JFL(600901) 国泰君安·2024-10-29 12:15Investment Rating - The report maintains a "Buy" rating with a target price of 6.27 CNY per share, corresponding to a P/B ratio of 1.51 for 2024 [4][5]. Core Views - The company continues to demonstrate steady growth, with asset scale, net interest margin, and non-performing loan ratio remaining stable. The conversion of convertible bonds effectively supplements the company's capital, indicating a positive outlook for sustained development [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's net profit attributable to shareholders reached 2.227 billion CNY, reflecting a year-on-year increase of 9.12%. The weighted average ROE was 11.87%, a slight decline of 0.40 percentage points year-on-year [4]. - The company forecasts EPS for 2024-2026 to be 0.50, 0.53, and 0.58 CNY, with net assets per share projected at 4.14, 4.42, and 4.71 CNY respectively [4]. Asset Growth - As of September 2024, the company's total asset scale was 134.52 billion CNY, a 12.18% increase from the end of the previous year. The scale of financing lease assets was 126.9 billion CNY, up 11.21% year-on-year [4]. - The non-performing financing lease asset ratio stood at 0.92%, a slight increase of 0.01 percentage points from the end of the previous year [4]. Capital Strength - The company announced the early redemption of its convertible bonds, with 49.98 billion CNY of the 50 billion CNY bonds converted into 1.595 billion shares, accounting for 53.40% of the total shares before conversion. This move is expected to enhance the company's capital strength and support the growth of its leasing business [4][5]. Strategic Initiatives - The company is expanding its customer acquisition channels through a dual-line strategy of "manufacturers + regions," establishing deep partnerships with over 4,000 manufacturers and dealers to reach quality end customers quickly [4]. - The net interest margin for Q3 2024 was 3.67%, showing a slight decrease of 0.02 percentage points year-on-year and a decrease of 0.01 percentage points from Q2 2024 [4].