[Table_Header] 公司点评●城商行Ⅱ 2024年 04月 30 日 对、 [Table_StockCode] 江苏银行(600919) 营收增速亮眼，非息贡献增加 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [Table⚫_ Sum事m件ar：y] 公司发布了 2023 年年报和 2024 年一季报。 [张Ta一b纬le_ Authors] ：010-80927617 ⚫ 营收表现亮眼，盈利水平保持稳健：2023年和 2024Q1，公司营业收入 同比增长 5.28%和 11.72%，归母净利润同比增长 13.25%和 10.02%；年化 ：zhangyiwei_yj@chinastock.com.cn 加权平均 ROE 为 14.52%和 15.38%。公司一季度营收增速亮眼，利润延 分析师登记编码：S0130519010001 续较快增长，主要来自其他非息收入的贡献。 ⚫ 对公贷款增长动能强劲，个人存款定期化程度提升：2023年和2024Q1， 公司利息净收入同比变化 0.73%和-0.78%，息差下行预计为主因；2023 年 NIM 为 1.98%，同比下降 ...

详解江苏银行2023年报&2024一季报：稳步扩表；Q1营收利润两位数增长；分红率维持30% 江苏银行(600919)/银行 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.67 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 70,451 74,163 79,393 84,157 89,256 分析师 戴志锋 增长率yoy% 10.54% 5.27% 7.05% 6.00% 6.06% 执业证书编号：S0740517030004 净利润（百万元） 25,386 28,750 32,502 35,855 39,552 Email：daizf@zts.com.cn 增长率yoy% 28.90% 13.25% 13.05% 10.32% 10.31% 每股收益（元） 1.72 1.57 1.71 1.90 2.10 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 15.82% 15.17% ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨江苏银行（ ） 600919.SH [营Ta收b增le_速T超itle预] 期，资产质量稳定 —— 年年报及 年一季报点评 2023 2024 报告要点 [江Ta苏bl银e_行Su2m0m23ar全y]年和2024年一季度营业收入分别同比增长5.3%、11.7%，受益于债市高景 气，一季度非息高增长，是拉动营收增速的主因，归母净利润分别同比增长13.3%、10.0%。 江苏银行的核心优势在于战略发展规划清晰、执行力强，未来业绩增长确定性高，同时保持30% 左右高分红比例，预计能够带来稳定的高股息回报率。预测2024年营收同比增速6.4%，归母 ...

详解江苏银行2023年报&2024一季报：稳步扩表；Q1营收利润两位数增长；分红率维持30% 江苏银行(600919)/银行 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.67 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 70,451 74,163 79,393 84,157 89,256 分析师 戴志锋 增长率yoy% 10.54% 5.27% 7.05% 6.00% 6.06% 执业证书编号：S0740517030004 净利润（百万元） 25,386 28,750 32,502 35,855 39,552 Email：daizf@zts.com.cn 增长率yoy% 28.90% 13.25% 13.05% 10.32% 10.31% 每股收益（元） 1.72 1.57 1.71 1.90 2.10 分析师 邓美君 每股现金流量 执业证书编号：S0740519050002 净资产收益率 15.82% 15.17% ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank with a target price of 9.11 CNY, corresponding to a 0.7x PB for 2024 [5][3]. Core Views - Jiangsu Bank demonstrates stable operations and steady growth in performance, with asset quality remaining at a favorable level. The bank's revenue and net profit for 2023 and Q1 2024 show year-on-year growth of 5.3% and 11.7% for revenue, and 13.3% and 10% for net profit, respectively [3][4]. - The bank's loan and deposit growth rates for 2023 were 15.4% and 12.3%, respectively, with Q1 2024 continuing to show strong year-on-year increases [3][4]. - The bank has increased its provisions and improved its asset quality management in response to industry pressures, maintaining a stable non-performing loan (NPL) ratio [3][4]. Financial Summary - Revenue for 2023 was 74,293 million CNY, with a projected increase to 79,612 million CNY in 2024, reflecting a growth rate of 7.16% [4]. - Net profit attributable to shareholders for 2023 was 28,750 million CNY, expected to rise to 31,809 million CNY in 2024, indicating a growth rate of 10.64% [4]. - The bank's return on equity (ROE) for 2023 was 12.53%, with projections of 12.08% for 2024 [4]. Asset Quality - As of Q1 2024, the non-performing loan ratio remained stable, with a slight increase in attention and overdue rates to 1.37% and 1.10%, respectively [3][4]. - The bank's provision coverage ratio remains high, indicating controlled overall risk [3][4]. Market Performance - The current stock price is 7.67 CNY, with a 52-week price range of 6.43 to 8.44 CNY [5][4]. - The bank's market capitalization stands at 140,755 million CNY [5].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank [1][6]. Core Views - The performance growth slowed down in Q4 2023, but Q1 2024 saw double-digit growth in revenue and profit driven by high investment income [1][4]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.91% at the end of 2023 and Q1 2024 [2][5]. - The bank's total assets and loans grew significantly, with total assets increasing by 14.2% year-on-year at the end of 2023 and 15.1% at the end of Q1 2024 [1][4]. Summary by Sections Financial Performance - In 2023, Jiangsu Bank achieved a revenue of 74.3 billion yuan, a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 28.8 billion yuan, up 13.3% [3][4]. - For Q4 2023, the bank's revenue and net profit decreased by 7.1% and 36.8% year-on-year, respectively, primarily due to a decline in net interest income and increased impairment provisions [1][4]. - In Q1 2024, revenue and net profit grew by 11.7% and 10.0% year-on-year, respectively, supported by a 74.9% increase in other non-interest income [1][4]. Loan and Asset Growth - Total assets grew by 14.2% year-on-year at the end of 2023 and by 15.1% at the end of Q1 2024, with loans increasing by 12.3% and 13.2% respectively [1][4]. - The bank's loan composition in 2023 was 79% corporate (including bills) and 21% retail, with significant contributions from manufacturing and infrastructure loans [1][4]. Interest Margin and Cost Management - The net interest margin for 2023 was 1.98%, down 34 basis points year-on-year, influenced by a decrease in loan yield and deposit cost [2][4]. - The cost-to-income ratio for Q1 2024 was 22.0%, an increase of 1.7 percentage points year-on-year, attributed to higher investments in financial technology [1][4]. Asset Quality and Capital Adequacy - The non-performing loan ratio remained stable at 0.91% as of the end of 2023 and Q1 2024, with a slight increase in the attention ratio [2][5]. - As of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 9.18%, 10.84%, and 12.82%, respectively, supported by successful conversion of convertible bonds [2][6]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are projected to be 1.68 yuan and 1.85 yuan, respectively, with a projected book value per share of 13.22 yuan by the end of 2024 [2][6].

[Table_Title] 证券研究报告 24Q1 营收和利润增速均超 10%，“五篇大文章”显成效 公司研究 [Table_ReportDate] 2024年04月27日 [Table_ReportType] 公司点评报告 [T事ab件le：_近Su日mm,a江ry苏] 银行披露2023年报和2024年一季报：2024Q1归母净利润 [江Ta苏bl银e_行Sto(c6k0A0n9d1R9an)k ] 同比+10.02%（2023 年同比+13.25%，前三季度同比+25.21%）；营业收入同 比+11.73%（2023 年同比+5.28%，前三季度+9.16%）；年化加权 ROE 15.38% 投资评级 （2023年化加权ROE 14.52%），同比-1.91pct。 上次评级 点评： [廖T紫ab苑le _ A u银th行or业]分 析师 ➢ 营收加速利润减速，同比均超 10%。2024Q1 江苏银行营收同比增速较 执业编号：S1500522110005 2023年+6.45pct 至11.73%，再次突破10%，在已披露数据的上市银行 邮 箱：liaoziyuan@cindasc.com 中名列前茅，表 ...

证券代码：600919 证券简称：江苏银行 公告编号：2024-022 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 关于变更注册资本获监管机构核准的公告 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。 近日，江苏银行股份有限公司（以下简称"本行"）收到《国家 金融监督管理总局江苏监管局关于江苏银行变更注册资本的批复》 （苏金复〔2024〕128 号），国家金融监督管理总局江苏监管局同意 本行注册资本因可转债转股由人民币 14,769,656,700 元变更为人民 币 18,351,324,463 元。本行将根据此批复办理相关变更手续。 特此公告。 江苏银行股份有限公司董事会 2024 年 4 月 27 日 - 1 - ...

公司研 究 证 券研究 报 告 城商行 2024年04月26日 江 苏银行（600919）2023年报及 2024年一季报点评 推 荐 （维持） 目标价：9.6元 对公支撑规模较快增长，资产质量保持稳定 当前价：8.44元 事项： 华创证券研究所  4月25日晚，江苏银行披露2023年报及2024年一季报，2023年/1Q24实现 证券分析师：贾靖 营业收入742.93亿元/209.99亿元，同比增长5.28%/11.72%；实现归母净利润 287.50亿元/90.42亿元，同比增长13.25%/10.02%。1Q24不良贷款率环比持平 邮箱：jiajing@hcyjs.com 至0.91%，拨备覆盖率环比下降7pct至371.22%。 执业编号：S0360523040004 证券分析师：徐康 评论： 电话：021-20572556 邮箱：xukang@hcyjs.com  息差降幅扩大及中收同比下滑拖累 4Q23营收，其他非息收入高增促使 1Q24 执业编号：S0360518060005 营收高增；4Q23/1Q24 拨备多提增厚安全垫，归母净利润增速下行。1） 4Q23/1Q24营收同比增长-7.1% ...

Group 1: Investor Communication - Jiangsu Bank held an investor communication meeting on April 26, 2024, with participation from various funds and asset management companies [2][3]. Group 2: Performance Overview - In 2023, Jiangsu Bank achieved a revenue of CNY 74.293 billion, a year-on-year increase of 5.28%, and a net profit attributable to shareholders of CNY 28.750 billion, up 13.25% [6]. - For Q1 2024, the bank reported a revenue of CNY 20.999 billion, reflecting an 11.72% year-on-year growth, and a net profit of CNY 9.042 billion, which is a 10.02% increase [6]. Group 3: Loan Growth and Asset Quality - In Q1 2024, Jiangsu Bank's corporate loans increased by over CNY 150 billion, continuing to outperform the market [9]. - The non-performing loan ratio stood at 0.91% in Q1 2024, with a provision coverage ratio of 371.22%, indicating stable asset quality [11]. Group 4: Financial Management and Dividends - Jiangsu Bank's wealth management subsidiary managed over CNY 520 billion in products by the end of 2023, maintaining the top position among city commercial banks [10]. - The bank plans to propose a mid-term profit distribution at the shareholders' meeting, with a cash dividend payout ratio of 30% of net profit for 2023, resulting in an estimated dividend yield of around 6% [12].