment losses by 74.80% [5]. - The overall asset quality remains stable, supported by a robust risk control system and advancements in financial technology [5]. Future Outlook - The company expects revenue for 2025-2027 to be 5.9 billion, 6.6 billion, and 7.2 billion yuan respectively, with a compound annual growth rate (CAGR) of 11.10% [6]. - Net profit projections for the same period are 3.2 billion, 3.6 billion, and 4 billion yuan, with a CAGR of 10.83% [6]. - The company maintains a "buy" rating due to its stable operations and attractive dividend yield of 4.63% [6].