江苏银行（600919）：信贷投放强劲，资产质量优质

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company demonstrated strong credit growth and maintained high asset quality, with a revenue of 44.86 billion yuan and a net profit of 20.24 billion yuan for the first half of 2025, reflecting year-on-year growth of 7.8% and 8.0% respectively [1] - The net interest income increased by 19.1% year-on-year, while non-interest income saw a decline of 20% due to market fluctuations [1][2] - The company’s asset quality indicators improved, with a non-performing loan ratio of 0.84%, marking a historical low [3] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 448.6 billion yuan and a net profit of 202.4 billion yuan, with a year-on-year growth of 7.8% and 8.0% respectively [1] - The annualized ROE was 15.64%, placing the company among the industry leaders [1] - The total assets reached 4.79 trillion yuan, with a loan balance of 2.43 trillion yuan and a deposit balance of 2.54 trillion yuan, reflecting growth rates of 21.2%, 16.0%, and 20.2% respectively compared to the beginning of the year [2] Asset Quality and Risk Management - The company reported a non-performing loan ratio of 0.84%, down 5 basis points from the beginning of the year, indicating improved asset quality [3] - The provision coverage ratio stood at 331%, demonstrating strong risk mitigation capabilities [3] - The company’s credit impairment losses increased by 48.2% year-on-year, with a specific increase of 22.56% in loan credit impairment losses [3] Earnings Forecast and Valuation - The forecasted net profit for 2025-2027 is 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan respectively, with corresponding year-on-year growth rates of 11.2%, 13.5%, and 13.2% [3] - The current stock price corresponds to a PB ratio of 0.79x for 2025, 0.71x for 2026, and 0.63x for 2027 [3]