Investment Rating - The report maintains an "Outperform" rating for Jiangyin Bank [20][22]. Core Views - Jiangyin Bank's revenue and profit growth improved in Q4 2023, with a year-on-year revenue growth of 2.25% and a net profit growth of 16.83%. Q4 revenue increased by 8.85% compared to Q4 2022, and net profit grew by 19.03% in the same period [2][22]. - The bank's non-performing loan (NPL) ratio improved, remaining stable at 0.98% at the end of 2023, while the proportion of special mention loans decreased to 1.07% [3][22]. Summary by Sections Financial Performance - For the full year 2023, Jiangyin Bank reported a revenue of 3,865 million yuan and a net profit of 1,888 million yuan. The bank's average return on equity (ROE) was 12.87% [24][22]. - The bank's net interest margin for Q4 2023 was 2.06%, a slight decrease of 1 basis point from Q3 2023 [2][22]. Business Development - The bank's inclusive finance business showed rapid growth, with a total of 2.62 billion yuan in agricultural loans benefiting 883 agricultural enterprises by the end of 2023. The bank also engaged in various competitions to enhance customer service, visiting over 21,200 clients [2][22]. Asset Quality - The NPL ratio remained stable at 0.98% at the end of 2023, with a coverage ratio of 409.46% [3][22]. - The bank's loan growth was 11.85% in 2023, with a projected growth of 14% for the following years [35][22]. Valuation - The report estimates the reasonable value of Jiangyin Bank's shares to be between 5.30 and 5.42 yuan, based on the Dividend Discount Model (DDM) and Price-to-Book (PB) ratio [22][24].

证券代码：002807 证券简称：江阴银行 公告编号：2024-025 江苏江阴农村商业银行股份有限公司 关于部分董事、监事、高级管理人员及核心骨干人员 增持本行股份的进展公告 本次增持主体保证向本行提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本行及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.基于对公司未来发展前景的信心和对公司价值的高度认可，公司部分董事、 监事、高级管理人员及核心骨干人员（以下合称"本次计划增持主体"）计划自 2024 年 1 月 9 日起 6 个月内，以购买可转换公司债券并进行转股及从二级市场 集中竞价方式合计增持股份金额不少于 1000 万元人民币不高于 2000 万元人民 币（以下简称"本次增持计划"）。 2.截至 2024 年 4 月 9 日，本次增持计划时间已过半，增持主体以集中竞价 方式购买可转债转股及二级市场增持方式合计增持本行股份 937111 股，占本行 目前总股本的比例为 0.04%，合计增持股份金额为 379.92 万元。 4.本次增持计划的实施期限：自 2024 年 1 月 9 日起六个月；法律、法规及 深 ...

证券代码：002807 证券简称：江阴银行 公告编号：2024-024 重要内容提示： 1.每股分配比例：拟每 10 股派送现金股利 1.90 元人民币（含税）。 2.本次利润分配以实施分红派息股权登记日登记的本行普通股总股本为基 数，具体股权登记日期将在分红派息实施公告中明确。 3.截至未来分配方案实施时的股权登记日，若本行总股本存在变动，本行 将按照股权登记日的总股本为基数，按照分配比例不变的原则进行权益分派。 4.本年度现金分红比例低于 30%的简要原因说明：本行目前正处于稳步发展 阶段，内源性资本补充需求较大，为积极应对经济金融环境变化，增强风险抵御 能力，更好服务地方经济发展，兼顾银行业资本监管趋严的要求等多方面因素。 江苏江阴农村商业银行股份有限公司（以下简称"本行"或"公司"）于 2024 年 3 月 29 日召开的第八届董事会第四次会议审议通过了《关于 2023 年度利润分 配方案的议案》，就本行审议的 2023 年度利润分配方案做出以下说明： 一、利润分配方案内容 经立信会计师事务所（特殊普通合伙）审计，2023 年度本行利润总额 178,101.30 万元，税后净利润 174,629.98 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 5.66 CNY, maintaining the current price of 3.70 CNY [18][12]. Core Insights - The company has shown strong credit growth, with a loan balance of 115.35 billion CNY as of the end of 2023, reflecting a year-on-year increase of 11.85% [25]. - The asset quality has improved, with a non-performing loan ratio of 0.98% and a focus rate of 1.06% as of the end of 2023, indicating a stable financial position [2]. - The net interest margin for 2023 was 2.06%, demonstrating resilience despite pressures on the asset side [22]. - The company is expected to achieve revenue growth of 7.55%, 8.32%, and 11.68% for the years 2024, 2025, and 2026 respectively, with a three-year CAGR of 9.17% [12]. Financial Performance - In 2023, the company reported a revenue of 3.865 billion CNY, a year-on-year increase of 2.25%, and a net profit of 1.888 billion CNY, up 16.83% from the previous year [25]. - The average yield on interest-earning assets was 3.92%, while the average loan yield was 4.47%, reflecting a decline due to adjustments in benchmark interest rates [22]. - The provision coverage ratio stood at 409.46% as of the end of 2023, indicating strong risk mitigation capabilities [2]. Future Projections - The projected operating revenues for 2024, 2025, and 2026 are 4.157 billion CNY, 4.503 billion CNY, and 5.029 billion CNY respectively, with corresponding net profit projections of 2.097 billion CNY, 2.347 billion CNY, and 2.665 billion CNY [12][23]. - The company is expected to maintain a strong capital position with total assets projected to reach 204.287 billion CNY by 2024 [17].

Investment Rating - The report maintains a "Buy" rating for Jiangyin Bank [3][23]. Core Views - Jiangyin Bank's total assets, interest-earning assets, and loans grew by 10.2%, 10.1%, and 11.9% year-on-year, respectively, indicating a strong performance in the corporate lending sector while retail lending remains weak [4]. - The bank's non-interest income increased significantly by 51% year-on-year, with investment income being a major contributor [7]. - The bank's capital adequacy ratios improved, with the core Tier 1 capital ratio at 13.1% and the total capital adequacy ratio at 14.2% [8]. Financial Performance Summary - Revenue for 2023 was 3,865 million yuan, a 2.3% increase from the previous year, while net profit reached 1,888 million yuan, up 16.8% [18]. - The bank's EPS for 2023 was 0.87 yuan, with projections for 2024 and 2025 at 0.86 yuan and 0.97 yuan, respectively [29]. - The P/E ratio for 2023 is 4.26, with forecasts of 4.28 and 3.82 for 2024 and 2025 [29]. Asset Quality Summary - The non-performing loan (NPL) ratio remained stable at 0.98%, indicating strong asset quality [22]. - The provision coverage ratio was 396.4%, reflecting a robust ability to cover potential loan losses [29]. Capital and Funding Summary - The bank's funding structure shows a trend towards increased term deposits, with term deposits accounting for 60% of total deposits by year-end [19]. - The net interest margin (NIM) narrowed to 2.06%, down from 2.18% in the previous year, due to competitive pressures and lower loan pricing [5][21]. Strategic Outlook - Jiangyin Bank is focusing on expanding its retail and small business lending while maintaining a strong presence in corporate lending [23]. - The bank's strategy includes enhancing its market position through local expansion and improving its service offerings to small and micro enterprises [23].

Financial Performance - The total operating income for 2023 was RMB 3,864,956 thousand, representing a 2.25% increase from RMB 3,779,907 thousand in 2022[30]. - The total profit for 2023 reached RMB 2,074,783 thousand, a significant increase of 23.87% compared to RMB 1,675,009 thousand in the previous year[30]. - The net profit attributable to shareholders of the listed company was RMB 1,888,085 thousand, reflecting a growth of 16.83% from RMB 1,616,057 thousand in 2022[30]. - The net profit after deducting non-recurring gains and losses was RMB 1,749,838 thousand, which is an 11.01% increase from RMB 1,576,309 thousand in 2022[30]. - The basic earnings per share for 2023 was RMB 0.8693, up 16.84% from RMB 0.7440 in the previous year[30]. - The diluted earnings per share increased to 0.7535 CNY, up 15.28% from 0.6536 CNY in the previous year[33]. - Return on equity rose to 12.55%, an increase of 0.68 percentage points from 11.87% in the previous year[33]. - The company reported a net profit of 832,315 thousand CNY in the fourth quarter, showing strong performance compared to previous quarters[38]. - The net profit for 2023 was 2.02 billion RMB, reflecting a growth of 24.93% compared to the previous year[89]. - The company’s total profit amounted to 2.07 billion RMB, representing a growth of 23.87% year-on-year[94]. Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 400,103 thousand, a decline of 202.17% compared to a positive RMB 391,601 thousand in 2022[30]. - The net cash flow from operating activities for the fourth quarter was 3,002,223 thousand CNY, a significant recovery from a negative cash flow in the earlier quarters[38]. - The bank's cash flow from investment activities showed a significant recovery with a net inflow of RMB 2,546,253 thousand, compared to a net outflow in the previous year[143]. - The bank's cash flow from operating activities showed a significant increase in outflows, indicating a need for strategic adjustments in operational efficiency[143]. - The bank's cash and cash equivalents decreased by 420.10% year-on-year, resulting in a net decrease of RMB 195,617 thousand[143]. Assets and Liabilities - Total assets reached 186,029,579 thousand CNY, a growth of 10.24% compared to 168,751,396 thousand CNY at the end of 2022[33]. - Total liabilities increased to 169,953,616 thousand CNY, reflecting a 10.12% rise from 154,335,869 thousand CNY in the previous year[33]. - Net assets attributable to shareholders grew by 10.62% to 15,790,674 thousand CNY from 14,274,964 thousand CNY in 2022[33]. - The total amount of loans and advances as of the end of 2023 was RMB 1153.52 billion, an increase of RMB 122.24 billion, with a growth rate of 11.85%[117]. - The total amount of non-performing loans increased by 11.69% year-on-year to RMB 1,128,871 thousand, with overdue loans over 90 days rising by 26.45% to RMB 903,185 thousand[157]. Investment and Financial Strategy - The company reported an investment income of 796.49 million RMB, a significant increase of 104.18% year-on-year[91]. - The bank's financial investments accounted for 32.72% of total assets in 2023, a slight decrease from 32.97% in 2022[117]. - The bank's investment strategy focuses on managing financial assets with a goal of receiving contractual cash flows[167]. - Financial assets are classified based on the business model and cash flow characteristics at initial recognition[167]. Risk Management and Compliance - The bank aims to enhance risk management by implementing a comprehensive risk management system, including daily monitoring and monthly reporting mechanisms[78]. - The bank's risk management strategy emphasizes proactive risk prevention and the use of a unified credit management system to enhance decision-making accuracy[78]. - The bank's focus on asset quality management led to a reduction in large loan balances and improved monitoring of credit risk[150]. - The company employs a "three-stage" impairment model to assess expected credit losses on financial instruments[191]. Business Operations and Strategy - The company focused on enhancing financial services for the rural economy and small enterprises, aligning with national financial supervision policies[102]. - The bank continues to focus on supporting small and micro enterprises, enhancing its sustainable development capabilities[65]. - The bank's digital transformation strategy includes a three-year plan focused on "data-driven business innovation" and aims to enhance data service capabilities[75]. - The bank's focus on rural revitalization includes a three-year action plan for comprehensive credit services, promoting the use of digital RMB[74]. Shareholder and Governance - The company held its 2022 Annual General Meeting on May 22, 2023, with an investor participation ratio of 18.58%[193]. - The company conducted its first extraordinary general meeting of 2023 on June 28, 2023, with an investor participation ratio of 16.19%[193]. - The company has maintained a consistent board structure with no significant changes in the number of directors and supervisors[197]. - The company has appointed new executives, including Ni Qinghua as the president, with a term starting on June 28, 2023, and ending on June 27, 2026[196].

环境、社会及 治理(ESG)报告 Environmental, Social and Governance Report 2023 2023年 股票简称：江阴银行 股票代码：002807 | 1.1 坚持党建引领 | 13 | | --- | --- | | 1.2 完善公司治理 | 14 | | 1.3 严控运营风险 | 16 | | 1.4 坚守商业道德 | 21 | | 1.5 打造责任供应链 | 25 | 2023年环境、社会及治理(ESG)报告 前 篇 | 一、报告编制说明 | 01 | | --- | --- | | 二、领导致辞 | 02 | | 三、关于江阴银行 | 04 | 二、用心服务 致力超越期待 | 2.1 融通金融活水 | 27 | | --- | --- | | 2.2 用心服务客户 | 34 | | 2.3 保障信息安全 | 38 | 四、以人为本 汇聚发展合力 | 4.1 保障员工权益 | 44 | | --- | --- | | 4.2 赋能员工发展 | 46 | | 4.3 真情关爱员工 | 47 | 六、附 录 | 未来展望 | 58 | | --- | --- | | ...

证券代码：002807 证券简称：江阴银行 公告编号：2024-019 江苏江阴农村商业银行股份有限公司 关于召开 2023 年年度股东大会的通知 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"）2023 年年度股东 大会定于 2024 年 4 月 25 日下午 14：30 召开，会议有关事项如下： 一、召开会议基本情况 （一）股东大会届次：2023 年年度股东大会 （二）召集人：本行董事会 1．截至 2024 年 4 月 19 日 （星期五）下午收市时在中国证券登记结算有限 责任公司深圳分公司登记在册的本行全体股东，均有权出席股东大会，并可以以 1 书面形式委托代理人出席会议和参加表决，该股东代理人不必是本行股东（授权 委托书格式见附件二）。 2．本行董事、监事和高级管理人员。 （三）会议召开的合法合规性说明：本行第八届董事会第四次会议审议通过 了《关于召开 2023 年年度股东大会的议案》。本行董事会认为本次股东大会的召 开符合有关法律、法规、规章和本行《章程》的规定。 （四）召开时间 1．现场会议召开时间： ...

内部控制审计报告 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了江苏江阴农村商业银行股份有限公司（以下简称 江阴银行）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是江阴银行董事会的责任。 二、 注册会计师的责任 内控审计报告 第 1 页 信会师报字[2024]第 ZH10019 号 江苏江阴农村商业银行股份有限公司全体股东： 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 中国注册会计师： 中国•上海 2024 年 3 月 29 日 内控审计报告 第 2 页 四、 财务报告内部控制审计意见 我 ...

乐宜仁，1963 年 2 月出生，中国国籍，法学博士、经济 学博士后，高级经济师，兼任中国企业管理研究会副会长， 中国社会科学院与上海人民政府合作设立的上海研究院特 聘研究员，是研究银行危机和经营战略的专家。1981 年参加 银行工作，先后在工商银行泰州支行，工商银行江苏分行工 作。2004 至 2005 年，任丰德资本副总裁，专项负责花旗银 行的不良资产投资基金在中国的前期投资服务工作。曾经担 任东吴农村商业银行改制的财务顾问、江南农村商业银行和 紫金农村商业银行独立董事、公司第六届、第七届董事会独 立董事，苏州爱博创业投资有限公司董事，江苏阳山硅材料 科技有限公司董事，苏州龙瀚投资管理有限公司董事，江苏 中美同济投资有限公司董事，北京龙瀚建华投资咨询有限公 司监事，现任长兴昊睿企业管理中心（有限合伙）董事，玖 源化工（集团）有限公司、厦门农村商业银行股份有限公司 独立董事，公司第八届董事会独立董事。报告期内，本人作 为公司独立董事符合《上市公司独立董事管理办法》第六条 规定的独立性要求，不存在影响独立性的情况。 二、独立董事年度履职概况 （一）参加会议情况 2023 年度独立董事述职报告 （乐宜仁） 本人 ...