JFL(SH:600901) Changjiang Securities·2025-08-17 12:43Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [8]. Core Views - Jiangsu Jinzu is transforming towards retail and focusing on small and micro enterprises, leveraging the advantages of the vendor leasing model. The company benefits from equipment replacement and interest subsidy policies, leading to a significant acceleration in asset deployment. The cost of liabilities continues to improve, maintaining a high net interest margin, and the non-performing loan ratio is well-controlled, reflecting strong profitability and risk control capabilities. The company is expected to achieve a dividend yield of 5.12% in 2025E, making it an attractive investment [2][6]. Summary by Sections Financial Performance - In 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 shareholders of 1.56 billion yuan, up 9.0%. The weighted average return on equity (ROE) decreased by 1.4 percentage points to 6.3% [6][10]. Asset Deployment - The company maintained a steady pace of asset deployment, with new investments concentrated in modern services and transportation. As of the end of the first half of 2025, accounts receivable from financing leases reached 143.56 billion yuan, an increase of 16.3% from the beginning of the year and 3.8% from the end of the first quarter. The balance of accounts receivable from leasing in Zhejiang, Guangdong, and Anhui increased by 1.1, 0.6, and 0.4 percentage points, respectively [10][11]. Profitability and Risk Control - The net interest margin for the first half of 2025 was 3.71%, an increase of 0.03 percentage points year-on-year. The asset yield and liability cost rates were estimated at 6.1% and 2.2%, respectively. The company’s asset quality remained stable, with non-performing assets totaling 1.34 billion yuan and a non-performing loan ratio of 0.91%, unchanged from the beginning of the year [10][11]. Future Outlook - Jiangsu Jinzu is expected to achieve net profits of 3.26 billion yuan and 3.59 billion yuan in 2025 and 2026, respectively, with corresponding price-to-book ratios of 1.19 and 1.10 times. The company is well-positioned for stable market share expansion and profit growth during a strong regulatory cycle [2][10].