Bank Of Jiangsu(600919) 长江证券·2025-04-22 08:14Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for 2024 is projected at 8.8% year-on-year, with a significant acceleration in the fourth quarter, achieving a growth rate of 18.5% [2][6]. - The net profit attributable to shareholders is expected to grow by 10.8% year-on-year, with a fourth-quarter growth rate of 16.5% [2][6]. - The interest income for the year increased by 6.3%, with a notable rise in the fourth quarter [6]. - The year-end non-performing loan ratio remained stable at 0.89%, while the provision coverage ratio decreased by 1 percentage point to 350% [2][6]. Summary by Sections Revenue and Profitability - The company's total revenue for 2024 is expected to grow by 8.8%, with a fourth-quarter growth of 18.5%. The net profit attributable to shareholders is projected to increase by 10.8% for the year, with a fourth-quarter growth of 16.5% [2][6]. - Interest income growth for the year is 6.3%, with a significant fourth-quarter increase of 23% [11]. Loan and Asset Quality - Year-end loans increased by 10.7% compared to the beginning of the year, with retail loans showing a quarter-on-quarter growth of 4.2% in the fourth quarter [2][6]. - The year-end non-performing loan ratio was stable at 0.89%, and the provision coverage ratio decreased to 350% [2][6]. Interest Margin and Cost of Liabilities - The net interest margin for the year was 1.86%, down 4 basis points from the first half of the year and down 12 basis points year-on-year. However, the decline in the fourth quarter is expected to stabilize, leading to accelerated growth in interest income [11]. - The cost of liabilities improved significantly, with the annual cost of liabilities decreasing by 21 basis points [11]. Retail Loan Demand and Market Position - There was a notable recovery in retail loan demand in the fourth quarter, with various retail loan categories showing growth compared to the beginning of the year [11]. - The bank's dividend payout ratio for 2024 is expected to remain stable at 30%, corresponding to a projected dividend yield of 5.5%, which is among the highest in the A-share banking sector [11].