JFL(SH:600901)2024-04-28 03:02Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates stable non-performing loan rates, high return on equity (ROE), and a high dividend yield, indicating strong financial health [6] - The company reported a revenue of 4.79 billion with a year-on-year growth of 10% for 2023, and a net profit of 2.66 billion, also up by 10.3% [6] - For Q1 2024, the revenue was 1.28 billion, reflecting a year-on-year increase of 5.8%, with a net profit of 712 million, up by 4.7% [6] - The company has a capital adequacy ratio of 15.7% and a dividend payout ratio of 51%, resulting in a static dividend yield of 5.95% based on the closing price of 5.38 yuan [6] - The company has established a diversified business layout with a focus on high-end equipment, clean energy, and transportation, forming a "3+N" business structure [7] Summary by Sections Financial Performance - The company achieved a total revenue of 4.79 billion in 2023, with a year-on-year growth of 10% [9] - The net profit for 2023 was 2.66 billion, also reflecting a growth of 10.3% [9] - For Q1 2024, the revenue was 1.28 billion, with a year-on-year increase of 5.8%, and a net profit of 712 million, up by 4.7% [9] Asset Quality - The company maintains a stable non-performing loan rate of 0.91%, consistently below the 1% threshold [6] - The provision coverage ratio was 448% at the end of 2023, indicating a robust risk management framework [6] Business Strategy - The company has developed strong partnerships with over 3,000 manufacturers and distributors, enhancing its market reach [7] - The business segments of clean energy, road transport, and industrial equipment represent the largest areas of focus, with respective asset balances growing by 29%, -8%, and 49% year-on-year [7] Future Outlook - The report projects the company's net profit for 2024 to be approximately 2.79 billion, reflecting a growth of 4.8% [9] - The company is expected to maintain a dynamic price-to-book ratio of 1.24x for 2024 based on the current closing price [6]