JFL(600901) Ping An Securities·2024-10-29 07:02Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Recommended (Maintain)" [2][7] Core Views - Jiangsu Jinzu's performance shows steady growth, with a year-on-year increase in operating income of 8.8% to 3.959 billion yuan and a net profit of 2.227 billion yuan, up 9.1% [5] - The company has successfully completed the early redemption of convertible bonds, which has strengthened its capital base [6] - The company maintains a stable non-performing loan ratio of 0.92% and a credit impairment loss of 550 million yuan, down 1% year-on-year [6] Summary by Sections Financial Performance - For the first three quarters, Jiangsu Jinzu achieved operating income of 39.59 billion yuan (YoY +8.8%) and net profit of 22.27 billion yuan (YoY +9.1%) [5] - Total assets reached 134.5 billion yuan, an increase of 12% from the beginning of the year, while net assets attributable to shareholders increased by 31% to 23.3 billion yuan [5][6] Business Operations - The financing lease asset balance as of Q3 2024 was 127.9 billion yuan, reflecting a year-on-year growth of 12% [5] - The net interest margin for the first three quarters was reported at 3.67%, slightly down by 0.02 percentage points year-on-year [5] Future Projections - The forecast for net profit for 2024-2026 has been slightly adjusted upwards to 2.9 billion, 3.13 billion, and 3.42 billion yuan respectively, with expected growth rates of 9.0%, 8.0%, and 9.2% [7] - The current stock price corresponds to a price-to-book ratio of approximately 1.3 times for 2024, with a dividend yield of 4.6% [7]