JFL(600901) 开源证券·2024-10-29 06:00Investment Rating - The report maintains a "Buy" rating for Jiangsu Financial Leasing (600901 SH) [2] Core Views - Jiangsu Financial Leasing's interest spread remains high, and the conversion of convertible bonds has strengthened its capital base, laying a solid foundation for growth [2] - The company's revenue and net profit for the first three quarters of 2024 reached 3 96 billion yuan and 2 23 billion yuan, respectively, both up 9% year-on-year [5] - The annualized weighted average ROE for the first three quarters of 2024 was 15 8%, slightly down by 0 5 percentage points year-on-year [5] - The company's capital adequacy ratio increased by 3 4 percentage points to 18 6% by the end of Q3 2024, providing ample room for expansion [5] - The company's long-term strategy focuses on "retail + technology" and emphasizes risk control, cost reduction, and moderate growth [5] Financial Performance - The balance of receivables from financial leasing at the end of Q3 2024 was 127 9 billion yuan, up 12 3% year-on-year and 1% quarter-on-quarter [5] - The net interest spread for the first three quarters of 2024 was 3 67%, down 0 02 percentage points year-on-year [5] - The non-performing loan ratio at the end of Q3 2024 was 0 92%, up 0 02 percentage points quarter-on-quarter, while the attention ratio decreased by 0 33 percentage points [5] - The provision coverage ratio at the end of Q3 2024 was 426%, slightly down from 431% in Q2 2024 [5] Future Projections - The report revises the net profit forecast for 2024-2026 to 3 0/3 4/3 9 billion yuan, up 13%/15%/12% year-on-year [5] - The EPS for 2024-2026 is projected to be 0 5/0 6/0 7 yuan, with a PB ratio of 1 3/1 2/1 1 times [5] - The dividend yield (TTM) is currently 4 57%, and the expected dividend yield for 2024 is 5 0% [5] Strategic Focus - The company benefits from large-scale equipment renewal policies, which positively impact its asset growth [5] - The cost of liabilities is expected to decrease due to the downward trend in interbank interest rates [5] - The company's high ROE and low non-performing loan characteristics are expected to continue [5]