江苏金租：双轮锚定价值，稳健穿越周期-20260122

Investment Rating - The report assigns an "Outperform" rating to Jiangsu Jinzu (600901.SH) [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 with a dual-line strategy of "manufacturers + regions" and "retail + technology," which has led to strong financial performance even during macroeconomic adjustments [2][3] - The company's asset quality remains strong, with a non-performing financing lease asset ratio of 0.90% and a provision coverage ratio of 403%, significantly above regulatory requirements [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 equipment leasing and has a strong presence in the clean energy and transportation sectors, which contributed significantly to its revenue [3][49] - The company has a concentrated ownership structure with state-owned capital dominating, providing stability and support for strategic initiatives [29][30] Financial Performance - For Q3 2025, Jiangsu Jinzu reported a revenue of 46.38 billion yuan, a year-on-year increase of 17.15%, driven by asset scale expansion [39] - The net profit for the same period was 24.46 billion yuan, reflecting a growth of 9.82%, although the growth rate was lower than revenue due to increased credit impairment losses [39][44] - The company’s net interest income grew by 21.3% to 47.25 billion yuan, indicating strong performance in its core lending operations [44] Asset and Liability Management - Jiangsu Jinzu's total assets reached 1,620.11 billion yuan by Q3 2025, marking an 18.04% increase from the previous year [52] - The company has effectively managed its liabilities, with a significant portion of its funding coming from interbank borrowings, while also optimizing its debt structure to reduce risks [54] Growth Strategy - The company employs a "manufacturers + regional" dual-line strategy to penetrate the small and micro-enterprise market, achieving over 50% of its financing to these segments [27][49] - Jiangsu Jinzu's focus on clean energy and transportation aligns with national policies, positioning it well for future growth [49][54]