《金融租赁公司管理办法》点评：准入门槛大幅提升，规范经营是导向

Industry Investment Rating - The industry investment rating is Overweight [4] Core Views - The revised "Financial Leasing Company Management Measures" aims to strengthen financial leasing company supervision, prevent financial risks, and optimize financial services [3] - The new measures significantly raise the entry barriers for financial leasing companies, with the minimum registered capital requirement increasing from 100 million RMB to 1 billion RMB [3] - For major shareholders, the total assets requirement for commercial banks has been raised from 80 billion RMB to 500 billion RMB, and the revenue requirement for large enterprises has been increased from 5 billion RMB to 50 billion RMB [3] - The measures introduce stricter risk management indicators, including a leverage ratio of no less than 6% and a financial leverage multiple of no more than 10x [3] - The provision coverage ratio has been adjusted from 150% to 100%, and the interbank lending ratio has been expanded to include both borrowing and lending activities [3] - The new regulations are expected to benefit financial leasing companies that focus on meeting the equipment procurement and renewal needs of enterprises, with Jiangsu Financial Leasing being recommended [3] Summary by Sections Regulatory Changes - The revised measures aim to guide the industry back to its core business of leasing, focusing on providing financial services to the real economy [3] - The new regulations emphasize stricter corporate governance, risk management, and business classification, with a focus on preventing financial risks [3] Market Impact - The higher entry barriers and stricter regulations are expected to reduce the number of new entrants, making it more difficult to obtain licenses [3] - Financial leasing companies that align with the new regulatory framework and focus on serving enterprise needs are likely to benefit more [3] Investment Recommendation - Jiangsu Financial Leasing (600901 SH) is recommended due to its compliance with the new regulations and its focus on meeting enterprise equipment financing needs [3][7] - The company's financial metrics include a BVPS of 4 20 RMB in 2023, expected to rise to 4 85 RMB by 2025, and a PE ratio of 7 08x in 2023, projected to decrease to 6 17x by 2025 [7]