JFL(SH:600901) Shenwan Hongyuan Securities·2025-08-15 14:40Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [2] Core Views - The company reported stable performance with a proposed mid-term dividend, enhancing its high dividend advantage [5][7] - For the first half of 2025, Jiangsu Jinzu achieved operating revenue of 3.01 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to the parent company of 1.56 billion yuan, up 9.0% year-on-year [5] - The company plans to initiate mid-term dividends based on a payout ratio exceeding 50%, projecting a dividend yield of over 5% for 2025 [7] Financial Data and Profit Forecast - The company’s operating revenue for 2025 is estimated at 5.71 billion yuan, with a year-on-year growth rate of 8.2% [6] - The net profit attributable to the parent company for 2025 is projected to be 3.18 billion yuan, reflecting a year-on-year increase of 8.2% [6] - The report indicates a decrease in the net interest margin to 3.71% in the first half of 2025, with a year-on-year increase of 3 basis points [7] Asset Quality and Growth - As of the end of the first half of 2025, the net financing lease assets amounted to 144.11 billion yuan, an increase of 16.2% from the beginning of the year [7] - The company’s non-performing financing lease asset ratio remained stable at 0.91%, with a coverage ratio of 401.5% [7] - The number of cooperative manufacturers increased to nearly 6,000, up from over 5,800 at the end of 2024 [7]