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].

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price corresponding to 0.7 times the estimated 2024 PB [2][3]. Core Views - Jiangsu Bank has shown steady expansion in its loan and deposit scales, supported by a stable asset quality and a high level of provisions, indicating ample room for profit release in the future [2]. - The bank's revenue for 2023 was CNY 74.3 billion, with a year-on-year growth of 5.3%, while the net profit attributable to shareholders was CNY 28.8 billion, reflecting a 13.3% increase [1][3]. - The bank's non-interest income has continued to perform well, primarily driven by increased returns from trading financial assets [1]. - The bank's loan portfolio has expanded by 13.1% year-on-year in Q1 2024, with a significant contribution from corporate loans, particularly in manufacturing and small micro enterprises [1]. - The net interest margin has shown a downward trend, with a year-end figure of 1.98% for 2023, indicating ongoing pressure on loan yields [1]. Summary by Sections Financial Performance - Revenue for 2023 was CNY 743 billion, with a YoY growth of 5.3%, and for Q1 2024, it was CNY 210 billion, with a YoY growth of 11.7% [1]. - Net profit attributable to shareholders for 2023 was CNY 288 billion, with a YoY increase of 13.3%, and for Q1 2024, it was CNY 90 billion, reflecting a 10.0% increase [1][3]. - Other non-interest income grew significantly, with a YoY increase of 74.9% in Q1 2024, mainly due to enhanced returns from trading financial assets [1]. Asset Quality - The non-performing loan ratio at the end of Q1 2024 was 0.91%, stable compared to the end of 2023, with a provision coverage ratio of 371% [1][2]. - The bank's provisions remain at a high level, providing a buffer for potential future losses [2]. Loan and Deposit Growth - Total loans increased by 13.1% YoY in Q1 2024, with corporate loans being the primary driver of this growth [1]. - Total deposits grew by 14.5% YoY in Q1 2024, attributed to strong corporate loan disbursements [1]. Future Projections - EPS estimates for 2024, 2025, and 2026 are projected to be CNY 1.75, CNY 1.96, and CNY 2.22 respectively [2][3]. - Revenue growth rates are expected to be 5.3% for 2023, with projections of 8.0%, 8.4%, and 9.2% for the following years [3].

公 银行 司 2024年 4月 26日 报 江苏银行(600919.SH) 告 非息带动营收回暖，资产质量保持稳定 强烈推荐（维持） 事项： 江苏银行发布 2023 年年报及 2024 年一季报，公司 23 年、24Q1 分别实现营 股价：8.44 元 业收入743亿元、210亿元，对应同比增速分别为5.3%/11.7%，公司23年、 24Q1分别实现归母净利润288亿元、90亿元，对应同比增速分别为13.3%、 公 主要数据 10.0%。公司23年加权平均ROE为14.52%，同比下降0.27个百分点，24Q1 司 年化ROE为15.38%。公司23年末总资产为3.40万亿元，同比增长14.2%， 行业 银行 年 公司网址 www.jsbchina.cn 24Q1总资产为3.67万亿元，较年初增长7.83%。公司2023年利润分配预案 大股东/持股 江苏凤凰出版传媒集团有限公司 为：每10股分红4.70元（含税），分红率为30.0%。 报 /6.93% 点 实际控制人 平安观点： 总股本(百万股) 18,351 评 流通A股(百万股) 18,270  非息收入带动营收回暖，拨备计提力度加大。公司24Q1和 ...

[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [江Table_苏Title] 银行（600919.SH） [公Tab司le_评Inve级st] 买入 当前价格 8.44元 营收超预期，业绩增速回落 合理价值 9.98元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-26 ⚫ 江苏银行发布 23 年年报和 24 年一季报，23A 和 24Q1 营收分别为 [相Tab对le_P市icQ场uote表] 现 5.3%、11.7%，PPOP分别为6.0%、9.2%，归母净利润同比分别增长 13.3%、10.0%，在行业经营承压的环境下，公司营收增速大幅反弹至 20% 12% 11%以上，超出投资者预期（详细图表见正文）。 4% ⚫ 亮点：（1）Q1营收高增超预期。公司24Q1营收增长11.7%，较23Q4 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 单季-7.1%较大回升，从驱动因素来看，营收增速大幅反弹主要是单季 -12% -20% 息差环比回升，手续费增长负贡献减少，以及其他非息收入增速维持在 江苏银行 沪深 ...