Bank Of Jiangsu(600919) 国泰君安·2024-04-28 08:02Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank with a target price of 9.11 CNY, corresponding to a 0.7x PB for 2024 [5][3]. Core Views - Jiangsu Bank demonstrates stable operations and steady growth in performance, with asset quality remaining at a favorable level. The bank's revenue and net profit for 2023 and Q1 2024 show year-on-year growth of 5.3% and 11.7% for revenue, and 13.3% and 10% for net profit, respectively [3][4]. - The bank's loan and deposit growth rates for 2023 were 15.4% and 12.3%, respectively, with Q1 2024 continuing to show strong year-on-year increases [3][4]. - The bank has increased its provisions and improved its asset quality management in response to industry pressures, maintaining a stable non-performing loan (NPL) ratio [3][4]. Financial Summary - Revenue for 2023 was 74,293 million CNY, with a projected increase to 79,612 million CNY in 2024, reflecting a growth rate of 7.16% [4]. - Net profit attributable to shareholders for 2023 was 28,750 million CNY, expected to rise to 31,809 million CNY in 2024, indicating a growth rate of 10.64% [4]. - The bank's return on equity (ROE) for 2023 was 12.53%, with projections of 12.08% for 2024 [4]. Asset Quality - As of Q1 2024, the non-performing loan ratio remained stable, with a slight increase in attention and overdue rates to 1.37% and 1.10%, respectively [3][4]. - The bank's provision coverage ratio remains high, indicating controlled overall risk [3][4]. Market Performance - The current stock price is 7.67 CNY, with a 52-week price range of 6.43 to 8.44 CNY [5][4]. - The bank's market capitalization stands at 140,755 million CNY [5].