JFL(SH:600901) HUAXI Securities·2025-08-17 14:49Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved revenue and net profit of 3.01 billion and 1.56 billion CNY respectively in H1 2025, with year-on-year growth of 15% and 9% [1] - The asset scale increased by 18%, with net interest income rising by 19% [2] - The company has established three major business segments: high-end equipment, clean energy, and transportation, leading to a stable and secure asset base [2] - The company is actively exploring innovative fields to open new growth avenues [2] - The impairment provision increased by 37% year-on-year, while the non-performing loan ratio remained stable at 0.91% [3] - Operating lease income saw a slight increase of 2%, but net income from fees and commissions experienced significant losses [4] - The leverage ratio at the end of the reporting period was 6.4 times, with a TTM dividend yield of 4.62% [8] - Revenue forecasts for 2025-2026 have been adjusted upwards, with EPS estimates also revised [9] Financial Summary - In H1 2025, the company reported net interest income of 3.04 billion CNY, reflecting a year-on-year increase of 19% [2] - The company's total assets reached 156.81 billion CNY, marking a 14% increase from the end of 2024 and an 18% increase year-on-year [2] - The company’s operating revenue for 2025 is projected to be 6.26 billion CNY, with a year-on-year growth of 19% [11] - The net profit attributable to shareholders for 2025 is estimated at 3.24 billion CNY, with a year-on-year growth of 10% [11] - The company’s gross profit margin is expected to be around 51.71% in 2025 [11]