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]

Core Viewpoint - The recent surge in the secondary market prices of gold and bank-themed ETFs reflects a growing preference for stable assets amid global market volatility [2][4][12] Group 1: Bank-Themed ETFs - The banking sector, characterized by low valuations and high dividends, stands out among A-share listed companies, attracting significant investor interest [3][9] - As of April 18, several bank-themed ETFs, including the Huabao CSI Bank ETF, reached historical highs, with the latter showing a 0.98% increase on that day [6][10] - The largest bank-themed ETF, Huabao CSI Bank ETF, has a scale of 7.997 billion yuan, significantly leading over its closest competitor [10] - Active equity funds are also increasing their holdings in the banking sector, with a reported total market value of 55.584 billion yuan, up 22.87% quarter-on-quarter [10] Group 2: Gold-Themed ETFs - Gold-themed ETFs have also seen significant price increases, with both commodity ETFs tracking gold spot contracts and stock ETFs tracking gold-related stocks experiencing over 27% growth this year [8][11] - The largest domestic gold-themed ETF, Huazhong Gold ETF, has a scale of 59.2 billion yuan, followed by Bosera Gold ETF and E Fund Gold ETF [11] - Gold ETFs have attracted substantial net inflows this year, with Huazhong Gold ETF alone receiving 20.9 billion yuan [11] Group 3: Market Conditions and Investor Sentiment - The current uncertain environment has led to increased funds flowing into stable assets like bank and gold-themed ETFs [8][12] - The banking sector's fundamentals are considered stable, with a dividend yield of approximately 6.1%, ranking second among all primary industries [12] - Recent announcements of targeted A-share stock issuances by major state-owned banks signal confidence in the banking sector's future performance, potentially alleviating investor concerns [13]

证券研究报告 | 公司点评报告 2025 年 04 月 19 日 江苏银行（600919.SH） 营收增速回暖，个贷不良双降 总量研究/银行 江苏银行披露 2024 年度报告，24A 营业收入、PPOP、归母利润同比增速分别 为 8.78%、7.60%、10.76%，增速分别较 24Q1~3 变动+2.60pct、+0.54pct、 +0.70pct，营收、PPOP、归母净利润增速保持回升。累计业绩驱动上，规模、 其他非息、有效税率下降为主要正贡献，净息差收窄、成本收入比上升为主要 负贡献；另外，单季度来看，24Q4 息差、中收对业绩边际贡献由负转正，带动 24Q4 单季度归母净利润实现 16.5%的增速。 核心观点： 亮点：（1）营收增速回暖。24 年全年公司实现营业收入增速 8.8%，归母净利 润增速 10.8%，环比 24Q1~3 分别回升 2.6pct、0.7pct。其中 Q4 单季度营收和 归母净利润增速分别为 18.5%、16.5%，环比大幅回升，主要是 23Q4 基数较低。 （2）规模保持较快增长。2024 年公司总资产、贷款、存款增速分别为 16.1%、 16.3%、12.8%。24Q4 单季 ...

Investment Rating - The investment rating for Jiangsu Bank is "Buy" (maintained) [7] Core Views - Jiangsu Bank's net profit attributable to shareholders increased by 10.8% year-on-year in 2024, with revenue growth of 8.8%, indicating an improvement in performance compared to previous quarters [2][5] - The bank's non-performing loan (NPL) ratio remained stable at 0.89% at the end of 2024, with a provision coverage ratio of 350%, slightly down from the previous quarter [4][5] - The bank's net interest margin decreased by 4 basis points to 1.67% in Q4 2024, primarily due to a decline in asset yield [3] Summary by Sections Performance Overview - Jiangsu Bank's net profit attributable to shareholders for 2024 was CNY 31,843 million, reflecting a 10.8% increase year-on-year, while revenue reached CNY 80,815 million, up 8.8% [2][12] - The growth in performance was driven by a rebound in net interest income and non-interest income, with respective year-on-year growth rates of 6.3% and 3.3% [2] Interest Margin Analysis - The net interest margin for Q4 2024 was 1.67%, down 4 basis points from the previous quarter, influenced by a decrease in asset yield [3] - The asset yield fell by 13 basis points to 3.82%, while the cost of liabilities decreased by 6 basis points to 2.12% [3] Asset Quality - The NPL ratio at the end of Q4 2024 was 0.89%, unchanged from the previous quarter, with a focus on the stability of the bank's asset quality [4] - The bank's NPL generation rate was stable at 1.71%, with personal loan NPLs decreasing to 0.88% [4] Profit Forecast and Valuation - Forecasts for Jiangsu Bank's net profit from 2025 to 2027 are projected to grow at rates of 8.43%, 8.07%, and 8.31%, respectively [5][12] - The target price is set at CNY 14.05 per share, indicating a potential upside of 42% based on a price-to-book (PB) ratio of 0.98 for 2025 [5]

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [5] Core Views - The company achieved a revenue of 80.8 billion yuan in 2024, representing a year-on-year increase of 8.78%, and a net profit of 31.8 billion yuan, up 10.76% year-on-year, with growth rates improving compared to the first three quarters [1] - The net interest margin decline has significantly narrowed, with net interest income growing by 6.3% year-on-year, benefiting from a reduced decline in net interest margin [1] - The company maintains a strong asset quality with a non-performing loan ratio of 0.89% and a provision coverage ratio of 350%, indicating robust risk mitigation capabilities [2] Financial Performance Summary - Revenue and profit growth for 2024: Revenue of 80.8 billion yuan (+8.78% YoY), net profit of 31.8 billion yuan (+10.76% YoY) [1] - Key financial metrics for 2024: Total assets of 3.95 trillion yuan, loan balance of 2.10 trillion yuan, and deposit balance of 2.11 trillion yuan, with respective growth rates of 16.1%, 10.7%, and 12.8% [1] - Earnings per share (EPS) forecast for 2025-2027: 1.93 yuan, 2.19 yuan, and 2.48 yuan, with corresponding net profit growth rates of 11.2%, 13.5%, and 13.2% [3][4] Asset Quality and Risk Management - The company has increased its efforts in handling non-performing loans, with a year-on-year growth of 46% in write-offs, maintaining a stable non-performing loan ratio [2] - The company’s provision coverage ratio remains high at 350%, ensuring strong risk absorption capacity [2] - The overdue loan ratio stands at 1.12%, consistent with previous periods, indicating effective management of loan quality [2]

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [5] Core Views - The company achieved a revenue of 80.8 billion yuan in 2024, representing a year-on-year increase of 8.78%, and a net profit of 31.8 billion yuan, up 10.76% year-on-year, with growth rates improving compared to the first three quarters [1] - The net interest margin decline has significantly narrowed, with net interest income growing by 6.3% year-on-year, benefiting from a substantial reduction in the decline of the net interest margin [1] - The total assets at the end of 2024 reached 3.95 trillion yuan, with loan and deposit balances of 2.10 trillion yuan and 2.11 trillion yuan respectively, showing growth of 16.1% and 12.8% year-on-year [1] Financial Performance Summary - The company forecasts net profits of 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 11.2%, 13.5%, and 13.2% [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.70x for 2025, 0.63x for 2026, and 0.56x for 2027, indicating a strong valuation appeal [3] - The company maintains a dividend payout ratio of 30%, with a current dividend yield of 5.3% [3] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.89%, with a significant increase in the scale of write-offs and disposals, leading to a 46% year-on-year growth in write-off disposals [2] - The provision coverage ratio at the end of the period was 350%, indicating strong risk mitigation capabilities [2] - The company has increased its efforts in non-performing asset disposal, maintaining good levels of non-performing indicators and strict recognition of non-performing loans [2]

（A股股票代码：600919） 一重要提示 1本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资 者应当到上海证券交易所网站等中国证监会指定媒体上仔细阅读年度报告全文。 2本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司拟向全体A股普通股股东派发现金股利，具体为：以本公司2024年末普通股总股份数18,351,324,463 股为基数，2024年全年以每10股派发现金股利人民币5.206元（含税），合计派发现金股利人民币 955,370万元。其中：2024年半年度已按每10股派发现金股利人民币3.062元（含税），派发现金股利人 民币561,918万元；2024年年度拟以每10股派发现金股利人民币2.144元（含税），合计分配现金股利人 民币393,452万元。该方案尚待公司股东大会审议批准，具体情况将另行公告。 二公司基本情况 1公司简介 ■ 2公司主要会计数据和财务指标 2.1近三年的主要会计数据和财务指标 ■ ...

导语：2024年，面对存贷款利率下调、息差收窄、风控压力抬升等多重挑战，商业银行市场竞争逐渐进 入"白热化"阶段。如何在"低利率、低息差、低利润"的三低时代抓住机遇，顺势应时、识变应变，走出 一条属于自己的高质量发展之路，刚刚迎来十八岁"成人礼"的江苏银行给出了自己的答案。 2025年4月18日晚间，江苏银行发布2024年年度报告，全年实现营业收入808.15亿元，同比增长8.78%， 归母净利润318.43亿元，同比增长10.76%。不良贷款率0.89%，为上市以来最低；拨备覆盖率350.10%， 风险抵补能力充足。现金分红占当年归母净利润比例保持30%。董事长葛仁余在年报致辞中表示，过去 一年，江苏银行在变局中开新局、于挑战中育新机，推动高质量发展迈出了坚实步伐，向市场交出了一 份业绩亮眼、质效并升的满意答卷。 经营业绩稳健，效益稳居上市银行第一方阵 江苏银行年报显示，截至2024年末，该行资产总额3.95万亿元，较上年末增长16.12%；各项存款余额 2.12万亿元，较上年末增长12.83%，各项贷款余额2.10万亿元，较上年末增长10.67%。全年实现营收 808.15亿元，同比增长8.78%，实现归 ...

证券代码：600919 证券简称：江苏银行 公告编号：2025-014 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监事会决议公告 本公司监事会及全体监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。 江苏银行股份有限公司（以下简称"公司"）第六届监事会第十 一次会议通知于 2025 年 4 月 8 日以电子邮件方式发出，会议于 2025 年 4 月 18 日以现场加视频方式召开。本次会议应参与表决监事 9 名， 实际参与表决监事 9 名。会议符合《公司法》等法律法规及公司章程 的有关规定，表决所形成的决议合法、有效。 - 1 - 四、关于调整江苏银行股份有限公司第六届监事会专门委员会成 员的议案 同意提名宋芸芸女士为第六届监事会提名委员会委员。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 会议由季金松监事长主持，审议通过以下议案： 一、关于江苏银行股份有限公司 2024 年度全面风险管理报告的 议案 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、关于江苏银行股份有限公司 2024 年度董事及 ...

证券代码：600919 证券简称：江苏银行 公告编号：2025-013 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董事会决议公告 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。 四、关于江苏银行股份有限公司 2024 年年度报告及其摘要的议 案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第十 八次会议通知于 2025 年 4 月 8 日以电子邮件方式发出，会议于 2025 年 4 月 18 日在公司以现场和视频方式召开。本次会议应参与表决董 事 15 名，实际参与表决董事 15 名，监事及高级管理人员列席会议。 会议符合《公司法》等法律法规及公司章程的有关规定，表决所形成 的决议合法、有效。 会议由公司董事长葛仁余先生主持，审议通过以下议案： 一、关于江苏银行股份有限公司 2024 年度战略执行情况评估报 告的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 二、关于江苏银行股份有限公司 2024 年度董事会工作报 ...