JFL(600901)2024-10-29 03:48Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that Jiangsu Jinzu's financing costs are marginally improving, with convertible bonds supplementing capital and maintaining an attractive dividend yield [5][7] - The company's performance in the first nine months of 2024 met expectations, with revenue of 39.6 billion yuan, a year-on-year increase of 8.8%, and a net profit attributable to the parent company of 22.3 billion yuan, up 9.1% year-on-year [5] - The report anticipates continued growth in the company's asset scale and a stable asset quality, with a non-performing loan ratio of 0.92% [5][6] Summary by Sections Market Data - Closing price: 5.28 yuan - One-year high/low: 5.92/4.20 yuan - Price-to-book ratio: 1.7 - Dividend yield: 6.06% - Circulating A-share market value: 30,571 million yuan [1] Financial Performance - Revenue for 2022: 4,346 million yuan; 2023: 4,787 million yuan; 2024E: 5,141 million yuan; 2025E: 5,552 million yuan; 2026E: 5,870 million yuan - Net profit attributable to the parent company for 2022: 2,412 million yuan; 2023: 2,660 million yuan; 2024E: 2,898 million yuan; 2025E: 3,117 million yuan; 2026E: 3,259 million yuan - Earnings per share for 2022: 0.81 yuan; 2023: 0.63 yuan; 2024E: 0.50 yuan; 2025E: 0.54 yuan; 2026E: 0.56 yuan [4][10] Asset and Liability Management - The company’s financing lease asset scale reached 123.7 billion yuan, a 12% increase from the beginning of the year - The non-performing loan ratio remained stable at 0.92%, with a provision coverage ratio of 426% [5][6] - The annualized financing cost is 2.76%, down from 2.78% in the first half of 2024 [6] Capital and Dividend Outlook - The capital adequacy ratio improved to 18.6%, up 2.9 percentage points from the end of 2023, following the conversion of convertible bonds [7] - The diluted dividend yield for 2024E is projected at 5.41%, indicating continued attractiveness [7] Profitability Forecast - The report raises profit forecasts, expecting net profits for 2024-2026 to be 29.0 billion yuan, 31.2 billion yuan, and 32.6 billion yuan respectively, reflecting year-on-year growth of 9%, 8%, and 5% [7]