Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue growth has slightly slowed due to a decline in fee income, but profit growth remains stable. As of Q3 2024, the year-on-year growth rates for revenue, PPOP, and net profit attributable to the parent company have changed by -1.0 percentage points, 2.0 percentage points, and 0.01 percentage points respectively compared to H1 2024 [1] - The bank's total assets have increased year-on-year, with a notable growth in financial investments and interbank assets. However, deposit growth has decreased, primarily due to pressure on corporate deposits. Personal loans have contributed significantly to the credit increment in the quarter [2] - The report adjusts revenue and profit forecasts based on Q3 2024 performance, predicting net profit growth rates of 11.0%, 11.2%, and 12.5% for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.70, 1.89, and 2.13 yuan [3] Summary by Sections Financial Performance - As of Q3 2024, the bank's revenue, PPOP, and net profit attributable to the parent company have shown year-on-year growth rates of 5.3%, 18.6%, and 13.3% respectively for 2023, with projections for 2024 indicating a revenue of 79,453 million yuan and a net profit of 31,913 million yuan [5][10] - The bank's net interest income has slightly decreased by 0.3 percentage points compared to H1 2024, while net fee and commission income has significantly dropped by 23.2 percentage points due to slower growth in wealth management scale and high fee expenditures [1][2] Asset Quality - The bank's non-performing loan ratio remains stable at 0.89%, with a slight increase in the attention rate. The net generation rate of non-performing loans has improved, indicating stable asset quality [2] - The provision coverage ratio has decreased by 6.2 percentage points to 351%, while the loan-to-deposit ratio has slightly declined [2] Valuation and Price Target - The report employs a comparable company valuation method, assigning a 20% valuation premium to the company due to its strong asset expansion capability. The target price is set at 11.62 yuan per share, corresponding to a PB of 0.91 times for 2024 [3][6]

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][14] Core Views - The company has shown steady profit growth with a focus on cost control, achieving a 10.1% year-on-year increase in net profit for the first three quarters of 2024 [4][6] - Revenue growth has slightly slowed, with a 6.18% year-on-year increase in operating income, impacted by a decline in fee income [4][5] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.89% and a provision coverage ratio of 351% [6][11] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported operating income of 623 billion yuan, a 6.18% increase year-on-year, and a net profit attributable to shareholders of 282 billion yuan, up 10.1% [3][4] - The annualized return on equity (ROE) stands at 16.3% [3] - The total assets of the group reached 3.86 trillion yuan, reflecting a 15.6% year-on-year growth [3][5] Revenue and Cost Management - The revenue growth rate has decreased by 0.98 percentage points compared to the first half of 2024, primarily due to a decline in fee income, which fell by 11.9% year-on-year [4][5] - The net interest income increased by 1.5% year-on-year, with a net interest margin (NIM) of 1.49%, down 6 basis points from the previous quarter [5][8] Asset Quality - The NPL ratio remained stable at 0.89%, while the attention rate increased to 1.45%, indicating some retail risk disturbances [6][11] - The provision coverage ratio decreased slightly but remains high at 351%, ensuring strong risk mitigation capabilities [6][11] Future Outlook - The company is expected to maintain a positive growth trajectory, with projected earnings per share (EPS) of 1.73, 1.92, and 2.15 yuan for 2024 to 2026, respectively, reflecting growth rates of 10.6%, 11.1%, and 11.6% [7][10] - The current stock price corresponds to a price-to-book (P/B) ratio of 0.72x for 2024, indicating potential for value appreciation [7][10]

Investment Rating - The report maintains a "Recommend" rating for Jiangsu Bank (600919) with a target price of 10.22 CNY, compared to the current price of 9.02 CNY [1][2]. Core Views - Jiangsu Bank achieved a steady double-digit growth in net profit, with a year-on-year increase of 10.1% in the first three quarters of 2024, reaching a net profit of 28.24 billion CNY [1]. - The bank's operating income for Q3 2024 was 20.68 billion CNY, showing a recovery in revenue growth, primarily driven by a significant increase in non-interest income, which rose by 35.1% year-on-year [1]. - The bank's loan structure is improving, with a focus on balancing corporate and retail loans, as corporate loan growth has slowed down while retail loan demand shows signs of recovery [1][2]. Financial Performance Summary - For the first three quarters of 2024, Jiangsu Bank reported total operating income of 62.3 billion CNY, a 6.2% increase year-on-year, and a net profit attributable to shareholders of 28.24 billion CNY, a 10.1% increase year-on-year [1][3]. - The bank's non-performing loan (NPL) ratio remained stable at 0.89%, with a provision coverage ratio of 351%, indicating strong risk mitigation capabilities [1][3]. - The bank's interest margin for Q3 2024 was 1.71%, reflecting a decrease compared to previous quarters, primarily due to competitive pricing in corporate loans [1][3]. Future Outlook - The report projects revenue growth rates of 6.3%, 4.0%, and 9.6% for 2024, 2025, and 2026 respectively, with net profit growth rates of 10.2%, 7.3%, and 7.9% for the same periods [1][2]. - The bank's capital strength is expected to improve further with the conversion of 20 billion CNY of convertible bonds in 2023, enhancing its capacity for credit expansion [1][3].

Investment Rating - Maintains a "Recommend" rating with a target price of 9.02 RMB [3][4] Core Views - Jiangsu Bank's 24Q1-3 revenue reached 62.3 billion RMB, a YoY increase of 6.2%, while net profit attributable to shareholders grew by 10.1% YoY to 28.2 billion RMB [1] - The bank's asset expansion accelerated, with total assets and liabilities increasing by 15.6% and 15.0% YoY respectively by the end of 24Q3 [2] - The non-performing loan (NPL) ratio remained stable at 0.89%, and the provision coverage ratio stood at 351%, indicating strong risk resilience [2] Financial Performance - Net interest income for 24Q1-3 increased by 1.5% YoY, supported by active asset expansion, while non-interest income saw a significant rise of 26.5% YoY [1] - Corporate loans grew by 18.8% compared to the end of 2023, while personal loans and bill financing decreased by 0.8% and 2.0% respectively [2] - The bank's EPS is projected to be 1.73, 1.92, and 2.12 RMB for 2024, 2025, and 2026 respectively, with a P/B ratio of 0.7x for 2024 [3] Asset Quality and Risk Management - The NPL ratio remained stable at 0.89%, with a slight increase in the attention rate to 1.45% by the end of 24Q3 [2] - The provision coverage ratio decreased slightly to 351%, but remains at a high level, ensuring strong risk absorption capacity [2] Future Outlook - Benefiting from stable local economic growth and industrial advantages, Jiangsu Bank's corporate business is expected to maintain steady growth [3] - The bank's asset quality is stable, and its provision coverage ratio remains high, supporting continued profit growth in the future [3] Financial Projections - Revenue is expected to grow at a CAGR of 6.8% from 2024 to 2026, reaching 92.3 billion RMB by 2026 [3] - Net profit attributable to shareholders is projected to grow at a CAGR of 10.7% over the same period, reaching 39 billion RMB by 2026 [3]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank (600919.SH) with a current price of 9.02 CNY [2]. Core Views - Jiangsu Bank has accelerated its scale expansion and demonstrated strong resilience in performance, with revenue growth of 6.2% year-on-year and net profit growth of 10.1% in the first three quarters of 2024 [4][6]. - The bank's non-interest income grew by 17% year-on-year, although its proportion of total revenue decreased to 33% [10]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.89% and a provision coverage ratio of 351% as of the end of Q3 2024 [11][19]. Summary by Sections Financial Performance - Jiangsu Bank achieved a revenue of 623 billion CNY and a net profit of 282 billion CNY in the first three quarters of 2024, reflecting year-on-year growth rates of 6.2% and 10.1% respectively [4][6]. - The bank's return on average equity (ROAE) was 16.33%, a decrease of 1.8 percentage points year-on-year [4]. Revenue Composition - The growth rates for net interest income and non-interest income were 1.5% and 17.1% respectively, with a slight decline compared to the first half of 2024 [6]. - Non-interest income contributed significantly to revenue, with net fees and commissions at 38 billion CNY, down 12% year-on-year, while other non-interest income reached 168 billion CNY, up 27% year-on-year [10]. Asset Quality - The NPL ratio stood at 0.89% at the end of Q3 2024, with a provision coverage ratio of 351%, indicating strong risk mitigation capabilities [11][19]. - The bank's credit impairment losses for the quarter were 47 billion CNY, reflecting a year-on-year increase of 3 billion CNY [11]. Capital Adequacy - As of Q3 2024, the core tier 1 capital adequacy ratio was 9.3%, with total capital adequacy at 13.2% [11][19]. - The issuance of 10 billion CNY in perpetual bonds has effectively supplemented the bank's capital base [11]. Future Outlook - The bank is expected to benefit from the economic growth in Jiangsu province, with a focus on key sectors such as advanced manufacturing and small enterprises [12]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 1.79, 2.00, and 2.20 CNY respectively, with the current price corresponding to a price-to-book (PB) ratio of 0.7 and a price-to-earnings (PE) ratio of 5.0 [12][13].

Financial Performance - Operating income for Q3 2024 reached CNY 20,678,090, representing a year-on-year increase of 4.25%[3] - Net profit attributable to shareholders was CNY 9,504,039, reflecting a growth of 10.08% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was CNY 9,448,740, with a year-on-year increase of 10.98%[3] - Net profit for the first three quarters of 2024 reached CNY 29,296,264, an increase of 10.3% compared to CNY 26,574,024 in the same period of 2023[28] - Interest income rose to CNY 98,182,055, up from CNY 95,068,716, reflecting a growth of 2.2% year-over-year[28] - The company's basic earnings per share for the period was CNY 0.52, reflecting a decrease of 7.41% year-on-year[3] Assets and Liabilities - Total assets as of the end of the reporting period amounted to CNY 3,856,856,211, marking a 13.32% increase from the end of the previous year[3] - Total liabilities increased significantly, with derivative financial liabilities rising by 50.90% compared to the previous year[7] - The bank's total liabilities increased to CNY 3,544,774,568, compared to CNY 3,144,245,806 at the end of 2023, marking a rise of 12.8%[24] - The bank's equity attributable to shareholders increased to CNY 302,455,347, up from CNY 250,409,988, indicating a growth of 20.8%[26] Cash Flow - The net cash flow from operating activities was negative at CNY -106,115,733, a significant decline of 259.10% compared to the previous year[3] - Net cash flow from operating activities for the first three quarters of 2024 was -4,110,732, a significant decrease compared to 192,920,118 in the same period of 2023[31] - Net cash flow from financing activities improved to 202,142,686 in 2024, reversing from a net outflow of -101,966,682 in 2023[32] - Total cash inflow from investment activities increased to 2,226,380,043 in 2024 from 1,622,168,194 in 2023, reflecting a growth of approximately 37.2%[31] - Cash outflow from investment activities rose to 2,410,670,544 in 2024, compared to 1,704,869,226 in 2023, indicating an increase of about 41.4%[31] - The total cash and cash equivalents at the end of Q3 2024 reached 83,032,518, up from 72,248,283 at the end of Q3 2023, marking an increase of approximately 14.5%[32] Risk and Capital Ratios - The weighted average return on equity (annualized) decreased to 16.68%, down by 1.12 percentage points from the previous year[3] - Core Tier 1 capital adequacy ratio was reported at 9.27%[17] - The liquidity coverage ratio stood at 126.60%[20] - The provision coverage ratio decreased to 351.03% from 389.53% year-over-year[22] - The cost-to-income ratio improved to 20.17% from 20.89% year-over-year[22] - The bank's leverage ratio increased to 7.04% from 6.64% year-over-year[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 122,074, with the top ten shareholders holding a total of 6.98% and 6.93% of shares respectively[9] Non-Performing Loans and Income - The non-performing loan ratio remained stable at 0.89% compared to the previous year[22] - The bank's non-performing loan ratio remained stable, reflecting effective risk management strategies[28] - The bank's fee and commission income decreased slightly to CNY 5,024,935 from CNY 5,092,055, a decline of 1.3%[28] - The bank's investment income increased significantly to CNY 11,365,921, up from CNY 9,185,901, representing a growth of 23.8%[28] - The bank's other comprehensive income after tax rose to CNY 3,186,636, compared to CNY 836,703 in the previous year, showing a substantial increase[28] Cash Management - Cash received from equity investments amounted to 30,000,000 in 2024, while cash received from issuing debt securities increased to 1,000,314,888 from 529,729,979 in 2023[31] - The net increase in customer deposits and interbank deposits was 158,500,490 in 2024, down from 365,291,999 in 2023, showing a decline of about 56.7%[31] - Cash received from interest, fees, and commissions was 90,621,232 in 2024, slightly up from 87,690,648 in 2023, reflecting a growth of approximately 2.2%[31] - The cash outflow for paying interest, fees, and commissions increased to 50,993,162 in 2024 from 40,779,793 in 2023, representing a rise of about 24.5%[31] - The impact of exchange rate changes on cash and cash equivalents was -278,056 in 2024, contrasting with a positive impact of 42,220 in 2023[32]

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 年三季度行长工作报告的 议案 证券代码：600919 证券简称：江苏银行 公告编号：2024-038 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。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第十 二次会议通知于2024 年10月18 日以电子邮件方式发出，会议于 2024 年 10 月 29 日以现场加视频方式召开。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。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 - 1 - 市场利率确定，发行次数及各次发行规模依据公司资金需求以及市场 情况决定，募集资金将依据适用的法律法规和监管部门的批准使用。 同意提请股东大会授权董事会、并由董事会转授权经营层代表公 ...

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 9 月投资者交流活动纪要 2024 年 9 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 9 月 3 日，汇丰前海证券策略会交流； 9 月 5 日，国联证券； 9 月 10 日，高盛公司、新加坡政府投资基金； 9 月 11 日，招商证券策略会交流； 9 月 12 日，国海富兰克林基金； 9 月 19 日，瑞银证券、交银施罗德基金、Point 72； 9 月 20 日，泰康资产、嘉实基金、富国基金、工银瑞信基金、 汇添富基金、南方基金、长信基金、招商信诺资产； 9 月 26 日，美银证券、中泰证券、工银瑞信基金、长信基金、 永赢基金、浦银安盛基金、大都会人寿、Schroders PLC、Morgan Stanley Investment Management Inc、Bea Union Investment Management Ltd、 Torito Capital Ltd、Polymer Capital Management（HK） Ltd、B ...

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 8 月投资者交流活动纪要 2024 年 8 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 8 月 19 日，富国基金； 8 月 21 日，中信证券、Morgan Stanley、Point72 Asset Mgmt LP、 博道基金、大成基金、敦和资管、高毅资产、工银安盛人寿、工银瑞 信基金、国寿养老、海富通基金、华夏基金、慧创投资、嘉实基金、 乐瑞资产、马来西亚国库、南方基金、平安资管、交银施罗德基金、 泰康基金、友邦保险、长盛基金、中融信托、中邮人寿； 8 月 22 日，华福证券、鹏华基金； 8 月 23 日 ， 中 金 公 司 、 Millennium Capital Mgmt 、 HGNH International Asset Mgmt (SG) L.P、Fountaincap Research & Inc (HONG KONG) Co., Ltd、Best Investment Corporation (CIC Group)、Alli ...

证券研究报告 2024 年 09 月 06 日 湘财证券研究所 公司研究 江苏银行（600919.SH） 利润增速企稳，规模增长领先 核心要点： 利润增速保持稳定，手续费收入实现正增长 公司评级：增持（首次覆盖） 近十二个月公司表现 相对收益 5.56 15.70 32.44 绝对收益 1.82 5.80 17.08 % 1 个月 3 个月 12 个月 注：相对收益与沪深 300 相比 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2024H1 与 2024Q1，江苏银行营业收入同比增长 7.2%/11.7%，归母净利润 同比增长 10.1%/10.0%，利息净收入同比增长 1.8%/-0.8%，非息净收入同 比增长 19.7%/45.5%，手续费收入同比增长 11.3%/-16.8%。公司利润增速较 一季度持平，由于规模扩张较强，利息净收入增速回升。手续费净收入转 为正增长，主要由代理手续费收入增长贡献。 区域经济势能足，对公业务迅速扩张 近年来，江苏银行在江 ...