Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank [2][3] Core Views - Jiangsu Bank's performance remains robust with a revenue growth of 6.2% year-on-year in Q1 2025, and a net profit growth of 8.2% year-on-year [3][11] - The bank's net interest income increased significantly by 21.9% year-on-year in Q1 2025, supported by a resilient net interest margin [12][14] - Asset quality indicators such as non-performing loan ratio and overdue rates have shown improvement, indicating a positive trend in credit quality [19] Summary by Sections Performance Overview - Jiangsu Bank's Q1 2025 revenue increased by 6.2% compared to the same period in 2024, while net profit rose by 8.2% [11][7] - The bank's net interest margin improved to 1.8%, with a quarter-on-quarter increase of 13 basis points [12][9] - The bank's total loans grew by 13% year-on-year, with corporate loans increasing by 25.9% and retail loans by 10% [14][15] Non-Interest Income - Non-interest income decreased by 23.0% year-on-year in Q1 2025, primarily due to a decline in other non-interest income [18] - However, fee income increased by 21.8% year-on-year, partially offsetting the decline in non-interest income [18] Asset Quality - The non-performing loan ratio improved to 0.86%, down 3 basis points quarter-on-quarter and 5 basis points year-on-year [19] - The bank's provision coverage ratio remains high at 343.51%, despite a slight decrease [19] - The overdue rate decreased to 1.10%, indicating better asset quality management [19]

Core Viewpoint - The banking industry is undergoing significant differentiation and transformation, with increasing market competition. Jiangsu Bank has demonstrated strong performance amidst challenges, achieving high-quality development through its commitment to "finance for the people" and enhancing financial services [2][4]. Financial Performance - Jiangsu Bank reported a Q1 2025 operating income of 22.304 billion yuan, a year-on-year increase of 6.21% - The net profit attributable to shareholders was 9.78 billion yuan, up 8.16% year-on-year - Basic earnings per share reached 0.53 yuan, reflecting a growth of 17.78% [2][4] - As of the end of Q1 2025, the bank's non-performing loan ratio was 0.86%, the lowest since its listing, with a provision coverage ratio of 343.51% [4][5] Asset Growth - Jiangsu Bank's total assets surpassed 4 trillion yuan, reaching 4.46 trillion yuan, marking a significant milestone in its development - Total deposits amounted to 2.42 trillion yuan, a growth of 14.21% compared to the end of the previous year - Total loans reached 2.26 trillion yuan, with a year-on-year increase of 7.96% [3][4] Revenue Structure - The bank's interest income for Q1 2025 was 16.592 billion yuan, a year-on-year increase of 21.94%, accounting for 74.38% of total revenue - Non-interest income, including net fees and commissions, reached 1.65 billion yuan, up 21.77%, representing 7.4% of total revenue [4] Innovation and Support for SMEs - Jiangsu Bank has focused on enhancing financial services for small and medium-sized enterprises (SMEs) and technology innovation, establishing an "innovation ecosystem accelerator" - The bank has developed a tiered service system for technology financing and has actively engaged with local enterprises to support their growth [6][7] - As of the end of 2024, the bank's technology loan balance was 232.6 billion yuan, with a growth rate of 22.8% [7] Inclusive Finance Initiatives - Jiangsu Bank has prioritized inclusive finance, directing resources towards small and micro enterprises, and has implemented various initiatives to alleviate financing difficulties for these businesses - The bank's inclusive small and micro loan balance reached 210.5 billion yuan, a year-on-year increase of 21.36% [8][9] Retail Banking Strategy - The bank aims to expand its retail business and wealth management services, with a focus on customer needs and a comprehensive service approach - Retail deposits reached 822.9 billion yuan, growing 16.21% year-on-year, while retail loans amounted to 674.8 billion yuan, up 3.40% [10][11]

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank [5][9]. Core Views - Jiangsu Bank demonstrated strong performance in Q1 2025 with revenue and net profit growth of +6.2% and +8.2% year-on-year, respectively, while the annualized weighted average ROE increased to 16.5% [1][2]. - The bank's net interest income grew significantly by +21.9% year-on-year, supported by a stable net interest margin and a substantial increase in loan issuance [2][3]. - Asset quality remains robust, with a non-performing loan (NPL) ratio of 0.86%, down 3 basis points from the previous quarter, and a provision coverage ratio of 343.5% [4][5]. Summary by Sections Financial Performance - In Q1 2025, Jiangsu Bank's total assets and loans increased by +12.8% and +8% year-on-year, respectively, with new loan issuance reaching 166.8 billion, accounting for over 80% of last year's total increase [2][5]. - The bank's net interest margin for Q1 2025 was estimated at 1.58%, reflecting a 12 basis point increase from Q4 2024, primarily due to a significant reduction in funding costs [3][5]. Asset Quality - The overall asset quality improved, with the NPL ratio at 0.86% and a decrease in the proportion of overdue loans [4][5]. - The bank increased its provision for credit losses by +28.2% year-on-year, maintaining a high level of provision coverage [4][5]. Investment Outlook - The report forecasts net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, with corresponding book value per share (BVPS) estimates of 14.68, 16.86, and 19.28 yuan per share [5][10]. - The current share price of 10.13 yuan corresponds to a price-to-book (PB) ratio of 0.69 for 2025, indicating a favorable valuation given the bank's strong fundamentals [5][10].

Investment Rating - The investment rating for Jiangsu Bank is "Buy (Maintain)" [8] Core Views - The core revenue has significantly improved, with a decrease in the non-performing loan ratio on a quarter-on-quarter basis [2] - The bank's performance growth has exceeded expectations, with notable improvements in net interest income and fee income growth [8] - The bank's total assets and loan amounts have shown strong growth, indicating a favorable lending environment [8] - The asset quality is stabilizing, with a slight decrease in the non-performing loan ratio and a robust provision coverage ratio [8] Financial Performance Summary - For 2023A, the operating income is projected at 74,293 million yuan, with a year-on-year growth of 5.3% [4] - The net profit attributable to the parent company is expected to reach 28,750 million yuan in 2023A, reflecting a year-on-year increase of 13.3% [4] - The earnings per share (EPS) for 2023A is estimated at 1.52 yuan [4] - The bank's total assets are projected to grow to 4,235,199 million yuan by 2025E, with a loan growth rate of 14% [10] Valuation Metrics - The target price for Jiangsu Bank is set at 12.62 yuan per share, with a current price of 10.13 yuan [5] - The price-to-earnings (P/E) ratio for 2025E is projected at 5.67, while the price-to-book (P/B) ratio is expected to be 0.72 [8][10] - The bank's average return on equity (ROE) is forecasted to be 13.31% in 2025E [10]

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank [5][9]. Core Views - Jiangsu Bank demonstrated strong performance in Q1 2025 with revenue and net profit growth of +6.2% and +8.2% year-on-year, respectively, while the annualized weighted average ROE increased to 16.5% [1][2]. - The bank's net interest income grew significantly by +21.9% year-on-year, supported by a stable net interest margin and a substantial increase in loan issuance [2][3]. - Asset quality remains robust, with a non-performing loan (NPL) ratio of 0.86%, down 3 basis points from the previous quarter, and a provision coverage ratio of 343.5% [4][5]. Summary by Sections Financial Performance - In Q1 2025, Jiangsu Bank's total assets and loans increased by +12.8% and +8% year-on-year, respectively, with new loan issuance reaching 166.8 billion, accounting for over 80% of last year's total increase [2][5]. - The bank's net interest margin for Q1 2025 was estimated at 1.58%, reflecting a 12 basis point increase from Q4 2024, primarily due to a significant reduction in funding costs [3][5]. Asset Quality - The overall asset quality improved, with the NPL ratio at 0.86% and a decrease in overdue loans, indicating a cautious approach to bad debt recognition [4][5]. - The bank increased its provision for credit losses by +28.2% year-on-year, maintaining a high provision coverage ratio [4][5]. Investment Outlook - The report forecasts net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, with corresponding BVPS of 14.68, 16.86, and 19.28 CNY per share [5][10]. - The current share price of 10.13 CNY corresponds to a PB ratio of 0.69 for 2025, indicating a favorable valuation given the bank's strong fundamentals and market position [5][10].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank [1] Core Views - Jiangsu Bank's revenue and profit growth exceeded expectations, driven by a significant increase in net interest income and a reduction in tax expenses, contributing to a stable revenue base and high dividend yield [6][10] - The bank's asset quality indicators are improving, with a slight decrease in non-performing loan (NPL) ratio and a high provision coverage ratio, indicating strong risk management [6][10] - The report projects an upward revision in profit growth forecasts for 2025-2027, with expected year-on-year growth rates of 8.9%, 9.2%, and 9.4% respectively [6] Financial Performance Summary - In Q1 2025, Jiangsu Bank achieved a revenue of 22.3 billion yuan, a year-on-year increase of 6.2%, and a net profit of 9.8 billion yuan, up 8.2% year-on-year [4][6] - The bank's net interest income grew by 22% in Q1 2025, contributing 14.2 percentage points to revenue growth, while non-interest income declined by 23% [6][10] - The NPL ratio decreased to 0.86% in Q1 2025, with a provision coverage ratio of 344%, indicating robust asset quality management [4][6] Loan Growth and Structure - Total loans increased by 13% year-on-year in Q1 2025, with significant contributions from corporate loans, which saw a quarterly increase of nearly 180 billion yuan [6][8] - Retail loan growth showed signs of recovery, with a net increase of 17.1 billion yuan in Q1 2025, compared to a decrease in the same period last year [6][8] Valuation Metrics - The current price-to-book (PB) ratio is 0.71, with a projected dividend yield of approximately 5.14% for 2025 [6][10] - The report highlights a favorable valuation compared to historical averages, suggesting potential upside for investors [6]

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.13 CNY and a reasonable value of 11.46 CNY [4]. Core Views - The report highlights a recovery in net interest margin and an improvement in asset quality indicators, indicating a positive outlook for the company's performance [3][8]. - The company's Q1 2025 revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.2%, 7.9%, and 8.2% year-on-year, respectively [8][10]. - Key drivers of performance include significant growth in both interest-earning assets and loans, with year-on-year increases of 23.9% and 18.8%, respectively [8][10]. Summary by Sections Financial Performance - Q1 2025 revenue growth was 6.2%, with a decrease of 2.56 percentage points compared to the previous year [10]. - The net profit attributable to shareholders increased by 8.2%, reflecting a decline of 2.60 percentage points from the previous year [10]. - The company's return on equity (ROE) for Q1 2025 was 16.50%, an increase of 2.91 percentage points year-on-year [10]. Asset Quality - The non-performing loan (NPL) ratio improved to 0.86%, down 3 basis points from the beginning of the year [8][10]. - The provision coverage ratio stood at 344%, a decrease of 7 percentage points from the start of the year, indicating sufficient provisions against potential loan losses [8][10]. Interest Margin and Cost Management - The net interest margin for Q1 2025 was estimated at 1.80%, up 12 basis points from Q4 2024 [8][10]. - The company has effectively managed its pricing strategies, leading to a decrease in the cost of liabilities by 19 basis points [8][10]. Future Outlook - The report forecasts a net profit growth of 6.55% and 6.94% for the years 2025 and 2026, respectively, with earnings per share (EPS) projected at 2.19 CNY and 2.35 CNY [8][10]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 4.62X for 2025 and 4.31X for 2026, indicating a favorable valuation compared to historical averages [8][10].

Investment Rating - The report maintains a "Recommendation" rating for Jiangsu Bank, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][21]. Core Views - Jiangsu Bank reported a strong Q1 2025 performance with operating income of CNY 22.3 billion, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of CNY 9.78 billion, up 8.16% year-on-year. The non-performing loan (NPL) ratio improved to 0.86%, a decrease of 3 basis points from the beginning of the year, while the provision coverage ratio stood at 343.51%, down 6.59 percentage points from the start of the year [1][5]. Financial Performance Summary - **Operating Income and Profit**: - 2025 Q1 operating income reached CNY 22.3 billion, a 6.21% increase year-on-year - Net profit attributable to shareholders was CNY 9.78 billion, reflecting an 8.16% year-on-year growth [1][5]. - **Key Financial Metrics**: - Total revenue projections for 2024-2027 are CNY 80.82 billion, CNY 86.83 billion, CNY 95.22 billion, and CNY 102.60 billion respectively, with year-on-year growth rates of 8.80%, 7.44%, 9.67%, and 7.75% [1][6]. - Net profit attributable to shareholders is projected to grow from CNY 31.84 billion in 2024 to CNY 39.80 billion in 2027, with growth rates of 10.80%, 7.40%, 7.96%, and 7.80% [1][6]. - **Asset Quality**: - The NPL ratio is projected to remain stable at 0.89% from 2024 to 2027, while the provision coverage ratio is expected to decline from 351% in 2024 to 170% in 2027 [8][10]. - **Market Position**: - Jiangsu Bank's total assets reached CNY 4.46 trillion by the end of Q1 2025, a 12.84% increase from the beginning of the year, with total loans of CNY 2.26 trillion and deposits of CNY 2.42 trillion, reflecting growth rates of 7.96% and 14.18% respectively [5][6]. Investment Recommendation - The report suggests that Jiangsu Bank's governance is stable, with clear strategic planning and robust operational metrics. The bank's asset quality remains strong, and the current dividend yield is attractive. The target price for 2025 is set at CNY 11.66, based on a projected price-to-book (PB) ratio of 0.85x [2][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's profitability remains high, with Q1 2025 revenue of 22.3 billion yuan, a year-on-year increase of 6.21%, and net profit attributable to shareholders of 9.78 billion yuan, up 8.16% year-on-year [1][3] - The net interest income saw a significant increase of 21.9% year-on-year, while non-interest income decreased by 22.7%, primarily due to net losses from other fair value changes [1][2] - The company maintains a strong asset quality with a non-performing loan ratio of 0.86%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 344% [2][3] Summary by Sections Financial Performance - Q1 2025 net interest income increased by 21.9%, while non-interest income decreased by 22.7% due to market volatility [1][2] - The total assets reached 4.46 trillion yuan, with loans and deposits growing by 12.8% and 13.8% respectively [2] Profitability Metrics - The annualized weighted average ROE was 16.5%, up 1.12 percentage points year-on-year, indicating strong profitability [1][2] - The company forecasts net profits of 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.2%, 13.5%, and 13.2% [3][4] Valuation Metrics - The current stock price corresponds to a PB ratio of 0.72x for 2025, with a dividend yield of 5.14% [3][4] - The forecasted PE ratios for 2025, 2026, and 2027 are 5.2, 4.6, and 4.1 respectively, indicating attractive valuation levels [4][9]

Investment Rating - The report maintains a strong buy recommendation for Jiangsu Bank (600919.SH) [4] Core Views - Jiangsu Bank's net interest income saw a significant increase of 22% year-on-year in Q1 2025, reaching 16.6 billion yuan, driven by rapid asset growth and optimized liability costs [2][3] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 343.51% as of Q1 2025 [2][3] - The bank's non-interest income experienced a decline of 32.72% year-on-year, primarily due to a significant drop in fair value changes, although investment income increased by 30.1% [3] Summary by Sections Performance - In Q1 2025, Jiangsu Bank reported a revenue growth of 6.21%, PPOP growth of 7.88%, and a net profit growth of 8.16% compared to the previous year [1][11] - The bank's total assets reached 4.46 trillion yuan, with total deposits of 2.46 trillion yuan [11] Non-Interest Income - The bank's net fee and commission income grew by 21.77% year-on-year in Q1 2025, benefiting from a recovery in the capital market and macroeconomic conditions [2][3][29] Interest Margin and Asset Quality - The bank's interest-earning assets grew by 27.82% year-on-year, with loans increasing by 18.83% [2] - The net interest margin showed a slight decline but was supported by effective cost management on liabilities [2][3] Capital and Shareholder Information - Jiangsu Bank's return on equity (ROE) was reported at 16.50% for Q1 2025, with a target price of 10.13 yuan per share [4][27] - The bank's major shareholder is Jiangsu International Trust Co., holding a 6.98% stake [4]