JRCB(SZ:002807) EBSCN·2025-04-01 04:17Investment Rating - The report maintains an "Accumulate" rating for Jiangyin Bank (002807.SZ) with a current price of 4.45 CNY [1]. Core Views - Jiangyin Bank's 2024 annual report shows a revenue of 3.96 billion CNY, a year-on-year increase of 2.5%, and a net profit attributable to shareholders of 2.04 billion CNY, up 7.9% year-on-year. The weighted average return on equity (ROAE) is 11.55%, down 1 percentage point year-on-year [3][4]. Summary by Sections Revenue and Profitability - Jiangyin Bank's revenue, pre-provision profit, and net profit growth rates for 2024 are 2.5%, -4.8%, and 7.9%, respectively, with improvements of 1.2, 0.7, and 1.1 percentage points compared to the first three quarters [4]. - The net interest income and non-interest income growth rates are -6% and 31.2%, respectively, with increases of 1.3 and 1.8 percentage points compared to the previous three quarters [4]. Loan and Deposit Growth - By the end of 2024, the growth rates for interest-earning assets and loans are 6.6% and 7.6%, respectively, showing a slight improvement from the end of Q3 2024 [5]. - The bank's deposits grew at a rate of 9.1% year-on-year, with a notable increase in time deposits, which accounted for 63% of total deposits by year-end [6]. Net Interest Margin (NIM) and Income Structure - The NIM increased by 2 basis points to 1.76% despite a decline in asset yields and loan pricing pressure [7]. - Non-interest income reached 1.16 billion CNY, growing by 31% year-on-year, with significant contributions from investment income [8]. Asset Quality and Capital Adequacy - By the end of 2024, the non-performing loan (NPL) ratio and attention ratio were 0.86% and 1.22%, respectively, indicating a decrease from the previous quarter [9]. - The capital adequacy ratios are robust, with the core Tier 1 capital ratio at 14.1% and the total capital adequacy ratio at 15.2% [10]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are adjusted to 0.86 CNY, 0.89 CNY, and 0.91 CNY, respectively, with corresponding price-to-book (PB) and price-to-earnings (PE) ratios indicating a favorable valuation [11].