Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's core revenue performance is strong, supporting a continued recovery in profit growth. As of the end of 2024, revenue, PPOP, and net profit attributable to the parent company have shown year-on-year growth rates of +2.6 percentage points, +0.5 percentage points, and +0.7 percentage points respectively. The increase in net interest income is supported by strong asset deployment and a slowdown in net interest margin contraction [9] - The company is expected to achieve a net profit growth rate of 6.6% in 2025, 6.9% in 2026, and 7.9% in 2027, with corresponding BVPS of 14.11, 15.59, and 17.22 yuan. The current stock price corresponds to a PB of 0.70X, 0.63X, and 0.57X for 2025, 2026, and 2027 respectively [3][4] Financial Performance Summary - For 2023, the company reported an operating income of 74,293 million yuan, with a year-on-year growth of 5.3%. The operating profit was 38,882 million yuan, reflecting a significant year-on-year increase of 47.0%. The net profit attributable to the parent company was 28,750 million yuan, with a year-on-year growth of 13.3% [4] - The company’s total assets are projected to grow from 3,403,362 million yuan in 2023 to 4,940,555 million yuan by 2027, indicating a robust expansion strategy [12] - The non-performing loan ratio remained stable at 0.89% as of the end of 2024, with a focus on improving asset quality through increased efforts in non-performing loan disposal [9] Valuation Metrics - The target price for the company's stock is set at 12.57 yuan, representing a 20% premium over comparable companies, with a projected PB of 0.89 for 2025 [3][5] - The company’s average P/E ratio is projected to decrease from 5.84 in 2023 to 4.82 in 2027, indicating an attractive valuation relative to its earnings growth [12]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's core revenue performance is strong, supporting a continued recovery in profit growth. As of the end of 2024, revenue, PPOP, and net profit attributable to the parent company have shown year-on-year growth rates of +2.6 percentage points, +0.5 percentage points, and +0.7 percentage points respectively. The increase in net interest income is supported by strong asset deployment and a slowdown in the narrowing of net interest margins [9] - The company is expected to see a net profit growth rate of 6.6% in 2025, 6.9% in 2026, and 7.9% in 2027, with corresponding BVPS of 14.11, 15.59, and 17.22 yuan. The current stock price corresponds to a PB of 0.70X, 0.63X, and 0.57X for 2025, 2026, and 2027 respectively. Given the strong credit demand in the region and significant dividend yield advantages, a 20% valuation premium is applied compared to peers, leading to a target price of 12.57 yuan per share [3][5] Financial Information Summary - For 2023A, the company reported operating income of 74,293 million yuan, with a year-on-year growth of 5.3%. The projected operating income for 2024A is 80,815 million yuan, reflecting an 8.8% increase [4] - The net profit attributable to the parent company for 2023A was 28,750 million yuan, with a year-on-year growth of 13.3%. The forecast for 2024A is 31,843 million yuan, indicating a 10.8% increase [4] - The company’s total assets are projected to grow from 3,403,362 million yuan in 2023A to 4,940,555 million yuan by 2027E, reflecting a robust growth trajectory [12]

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 11.66 CNY [2][6]. Core Views - Jiangsu Bank achieved a revenue of 80.815 billion CNY in 2024, representing an 8.78% year-on-year growth, and a net profit attributable to shareholders of 31.843 billion CNY, up 10.76% year-on-year [2][6]. - The bank's non-performing loan (NPL) ratio remained stable at 0.89%, while the provision coverage ratio decreased to 350.10%, down 39.43 percentage points from the beginning of the year [2][6]. - The bank's governance structure is stable, with clear strategic planning and solid operational metrics, indicating strong asset quality and a high current dividend yield [2][6]. Financial Performance Summary - **Revenue Growth**: The bank's revenue growth accelerated to 8.78% in 2024 from 6.18% in the previous three quarters, driven by a robust expansion in interest-earning assets and effective cost control [5][6]. - **Net Profit**: The net profit for 2024 was 31.843 billion CNY, reflecting a 10.76% increase, supported by revenue growth and effective cost management [5][6]. - **Loan Growth**: Total loan balance reached 2,095.203 billion CNY, a 10.67% increase year-on-year, with corporate loans growing by 18.82% [5][6]. - **Interest Margin**: The net interest margin for the group was 1.86%, with a slight decrease in the average yield on interest-earning assets [5][6]. Asset Quality Summary - **NPL Ratio**: The NPL ratio remained at 0.89%, the lowest since the bank's listing, indicating stable asset quality [5][6]. - **Provision Coverage**: The provision coverage ratio was 350.10%, still above industry standards, despite a decrease from the previous year [5][6]. - **Loan Quality**: The report highlights a slight increase in the personal loan NPL ratio, which rose to 0.88% [5][6]. Future Projections - **Profit Growth**: The projected net profit growth rates for 2025, 2026, and 2027 are 7.4%, 8.0%, and 7.8%, respectively [6][7]. - **Valuation Metrics**: The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.72X, with a target PB of 0.85X for 2025 [6][7].

2025 年 4 月 20 日 买入（维持） 当前价：9.87 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 公司研究 规模扩张强度不减，营收盈利增长韧性高 ——江苏银行（600919.SH）2024 年年报点评 | 市场数据 | | | --- | --- | | 总股本(亿股) | 183.51 | | 总市值(亿元)： | 1,811.28 | | 一年最低/最高(元)： | 6.89/9.98 | | 近 3 月换手率： | 63.22% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 10.81 | 2.17 | 26.17 | | 绝对 | 4.89 | 1.13 | 31.84 | | 资料来源：Wind | | | | 要点 事件： 4 月 18 日，江苏银行发布 2024 ...

证券研究报告 | 公司点评报告 2025 年 04 月 19 日 江苏银行（600919.SH） 营收增速回暖，个贷不良双降 总量研究/银行 江苏银行披露 2024 年度报告，24A 营业收入、PPOP、归母利润同比增速分别 为 8.78%、7.60%、10.76%，增速分别较 24Q1~3 变动+2.60pct、+0.54pct、 +0.70pct，营收、PPOP、归母净利润增速保持回升。累计业绩驱动上，规模、 其他非息、有效税率下降为主要正贡献，净息差收窄、成本收入比上升为主要 负贡献；另外，单季度来看，24Q4 息差、中收对业绩边际贡献由负转正，带动 24Q4 单季度归母净利润实现 16.5%的增速。 核心观点： 亮点：（1）营收增速回暖。24 年全年公司实现营业收入增速 8.8%，归母净利 润增速 10.8%，环比 24Q1~3 分别回升 2.6pct、0.7pct。其中 Q4 单季度营收和 归母净利润增速分别为 18.5%、16.5%，环比大幅回升，主要是 23Q4 基数较低。 （2）规模保持较快增长。2024 年公司总资产、贷款、存款增速分别为 16.1%、 16.3%、12.8%。24Q4 单季 ...

零售不良改善 ——江苏银行 2024 年年报点评 投资要点 江苏银行年报业绩增速提升，息差环比下降，不良基本稳定。 数据概览 江苏银行 2024 年归母净利润同比增长 10.8%，增速较前三季度提升 0.7pc；2024 年营收同比增长 8.8%，增速较前三季度上升 2.6pc。2024 年末不良率 0.89%，持 平于三季度末水平。2024 年末拨备覆盖率 350%，较三季度末下降 1pc。 业绩增速提升 江苏银行 2024 年归母净利润同比增长 10.8%，增速较前三季度提升 0.7pc；2024 年营收同比增长 8.8%，增速较前三季度上升 2.6pc。全年业绩增速提升，主要是 利息净收入增速和中收增速回升，24A利息净收入、中收同比增速分别较 24Q1-3 提升 5pc、15pc 至 6.3%、3.3%。展望 2025 年，预计江苏银行营收和利润增速有 望实现中高位数增长。主要考虑：①江苏地区信贷需求韧性强，江苏银行投放有 望维持高增；②其他非息收入增长压力好于同业，主要考虑 2024 年江苏银行其 他非息收入同比增速（17.7%）较行业来看基数并不高，同时测算 2024 年末 OCI 债券浮盈是 2 ...

证券研究报告 | 2025年04月19日 营收和利润增速均有所提升。2024 年实现营收 808 亿元（YoY,+8.78%），归 母净利润 318 亿元（YoY,+10.76%），增速较前三季度分别提升了 2.6 个和 0.7 个百分点。2024 年加权平均 ROE 为 13.59%，同比下降 0.93 个百分点， 盈利能力仍处于同业前列。 净息差降幅明显收窄，净利息收入增速提升明显。2024 年净利息收入同比增 长 6.3%，较前三季度增速提升了 4.8 个百分点，主要受益于净息差同比降幅 大幅收窄。2024 年公司净息差 1.86%，同比收窄 12bps；上半年净息差 1.90%， 同比收窄 38bps。 江苏银行（600919.SH）2024 年报点评 优于大市 业绩稳中有升，资产质量稳健 2024 年末资产总额 3.95 万亿元，贷款余额 2.10 万亿元，存款余额 2.11 万 亿元（存贷款均不含应计利息），较年初分别增长 16.1%、10.7%和 12.8%。 其中，零售和对公贷款较年初分别增长了 3.4%和 18.8%，零售信贷需求疲软 是行业共性。 OCI 账户浮盈实现高增。2024 年手续 ...

证券研究报告 | 2025年04月19日 江苏银行（600919.SH）2024 年报点评 优于大市 业绩稳中有升，资产质量稳健 营收和利润增速均有所提升。2024 年实现营收 808 亿元（YoY,+8.78%），归 母净利润 318 亿元（YoY,+10.76%），增速较前三季度分别提升了 2.6 个和 0.7 个百分点。2024 年加权平均 ROE 为 13.59%，同比下降 0.93 个百分点， 盈利能力仍处于同业前列。 净息差降幅明显收窄，净利息收入增速提升明显。2024 年净利息收入同比增 长 6.3%，较前三季度增速提升了 4.8 个百分点，主要受益于净息差同比降幅 大幅收窄。2024 年公司净息差 1.86%，同比收窄 12bps；上半年净息差 1.90%， 同比收窄 38bps。 2024 年末资产总额 3.95 万亿元，贷款余额 2.10 万亿元，存款余额 2.11 万 亿元（存贷款均不含应计利息），较年初分别增长 16.1%、10.7%和 12.8%。 其中，零售和对公贷款较年初分别增长了 3.4%和 18.8%，零售信贷需求疲软 是行业共性。 OCI 账户浮盈实现高增。2024 年手续 ...

（A股股票代码：600919） 一重要提示 1本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资 者应当到上海证券交易所网站等中国证监会指定媒体上仔细阅读年度报告全文。 2本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司拟向全体A股普通股股东派发现金股利，具体为：以本公司2024年末普通股总股份数18,351,324,463 股为基数，2024年全年以每10股派发现金股利人民币5.206元（含税），合计派发现金股利人民币 955,370万元。其中：2024年半年度已按每10股派发现金股利人民币3.062元（含税），派发现金股利人 民币561,918万元；2024年年度拟以每10股派发现金股利人民币2.144元（含税），合计分配现金股利人 民币393,452万元。该方案尚待公司股东大会审议批准，具体情况将另行公告。 二公司基本情况 1公司简介 ■ 2公司主要会计数据和财务指标 2.1近三年的主要会计数据和财务指标 ■ ...

导语：2024年，面对存贷款利率下调、息差收窄、风控压力抬升等多重挑战，商业银行市场竞争逐渐进 入"白热化"阶段。如何在"低利率、低息差、低利润"的三低时代抓住机遇，顺势应时、识变应变，走出 一条属于自己的高质量发展之路，刚刚迎来十八岁"成人礼"的江苏银行给出了自己的答案。 2025年4月18日晚间，江苏银行发布2024年年度报告，全年实现营业收入808.15亿元，同比增长8.78%， 归母净利润318.43亿元，同比增长10.76%。不良贷款率0.89%，为上市以来最低；拨备覆盖率350.10%， 风险抵补能力充足。现金分红占当年归母净利润比例保持30%。董事长葛仁余在年报致辞中表示，过去 一年，江苏银行在变局中开新局、于挑战中育新机，推动高质量发展迈出了坚实步伐，向市场交出了一 份业绩亮眼、质效并升的满意答卷。 经营业绩稳健，效益稳居上市银行第一方阵 江苏银行年报显示，截至2024年末，该行资产总额3.95万亿元，较上年末增长16.12%；各项存款余额 2.12万亿元，较上年末增长12.83%，各项贷款余额2.10万亿元，较上年末增长10.67%。全年实现营收 808.15亿元，同比增长8.78%，实现归 ...