Bank Of Jiangsu(600919) 海通证券·2024-11-06 11:13Investment Rating - The investment rating for Jiangsu Bank is "Outperform the Market" and is maintained [1][3]. Core Views - Jiangsu Bank's net profit maintained double-digit growth in Q3 2024, with a year-on-year increase of 10.08%. Revenue for the same period grew by 4.25% year-on-year. For the first three quarters of 2024, revenue increased by 6.18% and net profit by 10.06% [3][4]. - The overall asset quality remains stable, with a non-performing loan ratio of 0.89% in Q3 2024, unchanged from the previous quarter. The coverage ratio for provisions is 351.03%, indicating sufficient risk mitigation capacity [3][4]. - The narrowing of net interest margin is noted, with a calculated net interest margin of 1.57% for the first three quarters of 2024, down by 1 basis point from the first half of 2024. The single-quarter net interest margin for Q3 2024 was 1.50%, a decrease of 6 basis points [4][3]. Financial Performance Summary - For 2024, the projected earnings per share (EPS) are 1.62, 1.80, and 2.00 for the years 2024, 2025, and 2026 respectively. The growth rates for net profit are forecasted at 9.31%, 10.06%, and 10.93% for the same years [4][5]. - The estimated reasonable value of the stock is between 10.1 and 10.38 yuan, corresponding to a price-to-earnings (PE) ratio of 6.21 to 6.39 for 2024 [4][5]. Market Performance - Jiangsu Bank's stock price has shown a fluctuation range of 6.36 to 9.27 yuan over the past 52 weeks, with a closing price of 9.20 yuan as of May 5, 2024 [1][2].