Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, Jiangsu Jinzu's profit growth is stable, with a significant acceleration in asset deployment. The modern services and transportation sectors are leading in growth. The net interest margin continues to widen, and the cost of liabilities is improving. The non-performing loan ratio remains low, and the provision coverage ratio has increased. The company is expected to maintain stable profit growth while providing high dividend returns to shareholders during a period of strong regulatory oversight [2][6][13]. Summary by Sections Financial Performance - For the first three quarters of 2025, Jiangsu Jinzu achieved operating revenue of 4.64 billion yuan, a year-on-year increase of 17.2%, and a net profit attributable to shareholders of 2.45 billion yuan, up 9.8%. The weighted average return on equity (ROE) decreased by 1.95 percentage points to 9.92% [6][13]. Asset Deployment - As of the end of Q3 2025, the company's receivables from leasing amounted to 147.5 billion yuan, reflecting a year-to-date increase of 19.4% and a quarter-on-quarter increase of 2.7%. The modern services, transportation, and clean energy sectors showed significant growth in receivables, with increases of 41.4%, 19.4%, and 18.7% respectively [13]. Net Interest Margin - The net interest margin for the leasing business was 3.75%, an increase of 8 basis points year-on-year. The asset yield and liability cost rates were 6.1% and 2.2%, respectively, showing a decline of 0.40 percentage points and 0.69 percentage points year-on-year [13]. Asset Quality - By the end of Q3 2025, the total non-performing assets were 1.37 billion yuan, with a non-performing loan ratio of 0.90%, down 1 basis point from the end of the previous half-year. The provision coverage ratio increased to 403%, up 1.5 percentage points [13]. Future Outlook - Jiangsu Jinzu is transitioning towards retail and focusing on small and micro enterprises, leveraging the advantages of the vendor leasing model. The company is expected to achieve net profits of 3.29 billion yuan and 3.63 billion yuan in 2025 and 2026, respectively, with corresponding price-to-book ratios of 1.39 and 1.28 [13].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's projected net profit growth rates for 2025, 2026, and 2027 are 5.5%, 7.9%, and 8.5% respectively, with a target price of 7.70 CNY per share, corresponding to a price-to-book (PB) ratio of 0.65 for 2025 [2][5] - The company's asset deployment capability has been validated, with a significant increase in loan issuance, achieving 661 billion CNY in new loans in the first half of 2025, which is more than double the total for 2024 [9] - The net interest margin remains resilient at 1.60%, with a notable improvement in funding costs, indicating strong deposit-taking capabilities [9] Financial Performance Summary - The company's revenue for 2023 is projected at 27,956 million CNY, with a slight decline of 3.6% year-on-year, but expected to grow in subsequent years [4] - The net profit attributable to the parent company is forecasted to be 10,902 million CNY in 2023, with a growth of 6.1% year-on-year, and is expected to reach 14,232 million CNY by 2027 [4] - The company’s earnings per share (EPS) is projected to increase from 0.94 CNY in 2023 to 1.23 CNY in 2027 [4] Asset Quality and Risk Management - The non-performing loan (NPL) ratio for corporate loans has improved significantly, while individual loans still face structural pressures, with the NPL ratio for individual loans increasing by 44 basis points since the beginning of the year [9] - The provision coverage ratio stands at 356%, indicating sufficient risk mitigation capacity [9]