Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank with a target price of 9.11 CNY, corresponding to a 0.7x PB for 2024 [5][3]. Core Views - Jiangsu Bank demonstrates stable operations and steady growth in performance, with asset quality remaining at a favorable level. The bank's revenue and net profit for 2023 and Q1 2024 show year-on-year growth of 5.3% and 11.7% for revenue, and 13.3% and 10% for net profit, respectively [3][4]. - The bank's loan and deposit growth rates for 2023 were 15.4% and 12.3%, respectively, with Q1 2024 continuing to show strong year-on-year increases [3][4]. - The bank has increased its provisions and improved its asset quality management in response to industry pressures, maintaining a stable non-performing loan (NPL) ratio [3][4]. Financial Summary - Revenue for 2023 was 74,293 million CNY, with a projected increase to 79,612 million CNY in 2024, reflecting a growth rate of 7.16% [4]. - Net profit attributable to shareholders for 2023 was 28,750 million CNY, expected to rise to 31,809 million CNY in 2024, indicating a growth rate of 10.64% [4]. - The bank's return on equity (ROE) for 2023 was 12.53%, with projections of 12.08% for 2024 [4]. Asset Quality - As of Q1 2024, the non-performing loan ratio remained stable, with a slight increase in attention and overdue rates to 1.37% and 1.10%, respectively [3][4]. - The bank's provision coverage ratio remains high, indicating controlled overall risk [3][4]. Market Performance - The current stock price is 7.67 CNY, with a 52-week price range of 6.43 to 8.44 CNY [5][4]. - The bank's market capitalization stands at 140,755 million CNY [5].

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II ＃d江yCo苏mp银any＃行 ＃d 6yS 0to 0c 9kc 1od 9e ＃ 利润增速放缓＃，titl资e＃产 质量稳定 ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） ——江苏银行 2023年报&2024年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 26日 司 ge＃ 投资要点 点 ＃relatedReport＃ ＃summary＃ 相关报告 ⚫ 2023Q4业绩增速放缓，2024Q1投资收益高增带动营收、利润实现两位数增长。 评 公司 2023 年营收/归母净利润同比分别为+5.3%/+13.3%，2023Q4 单季度营收/归 报 母净利润同比分别为-7.1%/-36.8%，2023Q4业绩增速下滑幅度较大，一方面是息 告 差下行对净利息收入有所拖累，另一方面是公司主动加大了减值计提力度，对应 ＃分em析a师ilA：ut hor＃ 也加大了核销力度。 ＃陈a绍ss兴Au thor＃ 公司2024Q1营收/归母净利润同比分别为+11.7%/+1 ...

[Table_Title] 证券研究报告 24Q1 营收和利润增速均超 10%，“五篇大文章”显成效 公司研究 [Table_ReportDate] 2024年04月27日 [Table_ReportType] 公司点评报告 [T事ab件le：_近Su日mm,a江ry苏] 银行披露2023年报和2024年一季报：2024Q1归母净利润 [江Ta苏bl银e_行Sto(c6k0A0n9d1R9an)k ] 同比+10.02%（2023 年同比+13.25%，前三季度同比+25.21%）；营业收入同 比+11.73%（2023 年同比+5.28%，前三季度+9.16%）；年化加权 ROE 15.38% 投资评级 （2023年化加权ROE 14.52%），同比-1.91pct。 上次评级 点评： [廖T紫ab苑le _ A u银th行or业]分 析师 ➢ 营收加速利润减速，同比均超 10%。2024Q1 江苏银行营收同比增速较 执业编号：S1500522110005 2023年+6.45pct 至11.73%，再次突破10%，在已披露数据的上市银行 邮 箱：liaoziyuan@cindasc.com 中名列前茅，表 ...

证券代码：600919 证券简称：江苏银行 公告编号：2024-022 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 关于变更注册资本获监管机构核准的公告 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。 近日，江苏银行股份有限公司（以下简称"本行"）收到《国家 金融监督管理总局江苏监管局关于江苏银行变更注册资本的批复》 （苏金复〔2024〕128 号），国家金融监督管理总局江苏监管局同意 本行注册资本因可转债转股由人民币 14,769,656,700 元变更为人民 币 18,351,324,463 元。本行将根据此批复办理相关变更手续。 特此公告。 江苏银行股份有限公司董事会 2024 年 4 月 27 日 - 1 - ...

公司研 究 证 券研究 报 告 城商行 2024年04月26日 江 苏银行（600919）2023年报及 2024年一季报点评 推 荐 （维持） 目标价：9.6元 对公支撑规模较快增长，资产质量保持稳定 当前价：8.44元 事项： 华创证券研究所  4月25日晚，江苏银行披露2023年报及2024年一季报，2023年/1Q24实现 证券分析师：贾靖 营业收入742.93亿元/209.99亿元，同比增长5.28%/11.72%；实现归母净利润 287.50亿元/90.42亿元，同比增长13.25%/10.02%。1Q24不良贷款率环比持平 邮箱：jiajing@hcyjs.com 至0.91%，拨备覆盖率环比下降7pct至371.22%。 执业编号：S0360523040004 证券分析师：徐康 评论： 电话：021-20572556 邮箱：xukang@hcyjs.com  息差降幅扩大及中收同比下滑拖累 4Q23营收，其他非息收入高增促使 1Q24 执业编号：S0360518060005 营收高增；4Q23/1Q24 拨备多提增厚安全垫，归母净利润增速下行。1） 4Q23/1Q24营收同比增长-7.1% ...

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 4 月 26 日投资者交流 活动纪要 2024年4月26日，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 华夏基金、工银瑞信基金、汇添富基金、易方达基金、嘉实基 金、大成基金、华安基金、泰康基金、民生加银基金、中银基金、 兴证全球基金、银华基金、东证资管、人寿资产、长江养老、国寿 养老、国寿资产、平安资产、景顺长城基金、高毅资产、上投摩根 基金、中欧基金、泰康资产、南方基金、招商基金、交银基金、广 发基金、汇丰晋信基金、安联资管、海富通基金、人民保险、长盛 基金、天弘基金、博时基金、国投瑞银基金、安联寰通基金、安联 ...

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price corresponding to 0.7 times the estimated 2024 PB [2][3]. Core Views - Jiangsu Bank has shown steady expansion in its loan and deposit scales, supported by a stable asset quality and a high level of provisions, indicating ample room for profit release in the future [2]. - The bank's revenue for 2023 was CNY 74.3 billion, with a year-on-year growth of 5.3%, while the net profit attributable to shareholders was CNY 28.8 billion, reflecting a 13.3% increase [1][3]. - The bank's non-interest income has continued to perform well, primarily driven by increased returns from trading financial assets [1]. - The bank's loan portfolio has expanded by 13.1% year-on-year in Q1 2024, with a significant contribution from corporate loans, particularly in manufacturing and small micro enterprises [1]. - The net interest margin has shown a downward trend, with a year-end figure of 1.98% for 2023, indicating ongoing pressure on loan yields [1]. Summary by Sections Financial Performance - Revenue for 2023 was CNY 743 billion, with a YoY growth of 5.3%, and for Q1 2024, it was CNY 210 billion, with a YoY growth of 11.7% [1]. - Net profit attributable to shareholders for 2023 was CNY 288 billion, with a YoY increase of 13.3%, and for Q1 2024, it was CNY 90 billion, reflecting a 10.0% increase [1][3]. - Other non-interest income grew significantly, with a YoY increase of 74.9% in Q1 2024, mainly due to enhanced returns from trading financial assets [1]. Asset Quality - The non-performing loan ratio at the end of Q1 2024 was 0.91%, stable compared to the end of 2023, with a provision coverage ratio of 371% [1][2]. - The bank's provisions remain at a high level, providing a buffer for potential future losses [2]. Loan and Deposit Growth - Total loans increased by 13.1% YoY in Q1 2024, with corporate loans being the primary driver of this growth [1]. - Total deposits grew by 14.5% YoY in Q1 2024, attributed to strong corporate loan disbursements [1]. Future Projections - EPS estimates for 2024, 2025, and 2026 are projected to be CNY 1.75, CNY 1.96, and CNY 2.22 respectively [2][3]. - Revenue growth rates are expected to be 5.3% for 2023, with projections of 8.0%, 8.4%, and 9.2% for the following years [3].

公 银行 司 2024年 4月 26日 报 江苏银行(600919.SH) 告 非息带动营收回暖，资产质量保持稳定 强烈推荐（维持） 事项： 江苏银行发布 2023 年年报及 2024 年一季报，公司 23 年、24Q1 分别实现营 股价：8.44 元 业收入743亿元、210亿元，对应同比增速分别为5.3%/11.7%，公司23年、 24Q1分别实现归母净利润288亿元、90亿元，对应同比增速分别为13.3%、 公 主要数据 10.0%。公司23年加权平均ROE为14.52%，同比下降0.27个百分点，24Q1 司 年化ROE为15.38%。公司23年末总资产为3.40万亿元，同比增长14.2%， 行业 银行 年 公司网址 www.jsbchina.cn 24Q1总资产为3.67万亿元，较年初增长7.83%。公司2023年利润分配预案 大股东/持股 江苏凤凰出版传媒集团有限公司 为：每10股分红4.70元（含税），分红率为30.0%。 报 /6.93% 点 实际控制人 平安观点： 总股本(百万股) 18,351 评 流通A股(百万股) 18,270  非息收入带动营收回暖，拨备计提力度加大。公司24Q1和 ...

[Table_Page] 年报点评|城商行Ⅱ 证券研究报告 [江Table_苏Title] 银行（600919.SH） [公Tab司le_评Inve级st] 买入 当前价格 8.44元 营收超预期，业绩增速回落 合理价值 9.98元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-26 ⚫ 江苏银行发布 23 年年报和 24 年一季报，23A 和 24Q1 营收分别为 [相Tab对le_P市icQ场uote表] 现 5.3%、11.7%，PPOP分别为6.0%、9.2%，归母净利润同比分别增长 13.3%、10.0%，在行业经营承压的环境下，公司营收增速大幅反弹至 20% 12% 11%以上，超出投资者预期（详细图表见正文）。 4% ⚫ 亮点：（1）Q1营收高增超预期。公司24Q1营收增长11.7%，较23Q4 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 单季-7.1%较大回升，从驱动因素来看，营收增速大幅反弹主要是单季 -12% -20% 息差环比回升，手续费增长负贡献减少，以及其他非息收入增速维持在 江苏银行 沪深 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][5] Core Views - The company's profitability remains at a good level, with 2023 revenue of 74.3 billion yuan (YoY, +5.3%) and net profit of 28.8 billion yuan (YoY, +13.3%) [3] - In Q1 2024, revenue reached 21 billion yuan (YoY, +11.7%) and net profit was 9 billion yuan (YoY, +10.0%), driven by significant growth in non-interest income [3] - The company has experienced steady asset growth, with total assets increasing by 14.2% YoY in 2023, reaching 3.67 trillion yuan by the end of March 2024 [3] - The company maintains stable asset quality, with a non-performing loan ratio of 0.91% in 2023, remaining stable into Q1 2024 [3] Financial Forecasts and Indicators - Revenue projections for 2024-2026 are adjusted to 31.7 billion yuan, 35.4 billion yuan, and 40.6 billion yuan respectively, with corresponding YoY growth rates of 10.2%, 11.9%, and 14.6% [3] - The diluted earnings per share (EPS) are forecasted to be 1.73 yuan for 2024, 1.93 yuan for 2025, and 2.21 yuan for 2026 [3] - The company’s return on equity (ROE) is projected to be 14.9% in 2024, 15.0% in 2025, and 15.4% in 2026 [3] - The price-to-earnings ratio (PE) is expected to decrease from 5.4 in 2023 to 4.9 in 2024, indicating a more attractive valuation [3] Capital and Expansion - The company’s core capital adequacy ratio is reported at 9.2% as of Q1 2024, supporting its capacity for continued expansion [3] - The successful conversion of convertible bonds into equity is expected to bolster the company's expansion capabilities [3]