江苏金租：净利差韧性较强，关注率明显改善

Investment Rating - The investment rating for Jiangsu Jinzu (600901) is "Buy" (maintained) [4] Core Views - The company reported a year-on-year increase in operating revenue and net profit attributable to shareholders of 8.76% and 9.12% respectively for Q1-Q3 2024, with growth rates improving compared to H1 2024 [2][6] - The company's credit cost rate decreased to 0.58%, down by 13 basis points from H1 2024, contributing to the improvement in net profit growth [6] - The annualized ROE for Q1-Q3 2024 was 15.83%, an increase of 0.43 percentage points from H1 2024, indicating enhanced profitability [2][6] Summary by Sections Financial Performance - For Q1-Q3 2024, Jiangsu Jinzu achieved operating revenue of 3.959 billion yuan and net profit of 2.227 billion yuan, reflecting year-on-year growth of 8.76% and 9.12% respectively [6] - The interest income for the same period was 3.895 billion yuan, with a year-on-year increase of 6.79% [6] - The company's financing lease asset scale reached 127.939 billion yuan, growing by 12.30% year-on-year [6] Business Stability - The net interest margin for Q1-Q3 2024 was 3.67%, showing strong resilience despite a slight decrease of 1 basis point from H1 2024 [6] - The company maintained a high provision coverage ratio of 426.01% as of Q3 2024, although it decreased by 5.21 percentage points from H1 2024 [6] Asset Quality - As of Q3 2024, the company's non-performing loan ratio was 0.92%, with a slight increase, while the attention rate improved significantly to 3.04%, down by 35 basis points from H1 2024 [6] - The overall asset quality showed notable improvement, attributed to the company's proactive risk management strategies [6] Future Outlook - The company is projected to achieve operating revenues of 5.182 billion, 5.582 billion, and 6.025 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.25%, 7.72%, and 7.94% [6][7] - Net profit attributable to shareholders is expected to be 2.883 billion, 3.106 billion, and 3.354 billion yuan for the same years, with growth rates of 8.39%, 7.72%, and 7.98% respectively [6][7]