Core Viewpoint - Jiangsu Bank has officially integrated its APP version 10.0 with China UnionPay's "Cloud Quick Payment Network," becoming the first legal bank in Jiangsu to offer online payment services through this platform [1] Group 1: Payment Features - The upgraded Jiangsu Bank APP now fully supports both online remote payment and offline QR code payment functions via UnionPay's "Cloud Quick Payment" [1] - Online payments can be made at over 300 key merchants and scenarios, including Ele.me, JD.com, Ctrip, and 12306 [1] - Offline users can scan payment codes from UnionPay, Alipay, and WeChat for transactions [1] Group 2: User Benefits - Users will enjoy multiple promotional benefits from the bank and UnionPay, such as a discount of 2 yuan for payments over 25 yuan on the Ele.me APP until December 31, 2024 [1] - Jiangsu Bank, being the largest legal bank in Jiangsu province with nearly 20 million APP users, has significant online payment potential [1] Group 3: Strategic Collaboration - The collaboration between Jiangsu Bank and China UnionPay enhances payment scenario openness and content sharing, providing a better user experience [1] - This partnership aims to create a localized and convenient consumption ecosystem while building a diversified customer service system [1] - The joint effort is expected to improve the quality and efficiency of digital financial services [1]

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Views - The company has shown stable performance with a significant growth in total assets and loans, indicating a strong momentum in business expansion. The total assets grew by 15.6% year-on-year, while loans increased by 17.0% [3]. - Retail lending has rebounded, with an increase of 12.813 billion yuan in the third quarter alone. The company maintains a high loan growth rate of 28.8% [3]. - The net profit for the first three quarters increased by 10.1% year-on-year, although the growth rate has slightly declined compared to the mid-year figures. The net interest income growth has decreased to 1.5% [3]. - The asset quality remains stable, with a non-performing loan ratio of 0.89% and a capital adequacy ratio of 13.19%, indicating a solid risk absorption capacity [3]. Financial Performance Summary - For 2023, the company is projected to achieve an operating income of 74.293 billion yuan, with a growth rate of 5.3%. The net profit is expected to reach 28.750 billion yuan, reflecting a growth rate of 13.3% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 1.79 yuan, with a price-to-book (PB) ratio of 0.60 [4][6]. - The company anticipates a gradual increase in net profit growth rates for the years 2024 to 2026, with projections of 10.0%, 6.1%, and 7.5% respectively [3][4]. Asset Quality and Capital Adequacy - The company maintains a stable asset quality with a non-performing loan coverage ratio of 351.03% and a slight increase in the capital adequacy ratio [3]. - The focus on managing liabilities has led to a decrease in funding costs, which is expected to alleviate pressure on net interest margins in the future [3]. Market Performance - Over the past twelve months, the company has outperformed the market, with a relative return of 29.92% compared to the CSI 300 index [3].

证券代码：600919 证券简称：江苏银行 公告编号：2024-040 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 2024 年金融债券（第一期）（债券通） 发行完毕的公告 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。 本期债券发行的募集资金将依据适用法律和主管部门的批准，用 于优化中长期资产负债匹配结构，增加稳定中长期负债来源并支持中 长期资产业务的开展。 特此公告。 江苏银行股份有限公司董事会 2024 年 11 月 8 日 - 1 - 经中国人民银行核准，江苏银行股份有限公司（以下简称"公司"） 于近日在银行间债券市场成功发行了"江苏银行股份有限公司 2024 年金融债券（第一期）（债券通）"（以下简称"本期债券"）。 本期债券发行总额为人民币 100 亿元，为 3 年期固定利率，票面 利率为 2.13%。 ...

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 江苏银行（600919）公司季报点评 2024 年 11 月 6 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------|------------------------| | 股票数据 | | | [ 1 Table_StockInfo 1 月 05 日收盘价（元） ] | 9.20 | | 52 周股价波动（元） 股本结构 | 6.36-9.27 | | [ 总股本（ Table_CapitalInfo 百万股） ] | 18351 | | 流通 A 股（百万股） | 18351 | | B 股 /H 股（百万股） | 0/0 | | 相关研究 [Table_ReportInfo] 《江苏银行 24 | 年半年报点评：对公业务 | | 高 速 发 展 ， 资 产 质 量 保 持 平 稳 》 | | | 2024.08.22 | | | 《江苏银行 23 年年报 &24Q1 | 点评： Q ...

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 10 月投资者交流活动纪要 2024 年 10 月，江苏银行股份有限公司与投资者沟通交流主要情 况如下： 一、参与交流投资者信息 10 月 30 日，中金公司、工银安盛人寿、Allianz Global Investors Luxembourg S.A、太平保险资管、中信保诚资管、CIC Group、Morgan Stanley Investment Management Inc. 、 鑫 巢 资 本 、 Pacific Alliance Investment Management (HK) Limited、北京沣沛投资管理有限公司、 宁波彩霞湾投资管理合伙企业、前海瑞园、博道基金、银华基金、复 星高科技（集团）有限公司、中国人保资管理、永安国富资管、嘉实 基金、Point 72、永赢基金、Abu Dhabi Investment Authority、高毅资 产、海南进化论资产、宽远资产、兴证全球基金、华安基金、华泰证 券、中粮信托、交银施罗德基金、中信证券、上海域秀资管； 10 ...

证券代码：600919 证券简称：江苏银行 公告编号：2024-039 优先股代码：360026 优先股简称：苏银优 1 一、会议类型 江苏银行股份有限公司 关于召开 2024 年三季度业绩说明会的公告 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。 重要内容提示 投资者可于 2024 年 11 月 13 日 17:30 前将重点关注的问题通 过电子邮件的形式发送至指定邮箱：dshbgs@jsbchina.cn。公司将在业 绩说明会上对投资者普遍关注的问题进行回答。 江苏银行股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日披露《江苏银行股份有限公司 2024 年第三季度报告》。公司决定 召开 2024 年三季度业绩说明会，就经营发展情况进行沟通交流，广 泛听取投资者的意见和建议。 二、会议召开的时间、形式 （二）召开形式：上证路演中心网络互动 （三）召开网址：上证路演中心（https://roadshow.sseinfo.com/） 三、公司参会人员 公司相关董事、高级管理人员。如有特殊情况，参加人 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919 SH) [2] Core Views - Jiangsu Bank's Q3 2024 results show stable profit growth and positive net interest income [1][3] - Revenue growth of 6 2% YoY in the first three quarters - Net profit attributable to shareholders grew 10 1% YoY - Net interest income increased by 1 5% YoY - Non interest income grew 17 1% YoY - The bank's asset quality remains stable with NPL ratio unchanged at 0 89% [1][3] - Valuation shows a discount compared to other leading city commercial banks [6] Business Performance Revenue and Profit - Interest income growth remained positive at 1 5% YoY in Q3 2024 [1][3] - Net interest margin is expected to remain stable - Non interest income growth slowed to 17 1% from 19 7% in H1 2024 [3] - Investment income and other non interest income grew 26 5% YoY - Net fee income declined 11 9% YoY due to base effect and timing of fee expenses - Cost to income ratio improved by 0 7 percentage points YoY [3] - Credit impairment losses decreased by 1 5% YoY supporting net profit growth [3] Loan Growth - Total loans grew 10 6% YTD and 2 0% QoQ in Q3 2024 [1][4] - Corporate loans increased 18 8% YTD with 0 9% QoQ growth - Focus on manufacturing infrastructure and small micro enterprises - Retail loans grew 2 0% QoQ after a 0 8% YTD decline - Recovery in consumer loan demand - Deposit growth was 10 7% YTD though QoQ declined 0 7% [4] - Current deposit ratio remained stable at 27 9% Asset Quality - NPL ratio remained stable at 0 89% in Q3 2024 [1][3] - Provision coverage ratio declined by 6 percentage points to 351% [1][3] - Retail loan NPL ratio increased by 19bps to 0 98% YTD [6] - Personal business loan NPL ratio rose by 9bps to 1 58% - Corporate loan quality remains strong due to favorable regional economy [6] Interest Margin - Net interest margin is expected to remain stable in Q3 2024 [5] - Loan yield declined by 20bps to 4 98% in H1 2024 - Deposit cost improved by 15bps to 2 18% in H1 2024 - Further improvement expected due to deposit rate cuts - Time deposits account for 65% of total deposits Valuation and Outlook - The bank trades at 0 69x 2024 PB showing a discount to peers [6] - Full year 2024 revenue growth is expected at 4 2% with net profit growth of 10 0% [6] - Long term strategy remains clear with capital replenishment completed [6] - Positioned to become a leading city commercial bank

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank with an updated target price of 10.3 CNY per share, reflecting a valuation of 0.8 times the projected book value for 2024 [2][5]. Core Insights - Jiangsu Bank has transitioned from a high-growth phase to a stage of high-quality development, with enhanced operational resilience and stable performance expected to exceed industry averages. The net profit growth forecasts for 2024-2026 have been adjusted to 10.1%, 9.0%, and 9.6% respectively, with corresponding book values per share (BVPS) of 12.97, 14.22, and 15.60 CNY [3][4]. Financial Performance Summary - For Q3 2024, Jiangsu Bank reported a year-on-year revenue growth of 4.3%, with net interest income supported by volume despite a slight contraction in net interest margin due to declining asset yields. The cost-to-income ratio improved, decreasing by 5.2 percentage points to 15.6%, laying a solid foundation for profit growth [3][4]. - The bank's total revenue for 2024 is projected to reach 78.847 billion CNY, reflecting a growth rate of 6.1% compared to the previous year. The net profit attributable to shareholders is expected to be 31.666 billion CNY, marking a 10.1% increase [4][11]. - As of Q3 2024, the non-performing loan (NPL) ratio remained stable at 0.89%, indicating strong asset quality, while the coverage ratio for provisions was at a robust 351% [3][4].

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 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...