江苏金租（600901）：双轮锚定价值，稳健穿越周期

Investment Rating - The report assigns an "Outperform" rating to the company [4] Core Insights - The financial leasing industry is undergoing a transformation driven by regulatory changes and strategic upgrades, emphasizing the importance of direct leasing and operational leasing capabilities [1][10] - Jiangsu Jinzu has established a unique business model and competitive moat through its "manufacturer + regional" and "retail + technology" strategies, leading to strong financial performance even during macroeconomic adjustments [2][3] - The company's asset quality remains superior within the financial leasing sector, with a non-performing financing lease asset ratio of 0.90% and a provision coverage ratio of 403% [3] Summary by Sections Industry Overview - The financial leasing industry in China is shifting from scale expansion to high-quality development, with new regulations aimed at promoting direct leasing and reducing reliance on sale-leaseback models [10][11] - By 2026, financial leasing companies are required to have at least 50% of new business from direct leasing, which is expected to enhance industry concentration and service to the real economy [11][12] Company Overview - Jiangsu Jinzu focuses on small and micro enterprises, with over 50% of its financing directed towards this segment, and has a strong presence in green leasing [27][29] - The company has a concentrated ownership structure with significant state-owned capital, providing stability and support for its strategic initiatives [29][30] Financial Performance - For Q3 2025, the company reported a 21.51% year-on-year increase in quarterly revenue, driven by asset scale expansion and improved net interest margins [2][39] - The company's net profit for the first three quarters of 2025 was 24.46 billion yuan, reflecting a 9.82% increase year-on-year, although growth was tempered by increased credit impairment losses [39][44] Asset Structure and Growth - Jiangsu Jinzu's total assets grew from 1,372.55 billion yuan at the end of 2024 to 1,620.11 billion yuan by Q3 2025, marking an 18.04% increase [52] - The company has strategically focused on clean energy and transportation sectors, which contributed significantly to its revenue growth [49][54] Risk Management and Quality - The company maintains a robust risk management framework, with a high provision coverage ratio and a focus on asset quality, which is critical in the current regulatory environment [3][54] - Jiangsu Jinzu's financial strategy emphasizes low leverage while achieving strong return on equity (ROE), showcasing its competitive edge in asset pricing and risk control [34][39]