JFL(600901) 海通证券·2024-11-01 00:43Investment Rating - The report maintains an "Outperform" rating for Jiangsu Financial Leasing (600901) [1] Core Views - Jiangsu Financial Leasing's Q3 2024 revenue and net profit showed steady growth, with revenue reaching 13.4 billion yuan (+9.3% YoY) and net profit at 790 million yuan (+9.7% YoY) [4] - The company's net interest margin remained stable at 3.67%, with a slight YoY decrease of 0.02 percentage points [5] - The non-performing loan (NPL) ratio stood at 0.92% at the end of Q3 2024, maintaining a low level [6] - The company's retail strategy and financial technology-driven business model are expected to support long-term growth [6] Financial Performance - Total revenue for the first three quarters of 2024 reached 39.6 billion yuan, a YoY increase of 8.8% [4] - Net profit attributable to shareholders was 22.3 billion yuan, up 9.1% YoY [4] - Return on equity (ROE) was 11.87%, down 0.4 percentage points YoY due to changes in net assets [4] - Interest income from leasing operations grew by 6.8% YoY to 38.9 billion yuan [5] Business Operations - The scale of receivables from leasing operations slowed down, with a balance of 1237 billion yuan at the end of Q3 2024, up 12.3% from the beginning of the year [5] - Operating lease income surged by 181% YoY to 85.81 million yuan in the first three quarters of 2024 [5] - The company's business and management expenses increased by 11.8% YoY, accounting for 9.6% of total revenue [6] Valuation and Outlook - The report values Jiangsu Financial Leasing at 1.4-1.5x 2024E PB, with a fair value range of 5.87-6.28 yuan [6] - The company's dividend payout ratio has consistently been above 40%, with a 2023 dividend yield of 6.6% [6] - The company's unique "vendor leasing" model is expected to continue driving growth while managing risks [6] Comparative Analysis - The average ROE of comparable companies in 2023 was 6.81%, with an average PE of 5.25x and PB of 0.54x [12] - Jiangsu Financial Leasing's ROE of 15.7% in 2023 outperformed the industry average [12]