公 司 报 告│ 金 融 - 公 司 季 报 点 评 江阴银行(002807) 非息收入明显改善，资产质量稳中向好 ➢ 营收增速边际提升，非息收入明显改善 ➢ 资产质量稳中向好，拨备计提力度维持高位 证券研究报告 股价相对走势 -30% -17% -3% 10% 2023/4 2023/8 2023/12 2024/4 江阴银行 沪深300 1、《江阴银行（002807）：息差韧性较强，资产质 量扎实》2024.04.01 2、《江阴银行（002807）：信贷增长较快，资产质 量改善》2023.11.03 | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|-----------------------------------------|-------|-------| | 财务预测摘要 \n资产负债表 \n单位:百万元 | | | 2022 2023 2024E 2025E 2026E | | | | 现金及存放中央银行款项 | | | 8,628 8,239 9 ...

Investment Rating - The investment rating for Jiangyin Bank is "Accumulate" [2][4] - Previous rating was also "Accumulate" [2] Core Views - The bank has shown rapid growth in loans and deposits, with improving asset quality [2] - The first quarter performance met expectations, supported by non-interest income, although the pace of asset expansion has slowed [2] - The forecast for net profit growth is projected at 11.16% for 2024, 14.00% for 2025, and 15.08% for 2026 [2] Summary by Sections Financial Performance - Q1 revenue increased by 2.6% year-on-year, driven by non-interest income [2] - Net profit for 2023 is expected to be 1,888 million, with projections of 2,099 million for 2024 and 2,392 million for 2025 [4] - The bank's total assets grew by 5.7% year-on-year, with loans increasing by 11.7% [2] Asset Quality - The non-performing loan ratio decreased to 0.97%, down 11 basis points from the beginning of the year [2] - The provision coverage ratio improved to 425.25%, indicating enhanced risk resilience [2] Market Position - Jiangyin Bank's market capitalization is approximately 9,476 million [4] - The average daily trading volume is 29.43 million shares, with an average daily trading value of 110.90 million [2] Future Outlook - The target price for Jiangyin Bank is set at 5.62, with the current price at 3.85 [2][4] - The bank is expected to maintain a strong growth trajectory in both loans and deposits, despite a competitive lending environment [2]

识别风险，发现价值 请务必阅读末页的免责声明 6 / 23 2.6% 3.1% 12.7% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 单季度营收、PPOP、归母净利润增速 营业收入同比增速 拨备前利润同比增速 归母净利润同比增速 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|--------|------------------------|--------|--------|--------|--------|--------|--------| | 表 6 ：单季度同比业绩拆分 | 2022Q2 | 2022Q3 | 2022Q4 | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | | 生息资产规模 | 10.0% | 11.4% | 11.6% | 11.2% | 10.8% | 8.7% | 8.8% | 7.7% | | 净息差 | 8.2% | 3.2% | ...

Investment Rating - The report maintains an "Accumulate" rating for Jiangyin Bank with a current price of 3.85 CNY [1] Core Views - Jiangyin Bank demonstrates strong resilience in earnings growth and stable asset quality, with a focus on expanding its retail and small business segments [24] - The bank's asset quality remains robust, with a non-performing loan (NPL) ratio of 0.97% and a coverage ratio of 425.3% as of Q1 2024, indicating strong risk mitigation capabilities [4][12] - The bank's revenue for Q1 2024 reached 1.06 billion CNY, reflecting a year-on-year growth of 2.6%, while net profit increased by 12.7% to 350 million CNY [20] Summary by Sections Financial Performance - Jiangyin Bank's Q1 2024 revenue, pre-provision profit, and net profit grew by 2.6%, 3.1%, and 12.7% year-on-year, respectively [8] - The bank's net interest income and non-interest income saw year-on-year changes of -12.4% and 55.9%, respectively, indicating a shift towards non-interest revenue sources [8] Asset Quality - As of Q1 2024, the bank's NPL ratio and attention rate were 0.97% and 0.95%, respectively, both showing a decline compared to the end of 2023 [4] - The bank's credit impairment losses for the quarter were 440 million CNY, down from the previous year, indicating improved asset quality management [4] Capital Adequacy - The core Tier 1, Tier 1, and total capital adequacy ratios were reported at 14.2%, 14.2%, and 15.3%, respectively, all showing an increase from the previous year [12] - The bank's capital position is supported by a strong internal capital generation capacity, with a risk-weighted asset growth rate of 5.9% as of Q1 2024 [12] Deposit and Loan Growth - Jiangyin Bank's deposits grew by 10.7% year-on-year, with a significant increase in personal deposits, which accounted for 59.4% of total deposits [9] - The bank's loan growth was primarily driven by corporate loans, while retail loans showed a decline, reflecting a continued trend of stronger corporate lending [21] Non-Interest Income - Non-interest income for Q1 2024 reached 350 million CNY, up 55.9% year-on-year, driven by increased fees and commissions [23] - The bank's investment income also saw a significant increase, contributing positively to overall revenue [23] Valuation and Forecast - The report forecasts EPS for 2024-2026 at 0.86 CNY, 0.97 CNY, and 1.07 CNY, with corresponding PB valuations of 0.53, 0.48, and 0.43 [24] - The current market conditions and the bank's strategic focus on retail and small business segments are expected to support future growth [24]

江苏江阴农村商业银行股份有限公司 第八届董事会第五次会议决议公告 证券代码：002807 证券简称：江阴银行 公告编号：2024-027 本议案同意票 12 票，反对票 0 票，弃权票 0 票。 四、关于与控股子公司 2024 年度日常关联交易预计额度的议案 本议案同意票 12 票，反对票 0 票，弃权票 0 票。 本行及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 江苏江阴农村商业银行股份有限公司（以下简称"本行"）于 2024 年 4 月 15 日以电子邮件及书面方式向全体董事发出关于召开第八届董事会第五次会议 的通知，会议于 2024 年 4 月 25 日在江阴市澄江中路 1 号银信大厦会议室召开， 会议以现场结合视频方式进行表决。本行应参会董事13名，实际参会董事13名， 符合《公司法》、《深圳证券交易所股票上市规则》和本行《章程》的规定。因 相关股东质押本行股权数量已超过其持有本行股权的 50%，根据监管相关规定， 董事徐建东本次会议无表决权。本行监事、高级管理人员列席会议，会议由宋萍 董事长主持。本次会议合法有效。会议审议通过了以下议案： 一、关于《202 ...

Financial Performance - Total operating income for Q1 2024 reached RMB 1,062,718,000, an increase of 2.56% compared to RMB 1,036,179,000 in the same period last year[9] - Net profit attributable to shareholders was RMB 349,695,000, reflecting a year-on-year growth of 12.72% from RMB 310,225,000[9] - The bank's basic earnings per share for Q1 2024 was RMB 0.1479, up 3.57% from RMB 0.1428 in the same period last year[9] - Net profit for Q1 2024 reached RMB 351,492 thousand, an increase of 13.2% compared to RMB 310,553 thousand in Q1 2023[50] - Basic earnings per share improved to RMB 0.1479, up from RMB 0.1428 in the previous year, reflecting a growth of 3.6%[50] Asset and Liability Management - The bank's total assets as of March 31, 2024, amounted to RMB 186,311,006,000, a slight increase of 0.15% from the end of the previous year[9] - The total liabilities decreased slightly to RMB 168,718,299 thousand from RMB 169,953,616 thousand, a decline of 0.73%[47] - The bank's loan balance was RMB 1,208,960,000, reflecting a growth of 4.81% since the beginning of the year[11] - The total loans reached RMB 120,895,539 thousand, an increase from RMB 115,352,491 thousand at the end of 2023, reflecting a growth of 4.39%[34] - Customer deposits totaled RMB 1,475,000,000, marking a 5.96% increase from the start of the year[11] - Customer deposits grew to RMB 149,921,759 thousand, an increase of 5.4% from RMB 142,367,607 thousand[47] Risk Management - The non-performing loan ratio stood at 0.97%, a decrease of 0.01 percentage points from the beginning of the year[12] - The non-performing loan ratio remained stable at 0.97%, slightly down from 0.98% in 2023, indicating effective credit risk management[25] - The bank's credit impairment losses decreased to RMB 441,839 thousand from RMB 473,886 thousand, a reduction of 6.8%[50] Capital Adequacy - The capital adequacy ratio reached 15.32%, up by 1.08 percentage points compared to the end of the previous year[12] - The capital adequacy ratio improved to 15.32% in Q1 2024, compared to 14.24% in 2023, exceeding the regulatory standard of 10.5%[25] - The bank's capital reserve increased significantly to RMB 2,143,660 thousand from RMB 908,173 thousand, showing a growth of 135.5%[47] - The bank's leverage ratio improved to 8.47% as of March 31, 2024, up from 7.76% at the end of 2023, indicating a stronger capital position[32] Cash Flow Analysis - The net cash flow from operating activities was negative at RMB -4,630,014 thousand, a significant decline of 1348.88% compared to RMB -319,559 thousand in the same period last year[22] - The net cash flow from investment activities increased by 87.56% to RMB 3,719,942 thousand, up from RMB 1,983,350 thousand year-over-year[22] - Cash inflow from investment activities totaled ¥5,044,078 thousand, an increase from ¥4,169,906 thousand, resulting in a net cash flow from investment activities of ¥3,719,942 thousand, up from ¥1,983,350 thousand[53] - Cash inflow from financing activities amounted to ¥2,009,581 thousand, with a net cash flow of ¥1,367,862 thousand, recovering from a negative cash flow of ¥1,854,544 thousand in the previous period[53] Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,771[37] - Jiangsu Jiangnan Water Co., Ltd. holds 5.76% of shares, amounting to 141,819,494 shares[37] - Hong Kong Central Clearing Limited holds 4.08% of shares, amounting to 100,436,200 shares[37] - Jiangyin New Jinnan Investment Development Co., Ltd. holds 3.69% of shares, amounting to 90,892,500 shares[38] - Jiangyin Development Zone Shengan Park Investment Co., Ltd. holds 3.61% of shares, amounting to 88,978,066 shares[38] - Jiangyin New Guolian Power Development Co., Ltd. holds 3.01% of shares, amounting to 74,157,498 shares[38] - Jiangyin Changjiang Investment Group Co., Ltd. holds 2.86% of shares, amounting to 70,450,000 shares, with 39,606,900 shares pledged[38] - The company plans to repurchase shares worth between 10 million and 20 million RMB within six months, with 937,111 shares purchased so far, representing 0.04% of total shares[41] - Jiangsu Jiangnan Water Co., Ltd. has become the largest shareholder of the company by converting bonds into 141,819,494 shares, representing 6.13% of total shares[43] - The company has received approval for Jiangsu Jiangnan Water Co., Ltd. to increase its shareholding to between 5% and 10%[43] Operational Efficiency - The bank's net interest margin decreased to 1.70% in Q1 2024 from 2.06% in 2023, reflecting changes in interest income and expenses[26] - The bank's total assets return rate was 0.76% in Q1 2024, down from 1.14% in 2023, indicating a decline in profitability[26] - Net interest income decreased to RMB 708,583 thousand from RMB 809,088 thousand, reflecting a decline of 12.4%[50] - The bank reported a decrease in cash inflow from interest, fees, and commissions to ¥1,516,911 thousand from ¥1,563,565 thousand, a decline of approximately 3%[53] - The bank's cash outflow for interest, fees, and commissions increased to ¥1,508,169 thousand from ¥1,107,759 thousand, representing a rise of about 36%[53] Accounting and Reporting - The bank did not execute any new accounting standards for the first quarter of 2024, and the report was not audited[56]

证券代码：002807 证券简称：江阴银行 公告编号：2024-028 江苏江阴农村商业银行股份有限公司 第八届监事会第五次会议决议公告 本行及监事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 江苏江阴农村商业银行股份有限公司（以下简称"本行"）于 2024 年 4 月 15 日以电子邮件及书面方式向全体监事发出关于召开第八届监事会第五次会议的 通知，会议于 2024 年 4 月 25 日在江阴市澄江中路 1 号银信大厦会议室召开，本 次会议以现场结合视频方式进行表决。本行应参会监事 9 名，实际参会监事 9 名， 会议由陈开成监事长主持，符合《公司法》、《深圳证券交易所股票上市规则》和 本行《章程》的规定，本次会议合法有效。会议审议通过了以下议案： 一、关于《2024 年第一季度报告》审核意见的议案 具体详见本行同日在《证券时报》《上海证券报》《中国证券报》和巨潮资讯 网（http://www.cninfo.com.cn）上披露的相关公告。 特此公告。 江苏江阴农村商业银行股份有限公司监事会 监事会认为本行董事会编制和审核《2024 年第一季度报告》的程序符合法 律、行 ...

证券代码：002807 证券简称：江阴银行 公告编号：2024-029 江苏江阴农村商业银行股份有限公司 关于与控股子公司 2024 年度日常关联交易预计额度的公告 本行及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈述或重大 遗漏。 特别提示：关联方存贷款业务属于银行正常经营范围内发生的常规业务，而关联方的资金 需求取决于其自身经营发展情况，因此本行的关联方交易预计存在着不确定性。 一、日常关联交易基本情况 （一）日常关联交易概述 江苏江阴农村商业银行股份有限公司（以下简称"本行"）日常关联交易是指本行或者控股子公 司与关联方之间发生的转移资源或义务的事项，主要是本行在日常经营过程中与关联法人和关联自然 人发生的授信类、资产转移类、服务类、存款类等常规业务。 2024 年4 月25 日，本行第八届董事会第五次会议审议通过了《关于与控股子公司2024 年度日常 关联交易预计额度的议案》。本次日常关联交易预计额度无需提交股东大会审议。 （二）2024 年度关联方关联交易预计额度 本行日常关联交易属于本行的日常业务，具体交易条款根据业务性质、交易金额及期限、市场状 况、国家相关政策及适用行 ...

证券代码：002807 证券简称：江阴银行 公告编号：2024-026 江苏江阴农村商业银行股份有限公司 2023 年年度股东大会决议公告 本行及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 重要提示： 1、本次股东大会无否决提案的情形。 2、本次股东大会不存在变更以往股东大会已通过的决议。 一、会议召开情况和出席情况 1. 会议召开情况 （1）会议的召开日期、时间 现场会议召开时间：2024 年 4 月 25 日（星期四）下午 14:30。 网络投票时间：2024 年 4 月 25 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 4 月 25 日上午 9:15～9:25、9:30～11:30，下午 13:00～15:00；通过深圳证券交易所互联网 投票系统投票的时间为 2024 年 4 月 25 日上午 9:15 至下午 15:00 期间的任意时间。 （2）现场会议地点：江阴市澄江中路 1 号银信大厦二楼会议室。 （3）召开方式：采取现场投票与网络投票相结合的方式。 （4）召集人：江苏江阴农村商业银行股份有限公司（以下简称"本行"） 董事会。 ...

江阴银行 2023 年年度股东大会 法律意见书 江苏世纪同仁律师事务所 关于江苏江阴农村商业银行股份有限公司 2023 年年度股东大会的法律意见书 致：江苏江阴农村商业银行股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证券监督 管理委员会《上市公司股东大会规则》等法律、法规和规范性文件以及《江苏江 阴农村商业银行股份有限公司章程》（以下简称"《公司章程》"）的规定，江苏世 纪同仁律师事务所（以下简称"本所"）受江苏江阴农村商业银行股份有限公司 （以下简称"公司"或"贵公司"）董事会的委托，指派本所律师出席贵公司 2023 年年度股东大会，并就本次股东大会的召集、召开程序、出席会议人员资格、召 集人资格、表决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 一、关于本次股东大会的召集、召开程序和召集人资格 1、本次股东大会由董事会召集。2024 年 3 月 29 日，贵公司召开了第八届 董事会第四次会议，决定于 2024 年 4 月 25 日召开 2023 ...