Bank Of Jiangsu(600919) 华创证券·2025-04-20 14:14Investment 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].