江苏银行（600919）：低估值+稳增长的红利价值典范

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has maintained strategic stability since establishing its "smart, characteristic, international, and comprehensive" strategy in 2014, emphasizing a stable operational approach in 2024 that aligns with long-term capital preferences in the current market environment [2][12] - The company is expected to continue its stable performance with a focus on capital balance, benefiting from its geographical advantages and the strong growth of investment and financing in Jiangsu province [2][12] - The company's stock price has adjusted significantly since the third quarter, with a projected PB ratio of 0.74x for 2025 and a dividend yield of 5.31%, making it an attractive option among leading city commercial banks [4][6] Summary by Relevant Sections Company Overview - Jiangsu Bank is the largest city commercial bank by market capitalization and is currently undervalued, with a 2025 projected PB ratio of 0.74x and a ROE exceeding 13% [6] - The bank's dividend yield is projected to reach 5.31% in 2025, appealing to long-term capital investors [6] Financial Performance - The bank's loan growth is expected to remain stable, with a significant increase of 17.9% in loans by the end of Q3 2025, and an anticipated total loan increase of approximately 400 billion yuan for the year [12][36] - The bank's net interest margin is projected to stabilize, with a deposit cost of 1.78% in the first half of 2025, allowing for continued high growth in net interest income [12][36] - The asset quality remains stable, with a low proportion of personal operating loans and a projected net generation rate of non-performing loans of 1.10% for the first half of 2025, down 31 basis points from 2024 [12][36] Market Position - The company has seen a significant reduction in active fund holdings, with the proportion of active funds holding Jiangsu Bank shares dropping to 0.12% by the end of Q3, indicating a potential for reallocation of capital towards the bank [6][12] - The bank's capital adequacy ratio is expected to remain above 8.6% by the end of 2025, supporting its asset expansion [12][36]