JFL(600901) 太平洋·2024-11-18 00:30Investment Rating - Buy/Maintain rating for Jiangsu Financial Leasing (600901) [1] Core Views - Core business continues to expand, with stable asset quality [1][3] - Asset scale continues to grow, with adjustments in liability structure [3] - Profitability remains strong, with stable interest margins [3] - Asset quality improves steadily, with high provision coverage [3] - Convertible bonds delisted, enhancing capital adequacy ratio [3] Financial Performance - Revenue for Q3 2024: 3.959 billion CNY, up 8.76% YoY [3] - Net profit attributable to shareholders: 2.227 billion CNY, up 9.12% YoY [3] - ROE (weighted): 11.87%, down 0.4 pct YoY [3] - Total assets: 134.521 billion CNY, up 12.18% from the end of the previous year [3] - Interest-bearing liabilities: 102.199 billion CNY, up 8.07% from the end of the previous year [3] - Net interest income: 3.895 billion CNY, up 6.79% YoY [3] - Net interest margin: 3.67%, down 2 bp YoY [3] - Operating lease income: 86 million CNY, up 180.78% YoY [3] - Cost-to-income ratio: 9.66%, up 0.35 pct YoY [3] - Non-performing financing lease asset ratio: 0.92%, up 1 bp from the end of the previous year [3] - Provision coverage ratio: 426.01%, down 22.38 pct from the end of the previous year [3] - Core Tier 1 capital adequacy ratio: 17.44%, up 3.38 pct from mid-year [3] Future Projections - Expected revenue for 2024-2026: 5.259, 5.781, 6.376 billion CNY [3] - Expected net profit attributable to shareholders for 2024-2026: 2.930, 3.233, 3.602 billion CNY [3] - Expected EPS for 2024-2026: 0.51, 0.56, 0.62 CNY [3] - PE ratio as of November 11: 10.46, 9.48, 8.51 times [3] Stock Data - Total shares outstanding/circulating: 5.793/5.790 billion shares [3] - Total market capitalization/circulating: 30.646/30.629 billion CNY [3] - 12-month high/low price: 5.92/4.20 CNY [3]