JRCB(SZ:002807) Guotai Junan Securities·2024-04-28 08:02Investment Rating - The investment rating for Jiangyin Bank is "Accumulate" [2][4] - Previous rating was also "Accumulate" [2] Core Views - The bank has shown rapid growth in loans and deposits, with improving asset quality [2] - The first quarter performance met expectations, supported by non-interest income, although the pace of asset expansion has slowed [2] - The forecast for net profit growth is projected at 11.16% for 2024, 14.00% for 2025, and 15.08% for 2026 [2] Summary by Sections Financial Performance - Q1 revenue increased by 2.6% year-on-year, driven by non-interest income [2] - Net profit for 2023 is expected to be 1,888 million, with projections of 2,099 million for 2024 and 2,392 million for 2025 [4] - The bank's total assets grew by 5.7% year-on-year, with loans increasing by 11.7% [2] Asset Quality - The non-performing loan ratio decreased to 0.97%, down 11 basis points from the beginning of the year [2] - The provision coverage ratio improved to 425.25%, indicating enhanced risk resilience [2] Market Position - Jiangyin Bank's market capitalization is approximately 9,476 million [4] - The average daily trading volume is 29.43 million shares, with an average daily trading value of 110.90 million [2] Future Outlook - The target price for Jiangyin Bank is set at 5.62, with the current price at 3.85 [2][4] - The bank is expected to maintain a strong growth trajectory in both loans and deposits, despite a competitive lending environment [2]