登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000415 证券简称：渤海租赁 公告编号：2025-036 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 注： 1、报告期内，公司营业收入较上年同期增加85.51亿元，同比增长99.82%，主要系本期飞机销售和飞机 租赁收入增加所致。 2、报告期内，公司归属于上市公司股东的净利润较上年同期增加2.81亿元，同比增长72.21%，归属于 上市公司股东扣除非经常性损益的净利润较上年同期增加2.29亿元，同比增长106.81%，主要系以下原 因所致： （1）受益于航空客运需求的持续回 ...

Group 1 - The Tianjin Free Trade Zone has achieved systematic and integrated institutional innovation over the past 10 years, breaking industrial bottlenecks and gathering a number of characteristic industrial clusters [1] - The financial innovation in the Tianjin Free Trade Zone has formed a scale, exploring 40 leasing models including joint leasing, cross-border subleasing, bonded leasing, and offshore leasing, becoming a hub for the commercial factoring industry in China [1] - The bonded maintenance services in the Tianjin Free Trade Zone cover various categories such as aerospace, engineering machinery, and shipbuilding, with innovative policies and business models [1] - The network freight industry has thrived, integrating 4.266 million drivers and 3.925 million vehicles, completing 53.67 million orders and transporting 580 million tons of goods in 2024, with total freight charges exceeding 90 billion yuan [1] - The biopharmaceutical sector has seen innovation breakthroughs, attracting over 200 key biopharmaceutical companies with a production value of nearly 50 billion yuan through various innovative measures [1] Group 2 - The Tianjin Free Trade Zone aims to cultivate new productive forces and address industrial chain challenges, striving to become a model and leader in high-quality development [2]

渤海租赁（000415）公告，控股子公司Avolon Holdings Limited之全资子公司Avolon Aerospace Leasing Limited及其下属SPV于2025年4月29日与ACG Aircraft Leasing Ireland Limited签署了《Aircraft Sale And Purchase Agreement》及相关附属协议，出售20架附带租约的飞机租赁资产。上述20架附带租约的飞机 租赁资产市场价格约为11.43亿美元(折合人民币约82.40亿元)，实际出售价格由双方协商确定。本次交 易有利于优化公司飞机资产结构，提升机队资产质量，提升公司在全球飞机租赁市场的竞争力。 ...

渤海租赁（000415）公告，2025年第一季度营业收入171.17亿元，同比增长99.82%。净利润6.69亿元， 同比增长72.21%。 ...

事件：4 月25 日，江苏金租公布2024 年报及2025 年一季报。2024 年实现归母净利润29.4 亿 元/yoy+10.6%，实现营收52.8 亿元/yoy+10.3%；1Q25 归母净利润7.7 亿元/yoy+8.4%。2024 年公司每股 分红0.27 元，分红率为53.15%/yoy+2.02pct，对应25/4/25 股息率为5.18%。 25/4/25 收盘价对应公司25-27E 动态PB 分别1.17x、1.10x、1.03x。 24 年生息资产规模保持双位数增长，1Q25 净利差环比提升。1）资产规模看：24 年面对外部环境不确 定性增加与租赁行业竞争加剧双重挑战，公司保持战略定力、推动资产规模稳步扩张；24 年末公司资 产总额1373 亿元/yoy+14.5%（1Q25 末较年初+8.9%），其中融资租赁资产规模1278 亿/yoy+12.0%；新 增投放829.2 亿元/yoy+14.5%，其中直接租赁投放金额同比增长22%、直租占比达到47%。2）1Q25 净 利差环比提升：24 年公司租赁业务净利差为3.62%/yoy+0.01pct，1Q25 净利差为3.91%/yoy+0.2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.07 [8][9]. Core Insights - The company achieved a revenue of RMB 5.278 billion in 2024, representing a year-over-year growth of 10.26%, and a net profit of RMB 2.943 billion, up 10.63% year-over-year, slightly exceeding expectations [1]. - The company continues to focus on small and micro enterprises, enhancing its service capabilities and maintaining strong asset quality, with a non-performing asset ratio of 0.91% [2][3]. - The dividend payout ratio increased by 1.6 percentage points to 53% in 2024, reflecting the company's commitment to returning value to shareholders [1]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of RMB 1.544 billion, a year-over-year increase of 20.47%, and a net profit of RMB 772 million, up 8.41% year-over-year [1]. - The financing lease asset balance reached RMB 127.803 billion by the end of 2024, an increase of RMB 13.694 billion or 12.00% year-over-year [2]. Asset Quality - The company maintained a non-performing financing lease asset ratio of 0.91% at the end of 2024, consistent with the previous year, and a provision coverage ratio of 430.27%, despite a year-over-year decline of 18.12 percentage points [3]. Business Strategy - The company has adopted a dual-line business model of "vendor leasing + regional direct sales," establishing deep strategic partnerships with over 5,800 vendors and dealers [4]. - The focus remains on serving small and micro enterprises, with strong bargaining power on the asset side, indicating potential for continued growth in business scale and profitability [2]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.56, RMB 0.61, and RMB 0.67 respectively, with a book value per share (BPS) of RMB 4.67 for 2025 [5]. - The report assigns a price-to-book (PB) ratio of 1.3 for 2025, reflecting the company's stable profit growth and improved dividend payout [5].

Group 1 - The banking sector has shown positive performance, with the China Securities State-Owned Enterprises Dividend Index (000824) rising by 0.10% and several constituent stocks experiencing significant gains, such as Chongqing Bank (601963) up by 7.21% and Jiangsu Jinzu (600901) up by 5.57% [1] - The National State-Owned Enterprises Dividend ETF (159515) has seen a growth in scale of 979.54 million yuan this month, ranking it in the top half among comparable funds [1] - The Central Political Bureau of the Communist Party of China held a meeting on April 25, focusing on economic themes and indicating a continuation of policy support [1] Group 2 - Huachuang Securities noted that large banks are advancing their capital increase plans, and the mid-term dividend strategy is still in progress, indicating sustained long-term investment value in the banking sector [2] - The low interest rate environment continues to highlight the stability of bank earnings and dividends, with high dividend yield banks showing absolute returns [2] - The positive economic trend remains unchanged, with monetary and fiscal policies being firmly implemented since October 2024, which is expected to stabilize bank asset quality and support credit growth [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) among the top [3] - The performance of individual stocks within the index varies, with some stocks like Nanjing Steel (600282) showing a gain of 2.07%, while others like Hengyuan Coal Power (600971) saw a decline of 2.64% [5]

丨证券研究报告丨 公司研究丨点评报告丨江苏金租（600901.SH） [Table_Title] 江苏金租 2024A&2025Q1 点评：资产投放提速， 净利差显著走阔 报告要点 [Table_Summary] 江苏金租 2025 年以来资产投放明显提速，负债成本率大幅下降驱动净利差走阔，不良率控制 良好，体现出公司资产端的强盈利能力与风控能力。公司积极回报股东，2024A 分红比例达 53.15%，同比+0.58pct。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 %% %% %% %% 1 江苏金租（600901.SH） cjzqdt11111 [Table_Title 江苏金租2022]4A&2025Q1点评：资产投放提速， 净利差显著走阔 [Table_Summary2] 事件描述 江苏金租发布 2024 年报与 2025 年一季报，2024 年实现营业收入、归母净利润分别为 ...

一是创新金融形成规模。探索联合租赁、跨境转租赁、保税租赁、离岸租赁等40个租赁模式，飞机、船 舶、海工平台跨境租赁业务全国占比超70％。首创保理行业标准、创新政策30余项，成为全国商业保理 行业的重要创新策源地、模式输出地和机构聚集地。 二是"保税+"多点开花。保税维修涵盖航空航天、工程机械、船舶等众多品类，成为国内业务模式最丰 富、政策制度创新最多的地区；保税研发首次应用于航空领域，有力推动了国产飞行模拟机研制；国际 航行船舶保税燃料油加注业务落地，天津港配套服务能力大幅提升。 三是网络货运蓬勃发展。打造共享经济企业综合服务系统，累计整合来自全国的司机426.6万名，车辆 392.5万辆，2024年，完成运单5367万单、货运量5.8亿吨，运费总金额超900亿元，并将服务延伸至运输 装备、成品油网络零售、碳资产管理等上下游领域，形成完整的行业生态。 四是生物医药创新突破。实施临床急需进口药品绿色通道试点、进口研发药品白名单制度、境外生物制 品跨境分段生产等创新举措，出台全国首个省级基因和细胞产业促进条例，吸引罗氏制药、瑞普生物等 200余家重点生物医药企业在区内聚集，产值规模近500亿元。 21世纪经济报道 ...

Performance Overview - Jiangsu Jinzhong achieved revenue and net profit attributable to shareholders of 5.278 billion and 2.943 billion yuan in 2024, representing year-on-year growth of 10.26% and 10.63% respectively, with a weighted average ROE of 14.72%, down 1.09 percentage points year-on-year [1] - In Q4 2024, the net profit attributable to shareholders was 716 million yuan, showing a quarter-on-quarter decrease of 9.62% but a year-on-year increase of 15.63% [1] - For Q1 2025, revenue and net profit attributable to shareholders were 1.544 billion and 772 million yuan, reflecting year-on-year growth of 20.47% and 8.41%, and quarter-on-quarter growth of 17.09% and 7.8% respectively [1] - The scale of interest-earning assets steadily increased, with a slight decline in yield; by the end of 2024, receivables from financing leases grew by 12.1% to 123.5 billion yuan, and in Q1 2025, it further increased by 12% to 138.3 billion yuan [1] - The average yield on interest-earning assets for 2024 and Q1 2025 was 6.53% and 6.52%, down 0.23 percentage points and 0.34 percentage points year-on-year respectively [1] Liability Structure Adjustment - The company adjusted its liability structure to reduce financing costs, increasing the proportion of short-term borrowing and long-term loans; by the end of 2024, the proportion of borrowed funds, bonds payable, and long-term loans changed by +3.1 percentage points, -3.9 percentage points, and +0.7 percentage points respectively compared to the end of the previous year [2] - The average cost of liabilities for 2024 and Q1 2025 was 2.79% and 2.31%, down 0.21 percentage points and 2.78 percentage points year-on-year respectively [2] - The net interest margin slightly widened, with net interest margins for 2024 and Q1 2025 at 3.62% and 3.91%, up 0.01 percentage points and 0.28 percentage points year-on-year respectively [2] Asset Quality and Dividend Policy - The overall asset quality remained stable, with non-performing loan ratios at 0.91% for both 2024 and Q1 2025; the provision coverage ratio was 430% and 408% respectively, indicating a slight decline but overall sufficient coverage [2] - The dividend payout ratio increased from 52.57% in 2023 to 53.15% in 2024 [2] Investment Outlook - The company is expected to maintain steady growth in performance driven by retail characteristics, technological integration, and stable growth in interest-earning assets alongside expanding interest margins [3] - Projected net profits attributable to shareholders for 2025-2027 are 3.630 billion, 3.792 billion, and 4.089 billion yuan, representing year-on-year growth of 23.4%, 4.5%, and 7.8% respectively [3] - Corresponding price-to-book ratios for April 25 are projected to be 1.16, 1.08, and 1.01, maintaining a "buy" rating [3]