江苏金租(600901)：利润增长稳健 分红比例提升

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]