证券研究报告 金融公司|公司点评|江苏银行（600919） 利润双位数增长，信贷维持高景气 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 2024Q1-Q3 公司营收同比增速较 2024H1 小幅-0.98pct，主要系公司利息净收入以及中收有所 拖累。2024Q1-Q3 公司利息净收入、中收分别同比+1.49%、-11.88%，增速较 2024H1 分别0.27pct、-23.18pct。 |分析师及联系人 SAC：S0590522100001 刘雨辰 陈昌涛 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年11月01日 江苏银行(600919) 利润双位数增长，信贷维持高景气 | --- | --- | --- | |----------------------------|-------|---------------| | | | | | 行 业： | | 银行/城商行Ⅱ | | 投资评级： | | 买入（维持） | | 当前价格： | | 8.81 元 | | 基本数据 | | | | ...

江苏银行（600919.SH） 城商行Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 31 日 详解江苏银行 2024 三季报：业绩持续性强；零售投放回暖 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company reported steady growth in operating performance, with a significant rebound in profits due to the reversal of impairment losses. For the first three quarters of 2024, the company achieved operating income and net profit attributable to shareholders of 62.303 billion yuan and 28.235 billion yuan, representing year-on-year growth of 6.18% and 10.06% respectively. The annualized weighted average ROE was 16.33%, a decrease of 1.75 percentage points year-on-year. The performance was primarily driven by high growth in investment business income and the reversal of provisions boosting profits. The credit impairment losses for the first three quarters of 2024 were 12.025 billion yuan, down 1.54% year-on-year [2][3]. Summary by Relevant Sections Operating Performance - The company’s net interest income for the first three quarters of 2024 was 41.693 billion yuan, a year-on-year increase of 1.49%, showing a slight slowdown compared to the first half of the year. The interest income and interest expenses in Q3 decreased by 1.51% and 3.32% year-on-year respectively. As of the end of September 2024, total loans amounted to 2.1 trillion yuan, an increase of 16.22% from the beginning of the year, with corporate loans growing by 18.81% [2][3]. Deposit Growth - Total deposits reached 21.2 trillion yuan by the end of September 2024, up 10.54% from the beginning of the year, with corporate deposits increasing by 22.39% and personal deposits rising by 14.43% [3]. Non-Interest Income - Non-interest income for the first three quarters of 2024 was 20.61 billion yuan, a year-on-year increase of 17.11%. However, intermediary business income fell by 11.88% year-on-year, with a significant decline of 51.81% in Q3 due to increased fees and commissions [3]. Asset Quality - The company maintained stable asset quality, with a non-performing loan ratio of 0.89% as of the end of September 2024, unchanged from the beginning of the year. The coverage ratio was 351.03%, a decrease of 38.5 percentage points year-on-year, but still above the industry average [3]. Financial Forecast - The forecast for 2024-2026 indicates a projected BVPS of 12.73 yuan, 14 yuan, and 15.47 yuan respectively, with corresponding current stock price PB ratios of 0.71X, 0.64X, and 0.58X [3].

王霄鸿 wangxiaohong@orientsec.com.cn 业绩增长稳健，零售存贷款增长较好 ——江苏银行 24Q3 季报点评 核心观点 ⚫ 手续费收入拖累营收增速小幅回落，利润增速保持平稳。截至 24Q3，江苏银行营 收、PPOP、归母净利润累计同比增速（下同）分别较 24H1 变化-1.0pct、2.0pct、 0.01pct。其中净利息收入增速较 24H1 小幅回落 0.3pct，考虑到生息资产增速环比 明显提升，净息差或继续小幅收窄；净手续费及佣金收入增速较 24H1 大幅下降 23.2pct， 一是 24Q3 理财规模增长放缓，给手续费收入增长带来一定压力，二是手 续费支出延续高增；净其他非息收入增速较 24H1 回升 4.2pct，主要是金融投资公 允价值变动以及汇兑收益的贡献。管理费用及信用成本继续压降的背景下，支撑 PPOP 和归母净利润增速环比回升。 ⚫ 资产扩张提速，零售存贷款实现较好增长。截至 24Q3，江苏银行总资产同比增速 较 24H1 提高 1.1pct，其中贷款增速小幅下降 0.6pct 至 17%，而金融投资及同业资 产增长突出。总负债增速较 24H1 回升 1.2pc ...

业绩增长稳健，零售存贷款增长较好 江苏银行 24Q3 季报点评 核心观点 == ● 手续费收入拖累营收增速小幅回落,利润增速保持平稳。截至 24Q3，江苏银行营 收、PPOP、归母净利润累计同比增速( 下同 ) 分别较 24H1 变化-1.0pct、2.0pct、 0.01pct。其中净利息收入增速较 24H1 小幅回落 0.3pct，考虑到生息资产增速环比 明显提升，净息差或继续小幅收窄；净手续费及佣金收入增速较 24H1 大幅下降 23.2pct， 一是 24Q3 理财规模增长放缓,给手续费收入增长带来一定压力，二是手 续费支出延续高增；净其他非息收入增速较 24H1 回升 4.2pct，主要是金融投资公 允价值变动以及汇兑收益的贡献。管理费用及信用成本继续压降的背景下,支撑 PPOP 和归母净利润增速环比回升。 资产扩张提速，零售存贷款实现较好增长。截至 24Q3，江苏银行总资产同比增速 ● 较 24H1 提高 1.1pct，其中贷款增速小幅下降 0.6pct 至 17%，而金融投资及同业资 产增长突出。总负债增速较 24H1 回升 1.2pct，但存款增速较 24H1 下降 4pct，主 要是对公存款 ...

公 司 报 告 公 司 季 报 点 评 银行 2024 年 10 月 30 日 江苏银行(600919.SH) 盈利增长稳健，成本管控力度加大 强烈推荐（维持） 事项： 股价：9.02 元 | --- | --- | |--------------------------|-----------------------------------| | | | | 行业 | 银行 | | 公司网址 | www.jsbchina.cn | | 大股东 / 持股 | 江苏省国际信托有限责任公司 /6.98% | | 实际控制人 | | | 总股本 ( 百万股 ) | 18,351 | | 流通 A 股 ( 百万股 | ) 18,351 | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 1,655 | | 流通 A 股市值 ( | 亿元 ) 1,655 | | 每股净资产 ( 元 ) | 12.67 | | 资产负债率 (%) | 91.9 | | 行情走势图 | | 相关研究报告 【平安证券】江苏银行（600919.SH）*半年报点评*盈 利增速平稳，信贷扩张积极*强烈推荐20240819 证 ...

证 券 研 究 报 告 江苏银行（600919）2024 年三季报点评 推荐（维持） 业绩稳健双位数增长，贷款结构改善 目标价：10.22 元 当前价：9.02 元 | --- | --- | --- | --- | |--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Maintains a "Recommend" rating with a target price of 9.02 RMB [3][4] Core Views - Jiangsu Bank's 24Q1-3 revenue reached 62.3 billion RMB, a YoY increase of 6.2%, while net profit attributable to shareholders grew by 10.1% YoY to 28.2 billion RMB [1] - The bank's asset expansion accelerated, with total assets and liabilities increasing by 15.6% and 15.0% YoY respectively by the end of 24Q3 [2] - The non-performing loan (NPL) ratio remained stable at 0.89%, and the provision coverage ratio stood at 351%, indicating strong risk resilience [2] Financial Performance - Net interest income for 24Q1-3 increased by 1.5% YoY, supported by active asset expansion, while non-interest income saw a significant rise of 26.5% YoY [1] - Corporate loans grew by 18.8% compared to the end of 2023, while personal loans and bill financing decreased by 0.8% and 2.0% respectively [2] - The bank's EPS is projected to be 1.73, 1.92, and 2.12 RMB for 2024, 2025, and 2026 respectively, with a P/B ratio of 0.7x for 2024 [3] Asset Quality and Risk Management - The NPL ratio remained stable at 0.89%, with a slight increase in the attention rate to 1.45% by the end of 24Q3 [2] - The provision coverage ratio decreased slightly to 351%, but remains at a high level, ensuring strong risk absorption capacity [2] Future Outlook - Benefiting from stable local economic growth and industrial advantages, Jiangsu Bank's corporate business is expected to maintain steady growth [3] - The bank's asset quality is stable, and its provision coverage ratio remains high, supporting continued profit growth in the future [3] Financial Projections - Revenue is expected to grow at a CAGR of 6.8% from 2024 to 2026, reaching 92.3 billion RMB by 2026 [3] - Net profit attributable to shareholders is projected to grow at a CAGR of 10.7% over the same period, reaching 39 billion RMB by 2026 [3]

2024 年 10 月 30 日 市场数据 收益表现 % 1M 3M 1Y 相对 5.39 0.21 29.45 绝对 11.36 16.69 38.96 资料来源：Wind 公司研究 规模扩张提速，业绩增长韧性强 ——江苏银行（600919.SH）2024 年三季报点评 买入（维持） 当前价：9.02 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 总股本(亿股) 183.51 总市值(亿元)： 1,655.29 一年最低/最高(元)： 5.97/9.27 近 3 月换手率： 76.51% 股价相对走势 事件： 10 月 29 日，江苏银行发布 2024 年三季报，前三季度实现营收 623 亿，同比增长 6.2%，归母净利润 282 亿，同比增长 10.1%。加权平均净资产收益率（ROAE） 16.33%，同比下降 1.8pct。 点评： 要点 营收增速小幅下滑，业绩维持双位数高增。前三季度江苏银 ...

江苏银行 2024 年第三季度报告 证券代码：600919 证券简称：江苏银行 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 本行董事会、监事会及董事、监事、高级管理人员保证季度报告内 容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏， 并承担个别和连带的法律责任。 本行法定代表人、董事长葛仁余，行长、主管会计工作负责人袁 军，董事会秘书、计划财务部总经理陆松圣保证季度报告中财务报表信 息的真实、准确、完整。 2024 年 10 月 29 日，本行第六届董事会第十二次会议和第六届监事 会第七次会议审议通过了第三季度报告，监事会认为本行 2024 年第三季 度报告的编制和审议程序符合法律、法规、公司章程和本行相关内部管 理制度的规定，该报告的内容和格式符合中国证监会和证券交易所的有 关规定，所包含的信息真实反映出本行报告期内的经营管理和财务状况 等事项。 第三季度财务报表未经审计。 1 / 16 江 ...