Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Views - The company has shown stable performance with a significant growth in total assets and loans, indicating a strong momentum in business expansion. The total assets grew by 15.6% year-on-year, while loans increased by 17.0% [3]. - Retail lending has rebounded, with an increase of 12.813 billion yuan in the third quarter alone. The company maintains a high loan growth rate of 28.8% [3]. - The net profit for the first three quarters increased by 10.1% year-on-year, although the growth rate has slightly declined compared to the mid-year figures. The net interest income growth has decreased to 1.5% [3]. - The asset quality remains stable, with a non-performing loan ratio of 0.89% and a capital adequacy ratio of 13.19%, indicating a solid risk absorption capacity [3]. Financial Performance Summary - For 2023, the company is projected to achieve an operating income of 74.293 billion yuan, with a growth rate of 5.3%. The net profit is expected to reach 28.750 billion yuan, reflecting a growth rate of 13.3% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 1.79 yuan, with a price-to-book (PB) ratio of 0.60 [4][6]. - The company anticipates a gradual increase in net profit growth rates for the years 2024 to 2026, with projections of 10.0%, 6.1%, and 7.5% respectively [3][4]. Asset Quality and Capital Adequacy - The company maintains a stable asset quality with a non-performing loan coverage ratio of 351.03% and a slight increase in the capital adequacy ratio [3]. - The focus on managing liabilities has led to a decrease in funding costs, which is expected to alleviate pressure on net interest margins in the future [3]. Market Performance - Over the past twelve months, the company has outperformed the market, with a relative return of 29.92% compared to the CSI 300 index [3].

证券代码：600919 证券简称：江苏银行 公告编号：2024-040 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 2024 年金融债券（第一期）（债券通） 发行完毕的公告 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。 本期债券发行的募集资金将依据适用法律和主管部门的批准，用 于优化中长期资产负债匹配结构，增加稳定中长期负债来源并支持中 长期资产业务的开展。 特此公告。 江苏银行股份有限公司董事会 2024 年 11 月 8 日 - 1 - 经中国人民银行核准，江苏银行股份有限公司（以下简称"公司"） 于近日在银行间债券市场成功发行了"江苏银行股份有限公司 2024 年金融债券（第一期）（债券通）"（以下简称"本期债券"）。 本期债券发行总额为人民币 100 亿元，为 3 年期固定利率，票面 利率为 2.13%。 ...

Investment Rating - The investment rating for Jiangsu Bank is "Outperform the Market" and is maintained [1][3]. Core Views - Jiangsu Bank's net profit maintained double-digit growth in Q3 2024, with a year-on-year increase of 10.08%. Revenue for the same period grew by 4.25% year-on-year. For the first three quarters of 2024, revenue increased by 6.18% and net profit by 10.06% [3][4]. - The overall asset quality remains stable, with a non-performing loan ratio of 0.89% in Q3 2024, unchanged from the previous quarter. The coverage ratio for provisions is 351.03%, indicating sufficient risk mitigation capacity [3][4]. - The narrowing of net interest margin is noted, with a calculated net interest margin of 1.57% for the first three quarters of 2024, down by 1 basis point from the first half of 2024. The single-quarter net interest margin for Q3 2024 was 1.50%, a decrease of 6 basis points [4][3]. Financial Performance Summary - For 2024, the projected earnings per share (EPS) are 1.62, 1.80, and 2.00 for the years 2024, 2025, and 2026 respectively. The growth rates for net profit are forecasted at 9.31%, 10.06%, and 10.93% for the same years [4][5]. - The estimated reasonable value of the stock is between 10.1 and 10.38 yuan, corresponding to a price-to-earnings (PE) ratio of 6.21 to 6.39 for 2024 [4][5]. Market Performance - Jiangsu Bank's stock price has shown a fluctuation range of 6.36 to 9.27 yuan over the past 52 weeks, with a closing price of 9.20 yuan as of May 5, 2024 [1][2].

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 10 月投资者交流活动纪要 2024 年 10 月，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 10 月 30 日，中金公司、工银安盛人寿、Allianz Global Investors Luxembourg S.A、太平保险资管、中信保诚资管、CIC Group、Morgan Stanley Investment Management Inc. 、 鑫 巢 资 本 、 Pacific Alliance Investment Management (HK) Limited、北京沣沛投资管理有限公司、 宁波彩霞湾投资管理合伙企业、前海瑞园、博道基金、银华基金、复 星高科技（集团）有限公司、中国人保资管理、永安国富资管、嘉实 基金、Point 72、永赢基金、Abu Dhabi Investment Authority、高毅资 产、海南进化论资产、宽远资产、兴证全球基金、华安基金、华泰证 券、中粮信托、交银施罗德基金、中信证券、上海域秀资管； 10 ...

证券代码：600919 证券简称：江苏银行 公告编号：2024-039 优先股代码：360026 优先股简称：苏银优 1 一、会议类型 江苏银行股份有限公司 关于召开 2024 年三季度业绩说明会的公告 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。 重要内容提示 投资者可于 2024 年 11 月 13 日 17:30 前将重点关注的问题通 过电子邮件的形式发送至指定邮箱：dshbgs@jsbchina.cn。公司将在业 绩说明会上对投资者普遍关注的问题进行回答。 江苏银行股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日披露《江苏银行股份有限公司 2024 年第三季度报告》。公司决定 召开 2024 年三季度业绩说明会，就经营发展情况进行沟通交流，广 泛听取投资者的意见和建议。 二、会议召开的时间、形式 （二）召开形式：上证路演中心网络互动 （三）召开网址：上证路演中心（https://roadshow.sseinfo.com/） 三、公司参会人员 公司相关董事、高级管理人员。如有特殊情况，参加人 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank with an updated target price of 10.3 CNY per share, reflecting a valuation of 0.8 times the projected book value for 2024 [2][5]. Core Insights - Jiangsu Bank has transitioned from a high-growth phase to a stage of high-quality development, with enhanced operational resilience and stable performance expected to exceed industry averages. The net profit growth forecasts for 2024-2026 have been adjusted to 10.1%, 9.0%, and 9.6% respectively, with corresponding book values per share (BVPS) of 12.97, 14.22, and 15.60 CNY [3][4]. Financial Performance Summary - For Q3 2024, Jiangsu Bank reported a year-on-year revenue growth of 4.3%, with net interest income supported by volume despite a slight contraction in net interest margin due to declining asset yields. The cost-to-income ratio improved, decreasing by 5.2 percentage points to 15.6%, laying a solid foundation for profit growth [3][4]. - The bank's total revenue for 2024 is projected to reach 78.847 billion CNY, reflecting a growth rate of 6.1% compared to the previous year. The net profit attributable to shareholders is expected to be 31.666 billion CNY, marking a 10.1% increase [4][11]. - As of Q3 2024, the non-performing loan (NPL) ratio remained stable at 0.89%, indicating strong asset quality, while the coverage ratio for provisions was at a robust 351% [3][4].

Investment Rating - The investment rating for Jiangsu Bank (600919) is "Buy" (maintained) [4] Core Views - Jiangsu Bank reported a double-digit profit growth with a robust credit environment [6] - The bank's revenue for the first three quarters of 2024 reached 62.303 billion yuan, a year-on-year increase of 6.18% [6] - The net profit attributable to shareholders for the same period was 28.235 billion yuan, reflecting a year-on-year growth of 10.06% [6] Summary by Sections Financial Performance - For Q1-Q3 2024, Jiangsu Bank's interest income and non-interest income grew by 1.49% and decreased by 11.88% year-on-year, respectively [6] - The bank's net profit growth slightly increased by 0.01 percentage points compared to H1 2024 [6] - The contribution to net profit from interest-earning assets, net interest margin, other non-interest income, cost expenses, and provisions were +18.10%, -16.61%, +5.95%, +0.83%, and +3.14%, respectively [6] Credit and Deposit Growth - As of Q3 2024, the loan balance was 2.09 trillion yuan, a year-on-year increase of 17.02% [6] - The deposit balance reached 2.08 trillion yuan, reflecting a year-on-year growth of 9.08% [6] - The bank's credit structure is favorable, with retail, corporate, and discount loans accounting for 31.69%, 27.60%, and 40.72% of new loans, respectively [6] Asset Quality and Capital Adequacy - As of Q3 2024, the non-performing loan ratio and attention ratio were 0.89% and 1.45%, respectively [6] - The provision coverage ratio was 351.03%, indicating strong risk compensation capability [6] - The core Tier 1 capital adequacy ratio was 9.27%, showing sufficient capital [6] Future Outlook - The bank expects revenue growth of 6.58%, 7.01%, and 8.04% for 2024, 2025, and 2026, respectively, with a three-year CAGR of 7.21% [6] - The net profit is projected to grow by 9.75%, 10.71%, and 11.83% for the same years, with a three-year CAGR of 10.76% [6]

Investment Rating - The investment rating for Jiangsu Bank is "Buy" (maintained) [1][2]. Core Views - Jiangsu Bank's performance shows strong sustainability, with a balanced asset distribution and robust asset quality. The bank's core competitiveness is supported by its historical endowment combined with financial technology, a solid public business foundation in manufacturing and infrastructure, and a competitive retail business with scale advantages [1][2]. Summary by Sections Revenue and Profit Growth - Revenue growth has slightly narrowed, with a year-on-year increase of 6.1% in Q3 2024 compared to 7.1% in the first half of 2024. Net profit growth remains stable at 10.1% year-on-year for the first half of 2024 [5][11]. - Cumulative revenue, PPOP, and net profit for Q3 2024 show year-on-year growth of 6.1%, 7.1%, and 10.1% respectively [5][6]. Net Interest Income and Margin - Net interest income decreased by 0.1 percentage points quarter-on-quarter, with the annualized net interest margin declining by 8 basis points to 1.71%. The yield on interest-earning assets fell by 23 basis points to 3.94%, while the cost of interest-bearing liabilities decreased by 10 basis points to 2.17% [8][11]. Asset and Liability Growth and Structure - The asset side remains stable, with public business continuing to grow and retail lending showing signs of recovery in the second half of the year. In Q3 2024, loans increased by 200.8 billion, with public loans up by 208.7 billion and retail loans down by 5.2 billion, although retail loans saw a net increase of 12.8 billion in the third quarter [11][12]. - On the liability side, the proportion of deposits decreased while the proportion of bond issuance increased. In Q3 2024, the changes in the proportions of deposits, bond issuance, and interbank liabilities were -1.8, +3, and -1.2 percentage points respectively [11][12]. Non-Interest Income - Non-interest income increased by 16.9% year-on-year, with other non-interest income showing a marginal upward trend. However, net fee income turned negative with an 11.9% year-on-year decrease [14][15]. Asset Quality - The bank maintains a solid asset quality with a non-performing loan (NPL) ratio of 0.89%, the best level since 2012. The annualized NPL generation rate is 1.21%, with a coverage ratio of 351.03% [16][17].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company reported steady growth in operating performance, with a significant rebound in profits due to the reversal of impairment losses. For the first three quarters of 2024, the company achieved operating income and net profit attributable to shareholders of 62.303 billion yuan and 28.235 billion yuan, representing year-on-year growth of 6.18% and 10.06% respectively. The annualized weighted average ROE was 16.33%, a decrease of 1.75 percentage points year-on-year. The performance was primarily driven by high growth in investment business income and the reversal of provisions boosting profits. The credit impairment losses for the first three quarters of 2024 were 12.025 billion yuan, down 1.54% year-on-year [2][3]. Summary by Relevant Sections Operating Performance - The company’s net interest income for the first three quarters of 2024 was 41.693 billion yuan, a year-on-year increase of 1.49%, showing a slight slowdown compared to the first half of the year. The interest income and interest expenses in Q3 decreased by 1.51% and 3.32% year-on-year respectively. As of the end of September 2024, total loans amounted to 2.1 trillion yuan, an increase of 16.22% from the beginning of the year, with corporate loans growing by 18.81% [2][3]. Deposit Growth - Total deposits reached 21.2 trillion yuan by the end of September 2024, up 10.54% from the beginning of the year, with corporate deposits increasing by 22.39% and personal deposits rising by 14.43% [3]. Non-Interest Income - Non-interest income for the first three quarters of 2024 was 20.61 billion yuan, a year-on-year increase of 17.11%. However, intermediary business income fell by 11.88% year-on-year, with a significant decline of 51.81% in Q3 due to increased fees and commissions [3]. Asset Quality - The company maintained stable asset quality, with a non-performing loan ratio of 0.89% as of the end of September 2024, unchanged from the beginning of the year. The coverage ratio was 351.03%, a decrease of 38.5 percentage points year-on-year, but still above the industry average [3]. Financial Forecast - The forecast for 2024-2026 indicates a projected BVPS of 12.73 yuan, 14 yuan, and 15.47 yuan respectively, with corresponding current stock price PB ratios of 0.71X, 0.64X, and 0.58X [3].

王霄鸿 wangxiaohong@orientsec.com.cn 业绩增长稳健，零售存贷款增长较好 ——江苏银行 24Q3 季报点评 核心观点 ⚫ 手续费收入拖累营收增速小幅回落，利润增速保持平稳。截至 24Q3，江苏银行营 收、PPOP、归母净利润累计同比增速（下同）分别较 24H1 变化-1.0pct、2.0pct、 0.01pct。其中净利息收入增速较 24H1 小幅回落 0.3pct，考虑到生息资产增速环比 明显提升，净息差或继续小幅收窄；净手续费及佣金收入增速较 24H1 大幅下降 23.2pct， 一是 24Q3 理财规模增长放缓，给手续费收入增长带来一定压力，二是手 续费支出延续高增；净其他非息收入增速较 24H1 回升 4.2pct，主要是金融投资公 允价值变动以及汇兑收益的贡献。管理费用及信用成本继续压降的背景下，支撑 PPOP 和归母净利润增速环比回升。 ⚫ 资产扩张提速，零售存贷款实现较好增长。截至 24Q3，江苏银行总资产同比增速 较 24H1 提高 1.1pct，其中贷款增速小幅下降 0.6pct 至 17%，而金融投资及同业资 产增长突出。总负债增速较 24H1 回升 1.2pc ...