Bank Of Jiangsu(600919) 国泰君安·2024-11-02 06:23Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank with an updated target price of 10.3 CNY per share, reflecting a valuation of 0.8 times the projected book value for 2024 [2][5]. Core Insights - Jiangsu Bank has transitioned from a high-growth phase to a stage of high-quality development, with enhanced operational resilience and stable performance expected to exceed industry averages. The net profit growth forecasts for 2024-2026 have been adjusted to 10.1%, 9.0%, and 9.6% respectively, with corresponding book values per share (BVPS) of 12.97, 14.22, and 15.60 CNY [3][4]. Financial Performance Summary - For Q3 2024, Jiangsu Bank reported a year-on-year revenue growth of 4.3%, with net interest income supported by volume despite a slight contraction in net interest margin due to declining asset yields. The cost-to-income ratio improved, decreasing by 5.2 percentage points to 15.6%, laying a solid foundation for profit growth [3][4]. - The bank's total revenue for 2024 is projected to reach 78.847 billion CNY, reflecting a growth rate of 6.1% compared to the previous year. The net profit attributable to shareholders is expected to be 31.666 billion CNY, marking a 10.1% increase [4][11]. - As of Q3 2024, the non-performing loan (NPL) ratio remained stable at 0.89%, indicating strong asset quality, while the coverage ratio for provisions was at a robust 351% [3][4].