Jiangsu Leasing (600901): Net interest spread significantly increased and NPL increased slightly
The company disclosed its semi-annual report for 2019, with operating income for the first half of the year14.
2.2 billion, an annual increase of 20%, net profit attributed to mother 7.
8.6 billion, an increase of 22% in ten years, net assets attributable to mothers 11.2 billion, an increase of over 2%.
The performance was in line with expectations, and the leasing business continued to deepen.
The company achieved operating income in the first half of the year14.
2.2 billion, an annual increase of 20%.
^ Net income is 11.
9.8 billion, an increase of 35 in ten years.
5%, exceeding revenue growth.
Expansion. The growth in the scale of interest-earning assets of the leasing business has contributed to a 13% to 23 increase in leasing business revenue.
Under the downward trend of dividends and market interest rates, the company’s return on assets has remained stable, while the cost of resistance has continued to decline. The index expenditure in the first half of the year was 9.
4.6 billion, down 3 previously.
7%, of which 328 were dismantled.
6.8 billion, an increase of 12 in ten years.
9%, but the interest expense of the borrowed funds fell by more than 10% to 6.
Under the guidance of the “transition + growth” strategy, the company focused on transformational businesses such as clean energy, high-end equipment, automotive finance, information technology, and agricultural machinery, which further enhanced its professionalism and customer service capabilities.
In the first half of 2019, the number of the company’s transformational business release contracts accounted for 98 of the total number of issuance contracts.
28% of the total investment amount of 55.
93%, an increase of 21 from last year.
The spread of leasing business further expanded, and asset quality was slightly deteriorated due to the drag on the general environment.
As one of the earliest financial leasing companies in China, the company continues to improve its leasing business scale and interest spread through its ability to deeply cultivate the industry, its professional service capabilities, its leading financing capabilities.
The scale of finance lease receivables in the first half of 2019 was 62.6 billion, an annual increase of 8%, and was mainly distributed in public utilities (43%), health and social work (21%), energy (16%), and delivery (5%).Education (4%), the top five industries accounted for 88% in total, down 3 units from 91% in 2018.
Under the background of the continuous increase in the scale of leased assets, the net interest margin rose to 3 in the first half of the year.
46%, an increase of 0 every year.
54 units, the main reason for the adverse growth of the net interest margin is that the decline in market interest rates has led to a slight decline in financing costs, while the rental business yield has remained relatively stable.
NPL ratio of leasing business is 0.
84%, a slight increase of 0.
05 single, but considering the external environment penetrating the downward pressure of the economy, and the company’s internal operation with expanding net interest margin, the company still shows better risk control capabilities.
Investment advice: Maintain the company’s prudent recommendation level.
In the first half of 2019, the company’s asset scale growth and performance maintained a relatively stable growth trend, and the company seized the decline in market interest rates, and the rental business expanded the net interest margin of the rental business under a relatively rigid background.Reduce the dependence of the top five industries, and promote the diversification of interest-earning assets.
Affected by the general environment, the non-performing rate of leasing business has risen to a certain extent, but it is still lower than the average level of peers and commercial banks.
There are certain pressures on China’s macro economy in the medium and long term. The speed of financial leasing assets may gradually change. At the same time, changes in asset quality are worthy of market attention. Therefore, we maintain the company’s prudent assessment level, and the target assessment for 2019 is 1.
8 XPB, corresponding to sustainable 6.
8 yuan, space 12.
Risk warning: the macro economy continues to decline, the deterioration 杭州桑拿网 of asset quality leads to an increase in the non-performing ratio, the sluggish corporate financing needs, and the growth of interest-earning assets accelerates