Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank, expecting the stock to outperform the market by over 20% within the next six months [3][13]. Core Insights - Jiangsu Bank reported a revenue of 80.8 billion yuan for 2024, representing an 8.8% year-on-year growth, and a net profit attributable to shareholders of 31.8 billion yuan, up 10.8% year-on-year [4][7]. - The bank's annualized return on equity (ROE) was 13.59% as of the end of 2024, with total assets growing by 16.1% year-on-year [4][7]. - The bank's profit distribution plan includes a dividend of 2.144 yuan per 10 shares, with an annual payout ratio of 30% [4]. Financial Performance Summary - **Revenue and Profit Growth**: Jiangsu Bank's net profit for 2024 increased by 10.8%, with a steady growth in revenue of 8.8%. The bank's interest income rose by 6.3%, while non-interest income surged by 14.8% [7][9]. - **Loan and Deposit Growth**: Total loans grew by 10.7% year-on-year, and deposits increased by 12.8%. The bank's total assets reached 3,952.04 billion yuan [4][10]. - **Cost Management**: The bank's net interest margin (NIM) was 1.86%, with a decrease in interest expenses by 1.93% year-on-year, indicating effective cost control [7][11]. Asset Quality and Risk Management - **Asset Quality**: The non-performing loan (NPL) ratio remained stable at 0.89%, with a provision coverage ratio of 350% as of the end of 2024 [8][10]. - **Future Projections**: The bank's EPS is projected to be 1.91 yuan in 2025, with a growth rate of 10.2% [11][12]. Investment Outlook - The report highlights the bank's strong regional advantages and ongoing retail transformation, which are expected to enhance profitability and operational quality [7][9]. The bank is positioned favorably within the domestic city commercial bank sector, with a focus on local market development and retail banking [8][10].

4月18日晚间，江苏银行（600919.SH）发布2024年年度报告，报告期末，江苏银行集团总资产达3.95万 亿元，各项存款余额2.12万亿元，各项贷款余额2.10万亿元，规模稳健增长的同时，经营效益提升、资 产质量良好，ROE、ROA保持行业第一方阵，全球1000强银行排名升至第66位，股价年涨幅超56%创上 市新高。 董事长葛仁余在年报致辞中表示，2025年是关键之年，需全面实施党的二十届三中全会精神，聚焦高质 量发展，争当"三好学生"，以坚实步伐走向基业长青，用发展实绩回报股东期待。 核心指标稳健增长，资产质量保持优良 从核心指标来看，江苏银行的资产总额达到了3.95万亿元，较上年末增长了16.12%，显示出其资产规模 的持续扩张和稳健的增长态势。各项存款余额和贷款余额也分别实现了12.83%和10.67%的增长，达到 了2.12万亿元和2.10万亿元，表明江苏银行在存贷款业务上保持了良好的增长势头。 截图来自 江苏银行年报 在盈利能力方面，江苏银行实现营业收入808.15亿元，同比增长8.78%；归母净利润达到318.43亿元， 同比增长10.76%。这一成绩的取得，得益于江苏银行在业务结构上的优化 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's core revenue performance is strong, supporting a continued recovery in profit growth. As of the end of 2024, revenue, PPOP, and net profit attributable to the parent company have shown year-on-year growth rates of +2.6 percentage points, +0.5 percentage points, and +0.7 percentage points respectively. The increase in net interest income is supported by strong asset deployment and a slowdown in net interest margin contraction [9] - The company is expected to achieve a net profit growth rate of 6.6% in 2025, 6.9% in 2026, and 7.9% in 2027, with corresponding BVPS of 14.11, 15.59, and 17.22 yuan. The current stock price corresponds to a PB of 0.70X, 0.63X, and 0.57X for 2025, 2026, and 2027 respectively [3][4] Financial Performance Summary - For 2023, the company reported an operating income of 74,293 million yuan, with a year-on-year growth of 5.3%. The operating profit was 38,882 million yuan, reflecting a significant year-on-year increase of 47.0%. The net profit attributable to the parent company was 28,750 million yuan, with a year-on-year growth of 13.3% [4] - The company’s total assets are projected to grow from 3,403,362 million yuan in 2023 to 4,940,555 million yuan by 2027, indicating a robust expansion strategy [12] - The non-performing loan ratio remained stable at 0.89% as of the end of 2024, with a focus on improving asset quality through increased efforts in non-performing loan disposal [9] Valuation Metrics - The target price for the company's stock is set at 12.57 yuan, representing a 20% premium over comparable companies, with a projected PB of 0.89 for 2025 [3][5] - The company’s average P/E ratio is projected to decrease from 5.84 in 2023 to 4.82 in 2027, indicating an attractive valuation relative to its earnings growth [12]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's core revenue performance is strong, supporting a continued recovery in profit growth. As of the end of 2024, revenue, PPOP, and net profit attributable to the parent company have shown year-on-year growth rates of +2.6 percentage points, +0.5 percentage points, and +0.7 percentage points respectively. The increase in net interest income is supported by strong asset deployment and a slowdown in the narrowing of net interest margins [9] - The company is expected to see a net profit growth rate of 6.6% in 2025, 6.9% in 2026, and 7.9% in 2027, with corresponding BVPS of 14.11, 15.59, and 17.22 yuan. The current stock price corresponds to a PB of 0.70X, 0.63X, and 0.57X for 2025, 2026, and 2027 respectively. Given the strong credit demand in the region and significant dividend yield advantages, a 20% valuation premium is applied compared to peers, leading to a target price of 12.57 yuan per share [3][5] Financial Information Summary - For 2023A, the company reported operating income of 74,293 million yuan, with a year-on-year growth of 5.3%. The projected operating income for 2024A is 80,815 million yuan, reflecting an 8.8% increase [4] - The net profit attributable to the parent company for 2023A was 28,750 million yuan, with a year-on-year growth of 13.3%. The forecast for 2024A is 31,843 million yuan, indicating a 10.8% increase [4] - The company’s total assets are projected to grow from 3,403,362 million yuan in 2023A to 4,940,555 million yuan by 2027E, reflecting a robust growth trajectory [12]

随着国内经济转型，银行机构普遍处于息差收窄、营收放缓的境地。然而，券商中国记者梳理上市银行 2024年年报发现，不少上市银行的国际结算量猛增，带来的收益呈现可观的正增长。 随着我国外贸"朋友圈"越来越大，服务企业出海需求以及跨境电商等中小微企业，成为商业银行拓展营收的重 要途径。 近期有国有大行的银行高管在业绩说明会上表示要提高境外机构的协同，也有股份行在其年报中直接表示 要"力争用三年时间走进同类型银行第一梯队"，此外还有一些中小银行高管表态要拓展客户国际化，拓展跨境 金融方面的收入。 不可忽视的是，不同于去年，2025年美国推出所谓的"对等关税"，中小企业出海尤其对口美国相关业务出现 了不确定性，国际金融市场的波动又将对企业出海和银行国际化转型带来哪些复杂的影响？ 国际业务对营收贡献增大 我国进出口规模于2024年再创历史新高，并实现了同比增长5%，这给国内商业银行的营收带来了提升效应。 以中国银行为例，该行跨境业务是其传统优势业务，并领先同业。2024年在境内资产总额增速放缓、盈利指 标增速和贡献度下降的情况下，中国银行在"中国香港澳门台湾地区"，以及"其他国家和地区"实现了经营规模 和业绩较快增长，且 ...

| 城商行 | 营业收入(亿) | 同比(%) | 归母净利润(亿) | 同比(%) | | --- | --- | --- | --- | --- | | 江苏银行 | 808.2 | 8.8 | 318.4 | 10.8 | | 宁波银行 | 666.3 | 8.2 | 271.3 | 6.2 | | 下通银行 | 529.9 | 4.8 | 235.6 | 4.5 | | 南京银行 | 502.7 | 11.3 | 201.8 | 9.1 | | 杭州银行 | 383.8 | 9.6 | 169.8 | 18.1 | | 长沙银行 | 259.4 | 4.6 | 79.8 | 6.9 | | 成都银行 | 229.8 | 5.9 | 128.6 | 10.2 | | 重庆银行 | 136.8 | 3.5 | 51.2 | 3.8 | | 城商行 | 资产总计(亿) | 同比 | 不良率(%) | 同比(自分点) | 拔音漫盖率(% | 同比(百分点) | | --- | --- | --- | --- | --- | --- | --- | | 江苏银行 | 39518.1 | 16.1% | 0.89 ...

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 11.66 CNY [2][6]. Core Views - Jiangsu Bank achieved a revenue of 80.815 billion CNY in 2024, representing an 8.78% year-on-year growth, and a net profit attributable to shareholders of 31.843 billion CNY, up 10.76% year-on-year [2][6]. - The bank's non-performing loan (NPL) ratio remained stable at 0.89%, while the provision coverage ratio decreased to 350.10%, down 39.43 percentage points from the beginning of the year [2][6]. - The bank's governance structure is stable, with clear strategic planning and solid operational metrics, indicating strong asset quality and a high current dividend yield [2][6]. Financial Performance Summary - **Revenue Growth**: The bank's revenue growth accelerated to 8.78% in 2024 from 6.18% in the previous three quarters, driven by a robust expansion in interest-earning assets and effective cost control [5][6]. - **Net Profit**: The net profit for 2024 was 31.843 billion CNY, reflecting a 10.76% increase, supported by revenue growth and effective cost management [5][6]. - **Loan Growth**: Total loan balance reached 2,095.203 billion CNY, a 10.67% increase year-on-year, with corporate loans growing by 18.82% [5][6]. - **Interest Margin**: The net interest margin for the group was 1.86%, with a slight decrease in the average yield on interest-earning assets [5][6]. Asset Quality Summary - **NPL Ratio**: The NPL ratio remained at 0.89%, the lowest since the bank's listing, indicating stable asset quality [5][6]. - **Provision Coverage**: The provision coverage ratio was 350.10%, still above industry standards, despite a decrease from the previous year [5][6]. - **Loan Quality**: The report highlights a slight increase in the personal loan NPL ratio, which rose to 0.88% [5][6]. Future Projections - **Profit Growth**: The projected net profit growth rates for 2025, 2026, and 2027 are 7.4%, 8.0%, and 7.8%, respectively [6][7]. - **Valuation Metrics**: The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.72X, with a target PB of 0.85X for 2025 [6][7].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【石油化工】石化24年报总结：不确定环境下的确定性，"三桶油"及油服再创佳绩—— 石油化工行业周 报第 399 期（ 20250414 — 20250420 ） 根据 S&P Global 统计， 2024 年全球海上勘探开发投资同比增长 8.6% ，陆上勘探开发投资同比下降 7.9% ，预计 25 年全球上游资本开支恢复增长，有望达到 5824 亿美元以上，同比增长 5% ，上游资本开支的持 续扩增为油服景气奠定基础 。国内"三桶油"坚持增储上产，资本开支和产量持续增长，旗下油服企业有望 持续受益，我们持续看好油服企业工作量的增长和盈利能力的改善。 （赵乃迪/蔡嘉豪/王礼沫） 2025-04-20 您可点击今日推送内容 ...

4月18日，江苏银行发布2024年年报，全年实现营收808亿，同比增长8.8%，归母净利润318亿，同比增长 10.8%。加权平均净资产收益率（ROAE）13.6%，同比下降0.9pct。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 营收增长提速，业绩表现韧性强 2024年江苏银行营收、拨备前利润、归母净利润同比增速分别为8.8%、7.6%、10.8%，增速较1-3Q24分别 提升2.6、0.5、0.7pct，营收增长提速，盈利保持双位数增长。其中，净利息收入、非息收入增速分别为 6.3%、14.8%，较1-3Q24变动+4.8、-2.3pct。全年成本收入比、信用减值损失/营收分别为24.7%、22.7%， 同比分别提升0.7、0.4pct。拆分盈利增 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a current price of 9.87 CNY [1] Core Views - Jiangsu Bank's revenue and profit growth show resilience, with a reported revenue of 80.8 billion CNY for 2024, representing an 8.8% year-on-year increase, and a net profit of 31.8 billion CNY, up 10.8% year-on-year [3][4] - The bank's return on average equity (ROAE) stands at 13.6%, a decrease of 0.9 percentage points compared to the previous year [3] Summary by Sections Financial Performance - Revenue growth accelerated, with year-on-year increases in revenue, pre-provision profit, and net profit of 8.8%, 7.6%, and 10.8% respectively, showing improvements from the first three quarters of 2024 [4] - Net interest income and non-interest income grew by 6.3% and 14.8% respectively, with non-interest income accounting for 31% of total revenue [4][8] Asset and Liability Management - By the end of 2024, the bank's interest-earning assets and net loans grew by 16.1% and 11% year-on-year, maintaining a high expansion intensity [5] - Deposits increased by 12.8% year-on-year, with a notable rise in demand deposits [6] Credit Quality - The non-performing loan (NPL) ratio remained low at 0.89%, with a coverage ratio of 350.1% [9][10] - The bank's credit loss provisions were robust, with a provision coverage ratio that supports its risk mitigation capabilities [9] Capital Adequacy - The core tier 1 capital ratio was reported at 9.12%, indicating a solid capital buffer for future growth [10] - The bank's dividend payout ratio remained stable at 30%, with a total dividend of 9.55 billion CNY for the year [10] Future Outlook - The bank is expected to benefit from the economic growth in Jiangsu province, focusing on key sectors such as advanced manufacturing and small enterprises [11] - EPS forecasts for 2025-2027 have been adjusted to 1.88, 1.98, and 2.07 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 5.24, 4.97, and 4.77 [11][14]