研报掘金丨东方证券：维持江苏银行“买入”评级，规模增长有望保持稳健

Core Viewpoint - Jiangsu Bank's revenue, PPOP, and net profit growth rates for the first three quarters of 2025 show slight changes, indicating a stable financial performance despite some fluctuations in loan growth [1] Financial Performance - Jiangsu Bank's revenue growth rate is 7.8%, PPOP growth rate is 5.9%, and net profit growth rate is 8.3%, with slight changes of +0.1 percentage points, -2.0 percentage points, and +0.3 percentage points respectively [1] - As of Q3 2025, the total loan amount of Jiangsu Bank has a year-on-year growth rate of 17.9%, with a quarter-on-quarter decrease of 0.4 percentage points [1] Loan Composition - Corporate loans contributed 92% of the loan increment in the first three quarters, while retail loans showed a slight decline in Q3 [1] - The growth in corporate loans is primarily driven by government financing business, indicating a relatively weak retail loan demand [1] Future Outlook - The establishment of the Ningbo branch and the efforts of Su Yin Kai Ji consumer finance are expected to support asset expansion for Jiangsu Bank, maintaining steady growth in scale [1] - Marginal stabilization of interest margins and significant improvement in funding costs are anticipated [1] Asset Quality - The asset quality is improving steadily, although the provision coverage ratio has slightly declined [1] - Jiangsu Bank maintains a valuation premium of 20% compared to comparable companies, with a target price of 13.86 CNY per share based on a 0.98 times PB for 2025 [1]