JFL(SH:600901) Xin Lang Cai Jing·2025-08-18 06:25Core Viewpoint - Jiangsu Jinzu reported a solid performance in the first half of 2025, with revenue and net profit showing year-on-year growth, indicating a stable business environment and effective management strategies [1][2]. Revenue and Profitability - In H1 2025, the company achieved operating revenue of 3.006 billion yuan, up 14.91% year-on-year, and a net profit attributable to shareholders of 1.564 billion yuan, up 9.04% year-on-year [1]. - The Q2 2025 single-quarter revenue and net profit grew by 9.57% and 9.67% year-on-year, respectively [1]. - The annualized ROE for H1 2025 was 12.96%, an increase of 0.37 percentage points from Q1 2025 [1]. Interest Income and Asset Growth - The company reported net interest income of 3.041 billion yuan in H1 2025, reflecting an 18.51% year-on-year increase, although the growth rate decreased by 5.17 percentage points compared to Q1 2025 [3]. - The leasing asset balance reached 148.103 billion yuan, up 17.02% year-on-year, with a net increase of 20.3 billion yuan in H1 2025 [3][4]. - The leasing net interest margin was 3.71%, down 20 basis points from Q1 2025, primarily due to a decline in asset yields [3][4]. Asset Quality and Risk Management - As of the end of H1 2025, the company's non-performing loan ratio was 0.91%, and the attention ratio was 2.37%, showing stability in asset quality [5]. - The company maintained a provision coverage ratio of 401.49%, indicating strong risk management capabilities [5]. Investment Outlook - The company is projected to achieve operating revenues of 5.869 billion yuan, 6.564 billion yuan, and 7.238 billion yuan for 2025-2027, with year-on-year growth rates of 11.20%, 11.83%, and 10.28%, respectively [6]. - Net profit attributable to shareholders is expected to be 3.230 billion yuan, 3.629 billion yuan, and 4.006 billion yuan for the same period, with growth rates of 9.77%, 12.33%, and 10.41% [6].