JFL(SH:600901) Changjiang Securities·2025-06-17 12:55Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [11]. Core Views - Jiangsu Jinzu has significant allocation value compared to bank stocks, driven by its strong profitability resilience and growth potential in the current declining interest rate environment, as well as the efficiency and stability advantages from its long-standing organizational structure and management [2][5][17]. Summary by Relevant Sections Dividend Perspective - Jiangsu Jinzu actively returns profits to shareholders, with a dividend payout ratio exceeding 50%, significantly higher than banks. The expected dividend yield for 2025 is 4.8%, with a projected net profit growth of 10.6% year-on-year [6][38]. ROE Perspective - Jiangsu Jinzu achieves a higher Return on Equity (ROE) of 3.1% in Q1 2025 with lower leverage compared to various banks, indicating strong asset profitability. The net interest margin for Jiangsu Jinzu is 3.91%, significantly higher than the average for state-owned and joint-stock banks [7][41][54]. Organizational Structure Perspective - The organizational structure of Jiangsu Jinzu is divided by industry, allowing for more efficient business processes. This structure supports a robust risk control system, enhancing asset quality compared to banks, which have a more regionally focused structure [8][66]. Regulatory Perspective - Jiangsu Jinzu is subject to stricter leverage regulations compared to banks, which enhances compliance and risk control. Recent regulatory changes are expected to improve the efficiency of financial leasing companies [9].