Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank [2][10]. Core Views - Jiangsu Bank's H1 2024 results show steady profit growth, with revenue, pre-provision profit, and net profit reaching 41.62 billion, 31.85 billion, and 18.73 billion respectively, representing year-on-year increases of 7.2%, 5.1%, and 10.1% [2][3]. - The bank's return on equity (ROE) stands at 16.42%, a decrease of 1.78 percentage points year-on-year [2]. Revenue and Profitability - Revenue growth has slowed down compared to the previous quarter, with a year-on-year increase of 7.2% and a quarter-on-quarter decrease of 4.6 percentage points [3]. - Net interest income increased by 1.8% year-on-year, supported by strong loan growth, while fee and commission income rose by 11.3% year-on-year, driven by a 30.7% increase in agency fee income [3]. - The cost-to-income ratio is at 22.4%, which is relatively low compared to peers, and credit impairment losses decreased by 6.3% year-on-year [3]. Loan Growth and Asset Quality - Total assets grew by 14.5% year-on-year, with loans and financial investments increasing by 8.5% and 12.8% respectively [4]. - Corporate loans saw a significant increase of 197.5 billion, while retail loans decreased by 18 billion, primarily due to declines in consumer and operational loans [4]. - The non-performing loan (NPL) ratio remains stable at 0.89%, with a slight increase in the proportion of loans under scrutiny [6][10]. Interest Margin and Cost of Liabilities - The net interest margin (NIM) is reported at 1.9%, reflecting a decrease of 8 basis points from the previous quarter [5]. - The cost of interest-bearing liabilities has improved, with a decrease in the interest rates on deposits and bonds [5]. Future Outlook - The bank is expected to maintain a leading position in terms of scale and profit growth within the industry, with projected net profit growth rates of 10.7%, 10.0%, and 12.5% for 2024-2026 [10][11]. - The closing price on August 19, 2024, was 7.67 CNY per share, corresponding to a price-to-book ratio of 0.58 times [10].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 江苏银行(600919) 投资评级 上次评级 [Table_Author] 廖紫苑 银行业分析师 执业编号：S1500522110005 邮 箱：liaoziyuan@cindasc.com 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 王舫朝 非银金融行业首席分析师 执业编号：S1500519120002 邮 箱：wangfangzhao@cindasc.com 相关研究 [Table_OtherReport] 24Q1 营收和利润增速均超 10%，"五 篇大文章"显成效 利润增速稳居前三，零售 AUM 突破万 亿 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127金隅大厦B座 邮编：100031 [Table_Title] 利润双位数增长，信贷加速投放 [Table_ReportDate] 2024 年 08 月 19 日 [Table_S 事件：近日ummar, ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a target price of 9.98 CNY per share, reflecting a price-to-book (PB) ratio of 0.7 times for the year 2024 [5]. Core Insights - Jiangsu Bank's 2024 mid-year report shows revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders increased by 7.2%, 5.1%, and 10.1% year-on-year, respectively. The growth rates have declined compared to Q1 2024, indicating a significant drop in revenue growth but maintaining double-digit net profit growth, showcasing management's confidence in achieving annual targets [2][3]. Summary by Sections Financial Performance - In Q2 2024, revenue growth slowed to 2.9% from 11.7% in Q1, primarily due to a 10.7% decrease in other non-interest income. However, net profit growth remained stable at 10.1%, with a 29% reduction in impairment losses compared to the previous quarter [3]. - The reported net interest margin (NIM) for H1 2024 is 1.90%, a year-on-year decrease of 38 basis points, but the actual narrowing is less severe at 17 basis points when calculated based on net interest income over average earning assets [3]. - Fee income grew by 11.3% in H1 2024, driven by an increase in wealth management scale, which reached 604.5 billion CNY, a 16% increase from the beginning of the year [3]. Asset Quality - As of June 2024, the non-performing loan (NPL) ratio stands at 0.89%, unchanged from December 2023, with a provision coverage ratio of 357%, down 32.3 percentage points from the previous period. The new NPL generation rate is estimated at 1.34%, reflecting a year-on-year increase of 38 basis points [3][12]. Earnings Forecast - The forecast for net profit growth is 10.2% for 2024 and 11.3% for 2025, with earnings per share (EPS) projected at 2.09 CNY and 2.34 CNY, respectively. The book value per share (BVPS) is expected to be 14.26 CNY and 16.09 CNY for the same years [3].

银行 2024 年 8 月 19 日 强烈推荐（维持） 事项： 股价：7.67 元 平安观点： 行情走势图 相关研究报告 主要数据 行业 银行 公司网址 www.jsbchina.cn 大股东/持股 江苏省国际信托有限责任公司/6.98% 实际控制人 总股本(百万股) 18,351 流通 A 股(百万股) 18,351 流通 B/H 股(百万股) 总市值（亿元） 1,408 流通 A 股市值(亿元) 1,408 每股净资产(元) 12.15 资产负债率(%) 92.3 袁喆奇 投资咨询资格编号 研究助理 S1060520080003 YUANZHEQI052@pingan.com.cn | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业净收入(百万元) | | | | | | | YOY(%) | | | | | | | 归母净利润(百万元) | | | | | | ...

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, indicating a positive outlook based on its strong performance and growth potential [2]. Core Insights - Jiangsu Bank's operating performance is stable and improving, with H1 2024 revenue and net profit reaching 41.625 billion yuan and 18.731 billion yuan, respectively, representing year-on-year growth of 7.16% and 10.05% [1]. - The bank's net interest income for H1 2024 was 27.656 billion yuan, showing a year-on-year increase of 1.76%, while the net interest margin stood at 1.90% [1]. - The bank's non-interest income reached 13.969 billion yuan, a year-on-year increase of 19.74%, driven by a recovery in intermediary business and high investment returns [1]. Summary by Sections Financial Performance - For H1 2024, Jiangsu Bank achieved operating revenue of 41.625 billion yuan and net profit attributable to shareholders of 18.731 billion yuan, with annualized ROE at 16.42% [1]. - The bank's total loans grew by 8.47% year-to-date, with corporate loans increasing by 17.81% [1]. Business Segments - Corporate loans showed strong growth, particularly in manufacturing, green financing, and inclusive small and micro loans, which increased by 21.23%, 22%, and 13.83%, respectively [1]. - Retail loans experienced a slight decline of 2.76%, with mortgage loans remaining stable and consumer loans being reduced [1]. Asset Quality - As of June 2024, the non-performing loan ratio was 0.89%, unchanged from the beginning of the year, indicating stable asset quality [2]. - The coverage ratio for provisions was 357.2%, reflecting strong risk mitigation capabilities [2]. Future Projections - The report forecasts operating revenue to reach 80.297 billion yuan in 2024, with a growth rate of 8.08% [5]. - Net profit attributable to shareholders is projected to be 31.659 billion yuan in 2024, with a growth rate of 10.12% [5].

银行 江苏银行（600919） 贷款新口径下资产质量总体平稳，业绩渐趋回归平稳增长 事件：江苏银行披露 2024 年中报，1H24 实现营收 416 亿元，同比增长 7.2%，实现归母净利 润 187 亿元, 同比增长 10.1%, 2Q24 不良率 0.89%, 同口径下较年初持平. 拨备覆盖率 357.2%, 同口径下较年初下降 32.3pct。业绩及资产质量符合预期。 其他非息贡献回落导致营收如期放缓, 但相对积极的信号在于以量补价已支撑利息净收入 增速回正：1H24 江苏银行营收同比增长 7.2% (前瞻中预期为 6.8%，1Q24 为 11.7%) , 归母净利润同比增长 10.1%（前瞻中预期 10.1%，1Q24 为 10.0%）。从驱动因子来看， ① 高基数下其他非息收入增速放缓。1H24 投资收益及公允价值变动相关其他非息收入同 比增长 22%（1Q24 为增长 87%），贡献营收增速 5.1pct（1Q24 为贡献 14.9pct），其 中 2Q24 单季下滑 14%（去年同期为大幅增长 72%）。 ② 息差降幅收窄叠加以量补价 , 利息净收入增速转正。1H24 利息净收入同比增长 1.8 ...

资产保持强劲扩张，负债成本显著改善 ——江苏银行 24H1 中报点评 核心观点 ⚫ 高基数影响下，业绩增速环比回落。截至 24H1，江苏银行营收、PPOP、归母净利 润累计同比增速（下同）分别较 24Q1 变化-4.6pct、-4.1pct、0.03pct。营收增速虽 有所走弱但结构明显改善：净利息收入增速季度环比上升 2.5pct，来自资产强劲扩 张和净息差表现稳定的共同支撑；净手续费收入增速环比大幅改善 28.1pct，主要受 益于理财规模显著增长下的代理费收入增长；净其他非息收入增速环比回落明显， 部分受 23H1 高基数影响。营收增速回落，带动 PPOP 增速环比下降 4.1pct，而信 用成本下行支撑归母净利润增速环比基本持平。 ⚫ 对公贷款支撑资产端强劲扩张，负债成本大幅改善是息差收窄有限的核心原因。截 至 24H1，江苏银行贷款同比增速高达 17.6pct，较 24Q1 提高 4.5pct。从结构上看 主要来自对公贷款（特别是广义基建行业）的贡献，个人贷款余额较年初小幅下 行，其中消费贷款余额下降超 130 亿元。24H1 江苏银行净息差 1.9%，较 23 年回 落 8BP，好于行业平均水平， ...

证 券 研 究 报 告 江苏银行（600919）2024 年中报点评 推荐（维持） 对公区域和业务优势足，营收结构向优 目标价：9.56 元 当前价：7.67 元 事项： 8 月 16 日晚，江苏银行披露 2024 年中报，2024 上半年实现营业收入 416.2 亿 元，同比增长 7.16%；实现归母净利润 187.3 亿元，同比增长 10.05%。2Q24 不良贷款率 0.89%，较年初下降 1bp，拨备覆盖率环比下降 14pct 至 357.2%。 评论： 上半年营收小幅降速，息差降幅收窄支撑单季净利息收入环比+3.3%，同时费 用支出放缓和信用成本降低推动净利润增速保持平稳。1）Q2 营收增速放缓、 结构向优。2Q24 单季录得营收 206.3 亿，同比增 2.9%，其中净利息收入 140.5 亿，环比增 3.3%，同比增速由 Q1 负增转为正增 4.4%。单季年化息差 1.79%， 环比 Q1 仅下行 1bp。此外上半年累计净手续费收入在行业普遍承压情况下实 现较好增长，24H1 同比+11.3%，有去年同期低基数原因，各项业务发展也较 良性，代理/信贷承诺手续费收入分别同比+30.7%/+7.1% ...

详解江苏银行 2024 年半年报：业绩持续性强；资产质量稳健；消金稳步发力 江苏银行(600919)/银行 证券研究报告/公司点评 2024 年 08 月 17 日 [Table_Industry] [Table_Title] 评级：买入(维持) 市场价格：7.67 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 研究助理 杨超伦 Email：yangcl@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|---------| | 总股本(百万股) | 18,351 | | 流通股本(百万股) | 18,351 | | 市价(元) | 7.67 | | 市值(百万元) | 140,755 | | 流通市值(百万元) | 140,755 | [Table_QuotePic] 股价与行业-市场走势对比 -20% -10% 0% 10% 20% 30% 2023-08-16 ...

2024 年 8 月 18 日 公司研究 规模扩张强度不减，盈利维持双位数增长 ——江苏银行（600919.SH）2024 年中报点评 买入（维持） 当前价：7.67 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 市场数据 | --- | --- | |---------------------|-----------| | 总股本(亿股) | 183.51 | | 总市值(亿元)： | 1,407.55 | | 一年最低/最高(元)： | 5.97/7.93 | | 近 3 月换手率： | 59.46% | 股价相对走势 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % | 1M | 3M | 1Y | | 相对 | 1.54 | 6.61 | 27.52 | | 绝对 | -2.91 | -2.42 | 1 ...