JFL(SH:600901) KAIYUAN SECURITIES·2024-04-28 00:00Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" (maintained) [1] Core Views - The company reported revenue and net profit of 4.79 billion and 2.66 billion yuan for 2023, respectively, both showing a year-on-year increase of 10% [5] - The first quarter of 2024 saw revenue and net profit of 1.28 billion and 710 million yuan, respectively, with year-on-year growth of 6% and 5% [5] - The company’s dividend payout ratio reached 51.1% in 2023, exceeding expectations, with a current dividend yield of 5.9% [5] - The financing leasing business is expected to benefit from policies promoting large-scale equipment updates, enhancing demand in the real economy [5] Financial Summary - The total market capitalization is 23.51 billion yuan, with a circulating market capitalization of 23.44 billion yuan [2] - The average ROE for 2023 and Q1 2024 is estimated at 15.8% and 15.5%, respectively [5] - The estimated net profit for 2024 and 2025 has been revised down to 2.9 billion and 3.3 billion yuan, respectively, with a new forecast for 2026 at 3.7 billion yuan [5] - The company’s earnings per share (EPS) are projected to be 0.7, 0.8, and 0.9 yuan for 2024, 2025, and 2026, respectively [5] Asset Quality and Profitability - The estimated yield on interest-earning assets for 2023 and Q1 2024 is 6.66% and 6.82%, respectively [6] - The estimated net interest margin for 2023 and Q1 2024 is 3.66% and 3.72%, showing slight year-on-year changes [6] - The non-performing loan ratio remains stable at 0.91% for both 2023 and Q1 2024 [6] - The company’s provision coverage ratio is 448% for 2023 and 442% for Q1 2024 [6] Business Growth and Strategy - The balance of receivables from financing leases was 114.1 billion yuan at the end of 2023, increasing by 9.7% year-on-year [5] - The number of cooperative manufacturers increased by 53% year-on-year to 3,613 by the end of 2023 [5] - The company is focusing on a dual-leading strategy of "retail + technology" to enhance its service capabilities [5]