Bank Of Jiangsu(600919) 浙商证券·2025-01-24 05:00Investment Rating - The investment rating for Jiangsu Bank is "Buy" and is maintained [8] Core Views - Jiangsu Bank's 2024 revenue and profit growth rates have rebounded compared to the first three quarters, outperforming expectations [2][4] - The bank's net profit attributable to shareholders is expected to grow by 10.8% year-on-year in 2024, with revenue growth projected at 8.8% [3][4] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.89% at the end of 2024, unchanged from the previous quarter [5] Summary by Sections Performance Overview - Jiangsu Bank's net profit attributable to shareholders for 2024 is projected to increase by 10.8%, an improvement of 0.7 percentage points from the previous three quarters [3] - Revenue is expected to grow by 8.8%, with an increase of 2.6 percentage points compared to the previous three quarters [3][4] Growth Drivers - The growth in net interest income and non-interest income is expected to drive the overall performance, aided by a favorable base effect and improved interest costs [4] - The bank is anticipated to maintain strong loan growth due to resilient credit demand in Jiangsu province [4][5] Asset Quality - The non-performing loan ratio is stable at 0.89%, and the provision coverage ratio is at 350%, down by 1 percentage point from the previous quarter [5] Financial Forecasts - Jiangsu Bank's net profit is forecasted to grow by 10.8% in 2024, followed by 8.1% in 2025 and 8.2% in 2026 [6] - The bank's book value per share (BPS) is projected to be 12.48, 14.05, and 15.44 for 2024, 2025, and 2026 respectively [6] Valuation - The current price corresponds to a price-to-book (PB) ratio of 0.77 for 2024, with a target price set at 14.05 per share, indicating a potential upside of 47% [6]