Bank Of Jiangsu(600919) 东方证券·2025-04-21 06:23Investment 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]