JFL(SH:600901) Xin Lang Cai Jing·2025-10-25 10:32Core Viewpoint - Jiangsu Jinzhong's performance for the first nine months of 2025 met expectations, with significant growth in revenue and net profit, indicating a stable financial position and positive asset quality trends [1][2]. Financial Performance - The company achieved operating revenue of 4.638 billion yuan, a year-on-year increase of 17.15%, and a net profit attributable to shareholders of 2.446 billion yuan, up 9.82% year-on-year [1]. - In Q3 alone, the operating revenue reached 1.632 billion yuan, reflecting a year-on-year growth of 21.51% and a quarter-on-quarter increase of 11.62% [1]. - The cumulative EPS for the first three quarters was 0.42 yuan, with a weighted average return on equity of 9.92% [1]. Asset Quality and Profitability - The company reported a non-performing financing lease asset ratio of 0.90%, a decrease of 1 basis point from the previous year, indicating improved asset quality [2]. - The net interest margin for the leasing business reached 3.75%, an increase of 0.08 percentage points year-on-year, driven by stable asset yields and reduced funding costs [2]. Dividend Policy - The interim dividend payout ratio was 48%, with a dividend yield of 2.16% (not annualized) [2]. - The company plans to distribute cash dividends of 1.3 yuan per 10 shares (including tax), amounting to a total of 753 million yuan, which represents 48.14% of the net profit attributable to shareholders for the first half of the year [2]. Investment Outlook - The company is expected to maintain steady growth in its balance sheet and improve profitability, leading to an upward revision of profit forecasts for 2025-2027 [3]. - The revised net profit estimates for 2025, 2026, and 2027 are 3.23 billion yuan, 3.53 billion yuan, and 3.92 billion yuan, respectively, reflecting year-on-year growth rates of 9.9%, 9.0%, and 11.1% [3].