江苏金租：业绩表现向好，利差进一步走扩

Investment Rating - The investment rating for Jiangsu Jinzu (600901) is "Buy" (maintained) [4] Core Views - The company's performance is improving, with operating revenue and net profit attributable to shareholders increasing by 8.47% and 8.80% year-on-year, respectively, in H1 2024 [6] - The growth in revenue is supported by both volume and price increases in the leasing business, with net interest income showing a strong performance [6] - The company has maintained a high return on equity (ROE) of 15.40% in H1 2024, indicating strong overall profitability [6] Summary by Relevant Sections Financial Performance - In H1 2024, Jiangsu Jinzu achieved operating revenue of 2.616 billion yuan and net profit of 1.434 billion yuan, reflecting year-on-year growth of 8.47% and 8.80% respectively [6] - The growth rates improved compared to Q1 2024, with revenue growth up by 2.63 percentage points and net profit growth up by 4.11 percentage points [6] - The company's net interest income for H1 2024 was 2.566 billion yuan, up 6.70% year-on-year, with an increase of 1.78 percentage points from Q1 2024 [6] Business Segments - The leasing business showed significant growth, with operating leasing income reaching 58 million yuan, a year-on-year increase of 183.99% [6] - The financing leasing asset scale reached 126.9 billion yuan by the end of H1 2024, growing by 11.21% from the beginning of the year [6] - The net interest margin for the leasing business was 3.68%, an increase of 5 basis points from Q1 2024, driven by improved funding costs [6] Asset Quality - As of the end of H1 2024, the company's non-performing loan ratio was 0.90%, and the attention ratio was 3.39%, showing a slight increase in attention ratio compared to Q1 2024 [6] - The company has a strong provision coverage ratio of 431.22%, indicating sufficient reserves against potential losses [6] Earnings Forecast - The company is expected to achieve operating revenues of 5.182 billion yuan, 5.582 billion yuan, and 6.025 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.25%, 7.72%, and 7.94% [6] - Net profit attributable to shareholders is projected to be 2.883 billion yuan, 3.106 billion yuan, and 3.354 billion yuan for the same years, with growth rates of 8.39%, 7.72%, and 7.98% [6]