JFL(SH:600901) Ping An Securities·2024-08-19 02:03Investment Rating - The report maintains a "Recommendation" rating for Jiangsu Jinzu (600901.SH) [1] Core Views - Jiangsu Jinzu's performance shows steady growth with a year-on-year increase in operating income of 8.5% to 2.616 billion yuan and a net profit increase of 8.8% to 1.434 billion yuan in the first half of 2024 [2][3] - The company has a total asset value of 133 billion yuan, which is an 11% increase from the beginning of the year, and a net asset value attributable to the parent company of 18.3 billion yuan, up 2% [2] - The company continues to focus on small and micro retail leasing, with a high dividend payout ratio contributing to stable shareholder returns [5] Summary by Sections Financial Performance - In the first half of 2024, Jiangsu Jinzu achieved operating income of 2.616 billion yuan and net profit of 1.434 billion yuan, reflecting year-on-year growth of 8.5% and 8.8% respectively [2] - The annualized ROE stands at 15.88%, showing a slight decrease of 0.38 percentage points year-on-year [2] - The financing leasing asset balance reached 126.9 billion yuan, an increase of 11% from the end of the previous year [3] Business Strategy - The company has expanded its partnerships, increasing the number of cooperative manufacturers and dealers from 3,613 to over 4,000 [2] - The main sectors for investment include clean energy (22%), industrial equipment (14%), and road transport (13%), with agricultural equipment showing the fastest growth at 10% [3] Asset Quality - The non-performing loan ratio is stable at 0.90%, with a coverage ratio of 431.2%, indicating a solid asset quality [3] - The company reported a net interest margin of 3.68%, which is slightly down year-on-year but improved from the previous quarter [3] Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 2.84 billion yuan, 3.06 billion yuan, and 3.35 billion yuan respectively, with year-on-year growth rates of 6.8%, 7.9%, and 9.3% [5][6] - The current stock price corresponds to a 2024 PB ratio of approximately 1.1 times, with a TTM dividend yield of 6.8% [5]