江苏银行（600919）：25Q3财报点评：存贷高增，业绩增速环比改善

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank, with a target price of 13.86 CNY per share, corresponding to a 0.98 times price-to-book (PB) ratio for 2025 [4][6]. Core Insights - Jiangsu Bank's financial performance shows a sequential improvement in revenue and profit growth rates, with year-on-year growth rates for 2025/26/27 projected at 8.6%/9.5%/9.9% for net profit attributable to the parent company [4][10]. - The bank's net interest margin has stabilized, and the cost of liabilities has significantly improved, contributing to a more favorable financial outlook [10]. - The asset quality remains stable, with a slight decrease in the provision coverage ratio, indicating a robust risk mitigation capacity [10]. Financial Performance Summary - Revenue and Profit Growth: For 2023A, the operating income is projected at 74,293 million CNY, with a year-on-year growth of 5.3%. The net profit attributable to the parent company is expected to reach 28,750 million CNY, reflecting a 13.3% increase [5][13]. - Future Projections: The operating income is forecasted to grow to 80,815 million CNY in 2024A and 87,898 million CNY in 2025E, with net profit reaching 31,843 million CNY and 34,597 million CNY respectively [5][13]. - Earnings Per Share (EPS): EPS is expected to increase from 1.52 CNY in 2023A to 1.80 CNY in 2025E, indicating a positive trend in profitability [5][13]. Valuation Metrics - The current stock price corresponds to a PB ratio of 0.79X for 2025E, 0.71X for 2026E, and 0.64X for 2027E, suggesting that the stock is undervalued compared to its peers [4][11]. - The report maintains a 20% valuation premium relative to comparable companies, reinforcing the investment thesis for Jiangsu Bank [4][11].