JRCB(SZ:002807) Guolian Securities·2024-04-28 10:00Investment Rating - The investment rating for Jiangyin Bank (002807) is "Buy" (maintained) with a target price of 5.66 CNY [15]. Core Insights - Jiangyin Bank reported a revenue of 1.063 billion CNY for Q1 2024, representing a year-on-year increase of 2.56%, with a net profit of 350 million CNY, up 12.72% year-on-year [12]. - The improvement in non-interest income is a significant driver of revenue growth, with fee income and other non-interest income increasing by 154.99% and 48.94% respectively [12]. - Asset quality is stable and improving, with a non-performing loan ratio of 0.97% and a focus on maintaining high provisioning levels [13]. Financial Forecast Summary - Revenue projections for Jiangyin Bank are 3.948 billion CNY in 2024, 4.145 billion CNY in 2025, and 4.355 billion CNY in 2026, with respective growth rates of 2.15%, 5.00%, and 5.06% [21]. - The forecasted net profit for 2024 is 2.093 billion CNY, with growth rates of 10.88%, 10.20%, and 10.32% for the following years [21]. - The bank's earnings per share (EPS) is projected to be 0.85 CNY in 2024, increasing to 1.03 CNY by 2026 [21].