Core Viewpoint - The Chinese banking industry is experiencing deep differentiation due to multiple factors such as declining loan interest rates and intensified competition. Jiangsu Bank, as a leading city commercial bank, has demonstrated resilience and high-quality development through its 2024 annual report, showcasing robust financial performance and effective risk management [1]. Financial Performance - Jiangsu Bank achieved an operating income of 80.815 billion yuan, a year-on-year increase of 8.78%, and a net profit attributable to shareholders of 31.843 billion yuan, up 10.76% year-on-year, maintaining a strong position among listed banks [1]. - The bank's non-performing loan ratio stood at 0.89%, reflecting strong risk control capabilities amid industry-wide asset quality pressures [1]. Interest Margin Management - The net interest margin (NIM) for Jiangsu Bank was reported at 1.86%, with a significant reduction in the decline from the previous year, down only 12 basis points compared to a 34 basis point drop the previous year [2]. - The bank's net interest income reached 55.957 billion yuan, marking a 6.29% increase year-on-year, indicating strong income stability during a period of industry-wide interest margin pressure [2]. Non-Interest Income Growth - Jiangsu Bank's non-interest income has become a crucial buffer against declining interest income, with net fee and commission income reaching 4.417 billion yuan, showing steady growth [3]. - Investment income and net gains from fair value changes amounted to 14.650 billion yuan and 3.755 billion yuan, respectively, contributing significantly to the growth of non-interest income [3]. Efficiency Metrics - The bank's annualized return on equity (ROE) and return on assets (ROA) improved to 13.59% and 0.91%, respectively, both indicators remaining among the industry's best, showcasing effective resource allocation and value creation [4]. Business Transformation - Jiangsu Bank's dual-driven strategy in corporate and retail banking has led to stable performance, with a focus on serving the real economy and innovative financial products for technology enterprises [5]. - The bank's manufacturing loans exceeded 303.3 billion yuan, with a year-on-year growth of 19.41%, and green financing reached over 550.9 billion yuan, up 22.40% [6]. Digital Transformation - Jiangsu Bank is leveraging digital transformation to enhance its core competitiveness, integrating AI and big data into its operations, which has improved service efficiency and customer experience [7][8]. - The bank's supply chain loan balance surpassed 220 billion yuan, and its mobile banking app reached over 7 million monthly active users, leading the city commercial banking sector [8]. Risk Management - The bank has implemented advanced risk management strategies, including the development of a proprietary language model to enhance risk identification and control, resulting in a non-performing loan ratio of 0.89%, the lowest since its listing [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for 2024 is projected at 8.8% year-on-year, with a significant acceleration in the fourth quarter, achieving a growth rate of 18.5% [2][6]. - The net profit attributable to shareholders is expected to grow by 10.8% year-on-year, with a fourth-quarter growth rate of 16.5% [2][6]. - The interest income for the year increased by 6.3%, with a notable rise in the fourth quarter [6]. - The year-end non-performing loan ratio remained stable at 0.89%, while the provision coverage ratio decreased by 1 percentage point to 350% [2][6]. Summary by Sections Revenue and Profitability - The company's total revenue for 2024 is expected to grow by 8.8%, with a fourth-quarter growth of 18.5%. The net profit attributable to shareholders is projected to increase by 10.8% for the year, with a fourth-quarter growth of 16.5% [2][6]. - Interest income growth for the year is 6.3%, with a significant fourth-quarter increase of 23% [11]. Loan and Asset Quality - Year-end loans increased by 10.7% compared to the beginning of the year, with retail loans showing a quarter-on-quarter growth of 4.2% in the fourth quarter [2][6]. - The year-end non-performing loan ratio was stable at 0.89%, and the provision coverage ratio decreased to 350% [2][6]. Interest Margin and Cost of Liabilities - The net interest margin for the year was 1.86%, down 4 basis points from the first half of the year and down 12 basis points year-on-year. However, the decline in the fourth quarter is expected to stabilize, leading to accelerated growth in interest income [11]. - The cost of liabilities improved significantly, with the annual cost of liabilities decreasing by 21 basis points [11]. Retail Loan Demand and Market Position - There was a notable recovery in retail loan demand in the fourth quarter, with various retail loan categories showing growth compared to the beginning of the year [11]. - The bank's dividend payout ratio for 2024 is expected to remain stable at 30%, corresponding to a projected dividend yield of 5.5%, which is among the highest in the A-share banking sector [11].

Core Viewpoint - The announcement details a partnership between Bohai Huijin Securities Asset Management Co., Ltd. and Jiangsu Bank Co., Ltd. for fund sales through Jiangsu Bank's Ronglian Chuang interbank trading platform, effective from April 23, 2025 [1][2]. Group 1: Fund Sales and Services - Starting from April 23, 2025, investors can open accounts, subscribe, redeem, and set up regular investments for certain funds managed by the company through Jiangsu Bank's platform [1]. - The specific procedures for these transactions will follow the regulations set by the sales agency [1]. Group 2: Fee Discount Activities - Investors purchasing the company's funds through Jiangsu Bank's platform will benefit from a fee discount with no upper limit on the discount rate, although the platform cannot sell the funds below cost [1]. - If the company introduces new funds for sale through Jiangsu Bank's platform during the discount period, those funds will also be eligible for the same discount activities starting from their subscription opening date [2]. Group 3: Important Notes - The fee discount applies only to the front-end subscription fees for funds that are in the normal subscription period and does not include redemption fees or other service fees [4]. - The interpretation rights of the discount activities belong to Jiangsu Bank's platform, and any changes to the specific regulations will be announced accordingly [4]. - Investors are encouraged to read the fund contracts and prospectuses for detailed information about the funds [4]. Group 4: Contact Information - Investors can consult details through Jiangsu Bank's Ronglian Chuang platform or Bohai Huijin Securities Asset Management Co., Ltd. via their respective websites and customer service numbers [5].

Core Insights - Jiangsu Bank reported a revenue growth of 8.8% year-on-year for 2024, with a net profit attributable to shareholders increasing by 10.8% [2] - The bank's total assets grew by 16% year-on-year, with loans increasing by 11% and financial investments rising by 24% [2] - The net interest margin for 2024 was 1.86%, a decrease of 12 basis points compared to the previous year [2] Financial Performance - Net interest income showed positive growth, supported by the expansion of the bank's scale [2] - The bank's fee and commission income increased by 3.3% year-on-year, primarily driven by growth in settlement, clearing, and underwriting services [2] - The bank's asset quality remained stable, with a non-performing loan ratio of 0.89%, down 2 basis points year-on-year [2] Profit Forecast and Investment Recommendations - The bank is expected to maintain strong growth resilience, with projected net profits of 34.4 billion, 36.2 billion, and 38.3 billion yuan for 2025-2027, reflecting year-on-year growth rates of 7.91%, 5.47%, and 5.73% respectively [3] - The current dividend per share is 0.52 yuan, resulting in a dividend yield of 5.3% based on the closing price of 9.87 yuan on April 18 [3] - The bank's price-to-book (PB) ratios for 2025-2027 are projected to be 0.72, 0.65, and 0.59 respectively [3]

Core Viewpoint - Jiangsu Bank has released its 2024 ESG and Social Responsibility Report, marking its fourth ESG report and twelfth social responsibility report since 2013, aiming to comprehensively showcase its ESG practices [1] Group 1: ESG Performance - In 2024, Jiangsu Bank's Wind ESG rating improved to A, ranking second among 66 listed banks (A+H) [1] - The MSCI ESG rating also increased to BBB, the highest rating among domestic city commercial banks, highlighting its leadership in sustainable development [1] Group 2: Support for Economic Development - Jiangsu Bank is committed to supporting major project construction and enhancing credit investment to benefit the real economy [2] - The bank has established a service base for corporate listings and developed a comprehensive financial service plan for technology enterprises [2] - Initiatives to support the private economy and boost consumption include issuing consumption vouchers in collaboration with local departments [2] Group 3: Green Finance Initiatives - Jiangsu Bank has integrated responsible banking practices into its green finance strategy and has been recognized for its contributions to sustainable finance [3] - The "Su Yin Green Finance" system has been developed to manage ESG risks and support low-carbon industries [3][4] - The bank has launched a "Green Factory Loan" product to provide quality financial support for green and low-carbon sectors [3] Group 4: Digital Transformation and Governance - Jiangsu Bank is advancing its digital transformation by leveraging big data and AI to enhance product innovation and operational efficiency [5][6] - The bank has established specialized committees to improve governance and ensure effective execution of its ESG strategy [6] - A comprehensive risk management system has been implemented to enhance risk identification and control capabilities [6] Group 5: Corporate Culture and Employee Engagement - Jiangsu Bank emphasizes the integration of party building into its core competitiveness, fostering a strong corporate culture [7] - The bank promotes fairness in talent selection and focuses on the professional development of young employees [7] - Initiatives to enhance employee well-being and engagement are in place, including support systems for female employees and cultural activities [7]

Investment Rating - The investment rating for Jiangsu Bank is maintained at "Accumulate" [3][4]. Core Views - Jiangsu Bank's revenue growth for 2024 is projected at 8.8%, with a net profit growth of 10.8% year-on-year, supported by scale expansion [2]. - The bank's total assets are expected to grow by 16% year-on-year by the end of 2024, with loans increasing by 11% and financial investments by 24% [2]. - The net interest margin for 2024 is estimated at 1.86%, reflecting a year-on-year decline of 12 basis points [2]. - The bank's asset quality remains robust, with a non-performing loan ratio of 0.89%, down 2 basis points year-on-year [3]. Summary by Sections Financial Performance - For 2024, Jiangsu Bank's operating income is projected to be 80,815 million yuan, with a growth rate of 8.78% [4]. - The net profit attributable to shareholders is expected to reach 31,843 million yuan, reflecting a growth rate of 10.76% [4]. - The bank's earnings per share for 2024 is estimated at 1.65 yuan, with a price-to-earnings ratio of 5.98 [4]. Asset Quality - The non-performing loan ratio is 0.89%, with a coverage ratio of 350.1%, indicating a strong asset quality management [3]. - The bank has increased its asset disposal efforts, leading to a rise in write-offs [3]. Future Projections - The projected net profit for 2025-2027 is 344 billion yuan, 362 billion yuan, and 383 billion yuan, with respective growth rates of 7.91%, 5.47%, and 5.73% [3][4]. - The price-to-book ratios for 2025-2027 are estimated at 0.72, 0.65, and 0.59 [3][4].

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].

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]

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].