JRCB(002807) 广发证券·2025-04-23 10:25Investment Rating - The investment rating for Jiangyin Bank is "Buy" with a current price of 4.31 CNY and a reasonable value of 5.29 CNY [4]. Core Views - Jiangyin Bank reported a year-on-year revenue growth of 6.0% and a net profit growth of 2.2% in Q1 2025, indicating stable profitability [8]. - The bank's asset quality has improved, with a non-performing loan ratio of 0.86% remaining stable compared to the end of the previous year, while the attention loan ratio decreased to 1.03% [8]. - The bank's deposit interest rate has significantly decreased to 1.61%, down 24 basis points from the end of the previous year, reflecting effective cost control [8]. - Investment income has shown a notable increase, reaching 415 million CNY in Q1 2025, compared to 170 million CNY in the same period last year [8]. - The bank's net interest income has faced pressure, declining by 1.43% year-on-year, with a net interest margin of 1.51%, down 25 basis points from the end of 2024 [8]. Summary by Sections Financial Performance - In Q1 2025, Jiangyin Bank's revenue, pre-provision profit, and net profit growth rates were 6.0%, 8.4%, and 2.2% respectively, with changes of +3.49 percentage points, +13.20 percentage points, and -5.65 percentage points compared to 2024 [11]. - The total deposits reached 161.8 billion CNY, an increase of 6.57% from the beginning of the year, with the deposit ratio rising to 87.5% [8]. Asset Quality - The non-performing loan ratio remained stable at 0.86%, while the attention loan ratio decreased by 19 basis points to 1.03%, indicating strengthened asset quality [8]. Capital Adequacy - The core Tier 1 capital adequacy ratio decreased to 13.73%, down 36 basis points from the end of the previous year, while the total capital adequacy ratio fell to 14.87%, down 35 basis points [8]. Earnings Forecast - The forecast for Jiangyin Bank's net profit growth is 8.50% for 2025 and 8.11% for 2026, with expected earnings per share of 1.02 CNY and 1.10 CNY respectively [8].