江苏银行：营收利润双提速，维持买入评级

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank [1] Core Views - Jiangsu Bank's revenue and profit have accelerated, with a reported revenue of 80.8 billion yuan for 2024, representing an 8.8% year-on-year increase, and a net profit attributable to shareholders of 31.8 billion yuan, up 10.8% year-on-year [4][6] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 0.89% in Q4 2024, and a provision coverage ratio of 350% [6][7] - The report highlights a focus on optimizing loan structures and improving cost efficiency, with a projected loan growth of 10.7% for 2024 [6][7] Financial Data and Profit Forecast - Revenue and profit forecasts for Jiangsu Bank are as follows: - Total revenue for 2024 is estimated at 80.8 billion yuan, with a growth rate of 8.8% - Net profit for 2024 is projected at 31.8 billion yuan, with a growth rate of 10.8% - The bank's earnings per share (EPS) is expected to be 1.65 yuan in 2024, increasing to 1.77 yuan in 2025 and 1.91 yuan in 2026 [5][9] - The report anticipates a gradual increase in total loans, reaching approximately 2.1 trillion yuan in 2024, with a continued upward trend in deposits [9][11] Market Data - As of January 23, 2025, Jiangsu Bank's closing price is 9.59 yuan, with a market capitalization of approximately 175.99 billion yuan [1] - The bank's price-to-earnings (P/E) ratio is projected at 5.81 for 2024, and the price-to-book (P/B) ratio is expected to be 0.75 [11]