江苏银行（600919）：25H1财报点评：负债成本显著改善，资产质量稳中向好

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's projected net profit growth rates for 2025, 2026, and 2027 are 8.6%, 9.5%, and 9.9% respectively, with BVPS expected to be 14.14, 15.71, and 17.44 yuan [3] - The current stock price corresponds to PB ratios of 0.79X, 0.71X, and 0.64X for 2025, 2026, and 2027 respectively, with a target price of 13.96 yuan per share [3] Financial Performance Summary - As of 25H1, the company's revenue, PPOP, and net profit growth rates are 7.8%, 7.9%, and 8.1% respectively, showing a slight improvement compared to 25Q1 [9] - The total loan and deposit growth rates are 18.3% and 21.6% year-on-year, indicating strong asset expansion [9] - The net interest margin is reported at 1.78%, with a significant improvement in funding costs [9] - The non-performing loan ratio decreased by 2 basis points compared to 25Q1, reflecting stable asset quality [9] Financial Projections - Revenue is projected to grow from 74,293 million yuan in 2023 to 107,173 million yuan in 2027, with a CAGR of approximately 11.1% [5] - The net profit attributable to the parent company is expected to increase from 28,750 million yuan in 2023 to 41,669 million yuan in 2027 [5] - The company's average ROE is projected to decline slightly from 14.5% in 2023 to 13.2% in 2027 [5]