JFL(SH:600901) KAIYUAN SECURITIES·2025-10-25 12:43Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is maintained as "Buy" [1] Core Views - The company's revenue exceeded expectations, with a net interest margin expanding compared to the mid-year report. For the first three quarters of 2025, revenue and net profit were 4.64 billion and 2.45 billion yuan, respectively, representing year-on-year growth of 17% and 10%. In Q3 2025, revenue and net profit reached 1.63 billion and 880 million yuan, showing year-on-year growth of 22% and 11% [4][5] - The annualized weighted average ROE for the first three quarters of 2025 was 13.23%, an increase from 12.68% in the first half of 2025. The estimated net interest margin for the first three quarters was 3.88%, up 0.16 percentage points year-on-year [4][5] - The company has adjusted its net profit forecasts for 2025, 2026, and 2027 to 3.28 billion, 3.63 billion, and 4.13 billion yuan, respectively, reflecting year-on-year growth of 11.3%, 10.7%, and 13.9% [4][5] Financial Summary - For 2025, the projected revenue is 6.127 billion yuan, with a year-on-year growth of 16.1%. The projected net profit is 3.275 billion yuan, with a year-on-year growth of 11.3% [7][10] - The gross margin is expected to be 71.3%, and the net margin is projected at 53.4% for 2025 [10] - The estimated EPS for 2025 is 0.57 yuan, with a P/E ratio of 10.6 times [7][10] Asset Quality - As of Q3 2025, the non-performing loan ratio was 0.90%, a slight decrease, while the attention ratio fell to 2.20%, the lowest since the company went public. The provision coverage ratio remained high at 403% [6]