江苏银行（600919）：2024年报点评：绩稳中有升，资产质量稳健

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [5] Core Views - The company achieved a revenue of 80.8 billion yuan in 2024, representing a year-on-year increase of 8.78%, and a net profit of 31.8 billion yuan, up 10.76% year-on-year, with growth rates improving compared to the first three quarters [1] - The net interest margin decline has significantly narrowed, with net interest income growing by 6.3% year-on-year, benefiting from a substantial reduction in the decline of the net interest margin [1] - The total assets at the end of 2024 reached 3.95 trillion yuan, with loan and deposit balances of 2.10 trillion yuan and 2.11 trillion yuan respectively, showing growth of 16.1% and 12.8% year-on-year [1] Financial Performance Summary - The company forecasts net profits of 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 11.2%, 13.5%, and 13.2% [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.70x for 2025, 0.63x for 2026, and 0.56x for 2027, indicating a strong valuation appeal [3] - The company maintains a dividend payout ratio of 30%, with a current dividend yield of 5.3% [3] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.89%, with a significant increase in the scale of write-offs and disposals, leading to a 46% year-on-year growth in write-off disposals [2] - The provision coverage ratio at the end of the period was 350%, indicating strong risk mitigation capabilities [2] - The company has increased its efforts in non-performing asset disposal, maintaining good levels of non-performing indicators and strict recognition of non-performing loans [2]