Bank Of Jiangsu(600919) 国信证券·2024-04-26 03:00Investment Rating - The investment rating for the company is upgraded to "Buy" [2][5] Core Views - The company's profitability remains at a good level, with 2023 revenue of 74.3 billion yuan (YoY, +5.3%) and net profit of 28.8 billion yuan (YoY, +13.3%) [3] - In Q1 2024, revenue reached 21 billion yuan (YoY, +11.7%) and net profit was 9 billion yuan (YoY, +10.0%), driven by significant growth in non-interest income [3] - The company has experienced steady asset growth, with total assets increasing by 14.2% YoY in 2023, reaching 3.67 trillion yuan by the end of March 2024 [3] - The company maintains stable asset quality, with a non-performing loan ratio of 0.91% in 2023, remaining stable into Q1 2024 [3] Financial Forecasts and Indicators - Revenue projections for 2024-2026 are adjusted to 31.7 billion yuan, 35.4 billion yuan, and 40.6 billion yuan respectively, with corresponding YoY growth rates of 10.2%, 11.9%, and 14.6% [3] - The diluted earnings per share (EPS) are forecasted to be 1.73 yuan for 2024, 1.93 yuan for 2025, and 2.21 yuan for 2026 [3] - The company’s return on equity (ROE) is projected to be 14.9% in 2024, 15.0% in 2025, and 15.4% in 2026 [3] - The price-to-earnings ratio (PE) is expected to decrease from 5.4 in 2023 to 4.9 in 2024, indicating a more attractive valuation [3] Capital and Expansion - The company’s core capital adequacy ratio is reported at 9.2% as of Q1 2024, supporting its capacity for continued expansion [3] - The successful conversion of convertible bonds into equity is expected to bolster the company's expansion capabilities [3]