JFL(SH:600901) Shenwan Hongyuan Securities·2025-10-25 11:19Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [2] Core Views - The company's performance for the first nine months of 2025 met expectations, with operating income reaching 4.638 billion yuan, a year-on-year increase of 17.15%, and net profit attributable to the parent company at 2.446 billion yuan, up 9.82% year-on-year [5][8] - The company has shown steady growth in interest-earning assets and a significant increase in bond payables, with total assets reaching 162 billion yuan, an 18% increase from the previous year [8] - Asset quality is improving, with a non-performing financing lease asset ratio of 0.90%, down 1 basis point from the previous year [8] - The net interest margin for the leasing business reached 3.75%, an increase of 8 basis points year-on-year [8] - The company has implemented a mid-term dividend policy, with a payout ratio of 48% and a dividend yield of 2.16% [8] Financial Data and Profit Forecast - The company forecasts operating income for 2025 to be 5.891 billion yuan, with a year-on-year growth rate of 11.6% [6] - The net profit attributable to the parent company is projected to be 3.234 billion yuan in 2025, reflecting a year-on-year growth of 9.9% [6] - The earnings per share (EPS) for 2025 is estimated at 0.56 yuan, with a return on equity (ROE) of 12.9% [6][9]