JFL(SH:600901) HUAXI Securities·2025-10-25 14:59Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company achieved revenue and net profit of 4.64 billion and 2.45 billion yuan respectively in the first three quarters of 2025, with year-on-year growth of 17% and 10% [1]. - The net interest income for the reporting period was 4.72 billion yuan, reflecting a year-on-year increase of 21% [2]. - The company’s asset quality has improved, with a non-performing loan ratio of 0.90% as of Q3 2025, down from previous periods [3]. - The company has sufficient leverage capacity, with a leverage ratio of 6.36 times, and a dividend yield of 4.49% [5]. Summary by Sections Revenue and Profitability - For Q3 2025, the company reported revenue and net profit of 1.63 billion and 0.88 billion yuan, with quarter-on-quarter growth of 12% and 11% respectively [1]. - The company’s operating lease income increased by 4% year-on-year, while net income from fees and commissions saw a significant loss of 2.0 billion yuan [4]. Asset Quality and Provisions - The company made impairment provisions of 860 million yuan, which is a 55% increase year-on-year, indicating a proactive approach to managing asset quality [3]. - The coverage ratio for provisions improved to 403.01% as of Q3 2025 [3]. Financial Forecast - The report maintains revenue forecasts of 6.26 billion, 6.90 billion, and 7.52 billion yuan for 2025, 2026, and 2027 respectively, with EPS estimates of 0.56, 0.62, and 0.67 yuan [6][11].