Bank Of Jiangsu(600919) 东方证券·2025-04-29 11:07Investment Rating - The investment rating for Jiangsu Bank is "Buy (Maintain)" [8] Core Views - The core revenue has significantly improved, with a decrease in the non-performing loan ratio on a quarter-on-quarter basis [2] - The bank's performance growth has exceeded expectations, with notable improvements in net interest income and fee income growth [8] - The bank's total assets and loan amounts have shown strong growth, indicating a favorable lending environment [8] - The asset quality is stabilizing, with a slight decrease in the non-performing loan ratio and a robust provision coverage ratio [8] Financial Performance Summary - For 2023A, the operating income is projected at 74,293 million yuan, with a year-on-year growth of 5.3% [4] - The net profit attributable to the parent company is expected to reach 28,750 million yuan in 2023A, reflecting a year-on-year increase of 13.3% [4] - The earnings per share (EPS) for 2023A is estimated at 1.52 yuan [4] - The bank's total assets are projected to grow to 4,235,199 million yuan by 2025E, with a loan growth rate of 14% [10] Valuation Metrics - The target price for Jiangsu Bank is set at 12.62 yuan per share, with a current price of 10.13 yuan [5] - The price-to-earnings (P/E) ratio for 2025E is projected at 5.67, while the price-to-book (P/B) ratio is expected to be 0.72 [8][10] - The bank's average return on equity (ROE) is forecasted to be 13.31% in 2025E [10]