Bank Of Jiangsu(600919) 民生证券·2024-10-30 06:23Investment 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]