研报掘金丨长江证券：江苏银行股价回调到位，配置价值突出，维持“买入”评级

Core Viewpoint - Jiangsu Bank's performance in the first three quarters of 2025 shows strong revenue growth and profitability, with a notable increase in net interest income and a stable non-performing loan ratio, indicating robust financial health and investment potential [1] Financial Performance - Revenue growth rate for the first three quarters of 2025 is 7.8%, consistent with the growth rate in the first half of the year [1] - Net interest income growth rate is 19.6%, highlighting strong interest income generation [1] - Net profit attributable to shareholders increased by 8.3%, with a quarterly growth rate of 8.8% in Q3 [1] Asset Quality - Non-performing loan ratio stands at 0.84%, remaining stable quarter-on-quarter and down by 5 basis points from the beginning of the period [1] - Provision coverage ratio is at 323%, showing a decrease of 8 percentage points quarter-on-quarter and down by 27 percentage points from the beginning of the period, but still indicating a strong buffer against potential loan losses [1] Market Position and Valuation - The bank's performance growth is significantly better than market expectations amid a bond market correction, suggesting strong underlying fundamentals [1] - The stock price has recently corrected due to market risk appetite, leading to a projected dividend yield of 5.0% for 2025, emphasizing its attractive dividend value [1] - Current valuations are at 0.81x price-to-book (PB) and 6.3x price-to-earnings (PE), indicating that the stock is undervalued and presents a compelling investment opportunity [1]