丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨江苏金租（600901.SH） [Table_Title] 江苏金租 2025 三季报点评：资产投放提速，净 利差延续走阔 报告要点 [Table_Summary] 2025 年前三季度，江苏金租利润增速稳中有升，盈利能力维持稳健。公司资产投放明显提速， 现代服务与交通运输板块增速领先。净利差延续走阔，负债成本继续改善。不良率维持低位， 拨备覆盖率回升。看好公司在强监管周期市场份额稳定扩张，利润稳健增长的同时以高分红比 例回报股东。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 江苏金租（600901.SH） cjzqdt11111 [Table_Title 江苏金租 2022]5 三季报点评：资产投放提速，净 利差延续走阔 [Table_Summary2] 事件描述 江苏金租发布 2025 年 ...

Core Viewpoint - Jiangsu Jinzu's Q3 2025 report shows better-than-expected performance with significant revenue and profit growth compared to the previous year [1] Financial Performance - For the first three quarters of 2025, Jiangsu Jinzu achieved operating revenue of 4.638 billion, a year-on-year increase of 17.15%, and a net profit attributable to shareholders of 2.446 billion, up 9.82% [1] - In Q3 2025 alone, the company reported operating revenue of 1.632 billion, reflecting a year-on-year growth of 21.51% and a quarter-on-quarter increase of 11.62% [1] - The net profit for Q3 2025 was 882 million, marking a year-on-year increase of 11.24% and a quarter-on-quarter growth of 11.26% [1] Operational Analysis - As of the end of Q3 2025, the company's total assets reached 162 billion, an 18% increase from the beginning of the year [2] - The accounts receivable from leasing reached 147.5 billion, growing 19% year-to-date [2] - The net interest margin for leasing business was 3.75%, up 0.08 percentage points year-on-year [2] - The annualized cost of interest-bearing liabilities was approximately 2.25%, down 0.74 percentage points year-on-year, while the annualized yield on interest-earning assets was about 6.38%, down 0.34 percentage points [2] - The non-performing loan ratio remained low at 0.90%, a decrease of 1 basis point from the end of the previous year [2] - The provision coverage ratio was 403.01%, down 27.26 percentage points from the end of the previous year [2] Credit Loss Provisioning - In Q3 2025, the company recognized credit impairment losses of 276 million, compared to 347 million in Q1 2025 and 234 million in Q2 2025, with the same period last year seeing 127 million in credit losses [3] Profit Forecast and Valuation - The company is expected to maintain a high dividend yield of 4.7% in 2025 [4] - The outlook for stable operations and growth in interest-earning assets supports the expansion of interest margins, driving steady performance [4] - The forecast for net profit attributable to shareholders in 2025 is approximately 3.2 billion, a year-on-year increase of 10%, corresponding to a price-to-book ratio of 1.4x, maintaining a "buy" rating [4]

Core Insights - The company's performance for the first three quarters of 2025 met expectations, with revenue increasing by 17% year-on-year to 4.64 billion yuan and profit rising by 10% to 2.45 billion yuan [1] - The company declared its first interim dividend of 0.13 yuan per share, with a payout ratio of 48% [2] Financial Performance - For the first three quarters of 2025, the company's pre-provision profit increased by 17% year-on-year to 4.13 billion yuan, with an annualized ROAE diluted by 1.1 percentage points to 13.3% [1] - In Q3 2025, the pre-provision profit grew by 23% year-on-year and 13% quarter-on-quarter to 1.46 billion yuan, while net profit attributable to shareholders increased by 11% year-on-year and quarter-on-quarter to 880 million yuan [1] Asset Quality and Growth - As of the end of Q3 2025, the company's net receivables from financing leases increased by 19% year-on-year to 147.5 billion yuan, reflecting steady expansion despite macroeconomic uncertainties [3] - The company's non-performing loan ratio improved slightly, decreasing by 1 basis point year-on-year to 0.90%, indicating stable asset quality [3] - Credit impairment losses rose by 55% year-on-year to 860 million yuan, with Q3 losses increasing by 117% year-on-year to 280 million yuan, attributed to the company's prudent management practices [3] Financing Costs and Profitability - The company's annualized net interest margin increased by 0.08 percentage points year-on-year to 3.75% for the first three quarters of 2025 [4] - The financing cost decreased by 0.74 percentage points year-on-year to 2.25%, contributing to the widening of the net interest margin [4] Earnings Forecast and Valuation - The company's earnings forecasts for 2025 and 2026 remain unchanged, with a target price adjustment of 4.7% to 6.7 yuan, reflecting a price-to-book ratio of 1.5x for 2025 [5]

截至10月23日收盘，在42家A股上市银行中，只有两家银行的市净率（PB）站在1以上，一家是近期连续上涨的农业银行，一家是有着"零售之王"称号的招 商银行。 不过，从年初至今的股价涨幅来看，农业银行以56.35%位居银行业第一，而招商银行则仅以12.13%的涨幅排在第22位。单从股份行来看，浦发银行、中信 银行和兴业银行也都排在招商银行之前。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | T | 601288 | 农业银行 | 7.99c | -0.10 | -1.24% | 57.49亿 | | 2 | 002948 | 青岛银行 | 5.24c | 0.06 | 1.16% | 2.44亿 | | 3 | 600000 | 浦发银行 | 12.97c | -0.06 | -0.46% | 10.45亿 | | 4 | 002807 | 江阴银行 | 5.23c | 0.00 | 0.00% | 5.45亿 | | 5 | 601187 | 厦门银行 | 6.80c | -0.02 | ...

Core Viewpoint - Harbin Bank reported a net profit of 915 million yuan for the first half of 2025, marking a year-on-year increase of 19.96%, despite facing challenges such as a declining net interest margin and a relatively high non-performing loan ratio [1][2][6]. Financial Performance - The bank achieved an operating income of 7.386 billion yuan, up 2.59% year-on-year, and a net profit of 999.2 million yuan, reflecting a 17.28% increase [2]. - The average return on total assets was 0.22%, an increase of 0.02 percentage points year-on-year, while the average return on equity rose to 2.07%, up 0.57 percentage points [2]. - Interest income decreased significantly, with net interest income at 4.413 billion yuan, down 11.4% year-on-year [2]. Asset Quality - The non-performing loan ratio stood at 2.83%, only slightly down by 0.01 percentage points from the previous year, which is notably higher than the average of 1.76% for city commercial banks [1][6]. - The bank's non-performing loan balance was 11.27 billion yuan, with a provision coverage ratio of 209.95%, up 7.36 percentage points year-on-year [6]. Capital Adequacy - As of June 30, 2025, the core tier 1 capital adequacy ratio was 8.52%, down 0.16 percentage points from the end of the previous year, indicating pressure on capital replenishment [7]. - The total assets reached 927.528 billion yuan, a 1.23% increase from the end of the previous year, while customer loans and advances rose by 4.87% to 397.566 billion yuan [5]. Future Outlook - The bank anticipates continued pressure on net interest margin and net interest yield due to external uncertainties and intense competition [3]. - Harbin Bank plans to enhance its capital management and diversify its profit channels to improve its internal capital generation capacity [7].

Core Insights - Agricultural Bank of China (01288.HK) reported a revenue of 369.8 billion RMB and a net profit of 139.9 billion RMB for the first half of 2025, reflecting year-on-year growth of 0.7% and 2.5% respectively, maintaining a "double positive growth" trend [1] - The bank's capital adequacy ratio stands at 17.45%, with an average return on total assets (ROA) of 0.62% and a weighted average return on equity (ROE) of 10.16% [1] - The cost-to-income ratio is reported at 27.81% [1] Financial Performance - For the first half of 2025, the bank achieved a net interest income of 282.47 billion RMB, a decrease of 8.375 billion RMB year-on-year, with growth in scale contributing an increase of 20.53 billion RMB, while interest rate changes led to a decrease of 28.90 billion RMB [1] - The net interest margin is reported at 1.32%, and the net interest spread is 1.20%, both showing year-on-year declines of 13 basis points and 10 basis points respectively, primarily due to support for the real economy and LPR reductions impacting the yield on interest-earning assets [1] Dividend Announcement - The board of directors proposed a mid-year cash dividend of 1.195 RMB per 10 shares (tax included) to ordinary shareholders, totaling 41.823 billion RMB (tax included) [1] Related Events - Agricultural Bank of China (01288.HK) reported a net profit attributable to shareholders of 139.51 billion RMB for the first half of the year, marking a year-on-year increase of 2.7% [2] - The bank redeemed the second tranche of its 2020 perpetual capital bonds [2]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [1] Core Views - Jiangsu Jinzu's business investment is rapidly growing, with a significant year-on-year increase in net interest margin [7] - The company achieved a total operating revenue of 30.1 billion yuan in the first half of 2025, representing a year-on-year growth of 14.9% [7] - The net profit attributable to shareholders reached 15.6 billion yuan, up 9.0% year-on-year, with an EPS of 0.27 yuan [7] - The company’s leasing asset scale increased to 1,491 billion yuan, a growth of 15.7% compared to the beginning of the year [7] - The net interest margin for the leasing business was 3.71%, an increase of 3 basis points year-on-year, driven by a reduction in funding costs [7] - The non-performing loan ratio remained stable at 0.91%, indicating good asset quality [7] Financial Forecasts - Total operating revenue is projected to reach 61.35 billion yuan in 2025, with a year-on-year growth of 16.2% [1] - The net profit attributable to shareholders is expected to be 32.4 billion yuan in 2025, with a growth rate of 10.1% [7] - The book value per share (BVPS) is forecasted to be 4.41 yuan in 2025, with a P/B ratio of 1.32 [1][7] Business Segment Performance - The clean energy and transportation sectors showed strong growth, with year-on-year increases of 36.5% and 31.1% respectively [7] - The industrial equipment sector experienced a decline of 5.4%, while the medical health and livelihood security sectors saw significant contractions, both exceeding 40% [7] Market Data - The closing price of Jiangsu Jinzu is 5.84 yuan, with a market capitalization of approximately 33.83 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.36 [5]

2024 年末交通银行总资产达 到 14.90 万亿元 ，同比增长 5.98% ；当年实现营业收入 2598.26 亿元 ，同比增长 0.87% ；实现净利润 942.29 亿元 ，同比增长 1.05% 。 交通银行规模类指标均保持正增长（ 2022 年营业收入有重述，因此 2023 年保持正增长）。但纵向 看， 近五年来 2024 年交通银行主要规模类指标增速最低。 交通银行 2024 年主要规模类经营指标与其他五家大行对比如下表： 从收入结构看，利息净收入是交通银行营业收入的最主要构成部分。 2024 年利息净收入占其营业 收入的 65.36% （近五年来占比均超过 60% ） 。 净息差和净利差则持续走低。在主要依靠利息收入的背景下， 持续走势的净息差 / 净利差是交通 银行近年来业务增速乏力的主要顽疾。 与其他五大行相比，交通银行 2024 年规模类指标增速也相对较慢 。 总资产方面，交通银行 2024 年末总资产增速在 六大行 中仅略高于建行，与其他四家大行 8% 以上 的增速相比落后 2 个百分点以上。 营业收入方面，六大行中除已经连续 3 年营业收入负增长的工行和建行外，交通银行 2024 年营 ...